Location: Providence-Fall River, RI | Metro: Providence-Fall River, RI-MA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,870 |
| 1 Bedroom | $1,980 |
| 2 Bedrooms | $2,470 |
| 3 Bedrooms | $3,030 |
| 4 Bedrooms | $3,440 |
| 5 Bedrooms | $3,990 |
| 6 Bedrooms | $4,469 |
| 7 Bedrooms | $4,827 |
| 8 Bedrooms | $5,068 |
U.S. Census Bureau data (2024)
ZIP code 02831, located in Scituate, RI, falls within the broader Providence-Fall River, RI-MA HUD Metro FMR Area. The Fair Market Rent (FMR) for ZIP 02831 in fiscal year 2024 is set at $2330. This figure is higher than the median market rent of $1,705 for the area, indicating that it is positioned above average in terms of rental costs.
The median home value in Scituate is $571,627, which is also above the typical home value within the Providence-Fall River, RI-MA HUD Metro FMR Area. This suggests that Scituate is a premium sub-market within the larger metro area, characterized by higher property values and rents.
However, Scituate's renter share stands at 5.0%, which is relatively low compared to other ZIP codes within the Providence-Fall River, RI-MA HUD Metro FMR Area. Typically, areas with a higher proportion of renters relative to homeowners and lower home values might be considered more attractive for Section 8 tenants. But in this case, despite the higher FMR and home values, the low renter share indicates that Scituate is not a primary target for renters seeking assistance through Section 8 programs.
To summarize, ZIP 02831 represents a premium sub-market within its metro area, given its elevated FMR and home values. The low renter share suggests that it is primarily a homeowner-dominated community, making it less likely to be a sweet spot for Section 8 tenants. Landlords and small-portfolio investors should consider these factors when evaluating potential returns and the likelihood of attracting Section 8 tenants in this ZIP code.
Data Sources: FMR data from HUD (2027). Demographics from U.S. Census (2024).
About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.