Section 8 Fair Market Rent (FMR) for ZIP 02832 - 2027
Location: Westerly-Hopkinton-New Shoreham, RI | Metro: Providence-Fall River, RI-MA HUD Metro FMR Area
Investment Score for ZIP 02832
F
Monthly Rent (2BR)
$1,760
Median Price (2BR)
$395,981
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
FY 2027 Fair Market Rent Rates
| Unit Size |
Monthly FMR |
| Studio | $1,330 |
| 1 Bedroom | $1,360 |
| 2 Bedrooms | $1,760 |
| 3 Bedrooms | $2,210 |
| 4 Bedrooms | $2,600 |
| 5 Bedrooms | $3,016 |
| 6 Bedrooms | $3,378 |
| 7 Bedrooms | $3,648 |
| 8 Bedrooms | $3,830 |
Investment Analysis by Bedroom Size
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms |
Monthly FMR |
Median Price |
1% Rule |
Grade |
| 2BR |
$1,760 |
$395,981 |
0.44% |
F |
| 3BR |
$2,210 |
$530,520 |
0.42% |
F |
| 4BR |
$2,600 |
$606,969 |
0.43% |
F |
Demographics & Housing Statistics
U.S. Census Bureau data (2024)
Median Household Income
$105,976
To determine if you should buy in ZIP code 02832 (Hopkinton, RI) for Section 8 investment, follow this decision tree:
1) Does the Fair Market Rent (FMR) of $1,660 cover the debt service on a $492,150 property?
- Yes: If your debt service (the total amount paid towards principal and interest on a mortgage) is less than $1,660 per month, then the FMR can indeed cover your monthly payments. This makes the property financially viable under Section 8.
- No: If your debt service exceeds $1,660 per month, the FMR does not cover your expenses, making this a poor choice for a Section 8 investment. The landlord must ensure that the rental income will sufficiently cover their costs.
2) Is the market rent above, at, or below the FMR?
- Above: If the market rent is higher than $1,660, the property may still be a good investment even outside of Section 8, but it limits the pool of potential tenants who qualify for the program.
- At: If the market rent equals the FMR, then the property is perfectly positioned for Section 8 tenants without leaving money on the table from non-Section 8 rents.
- Below: If the market rent is lower than the FMR, this indicates that the property might be overpriced relative to the local market, or the FMR is set unusually high. It could mean a missed opportunity for higher market rents.
3) Are 20.2% renters and N/A-day days on market enough demand?
- It Depends: With 20.2% of the population renting, there is a moderate level of demand for rental properties. However, the absence of data on the average days on market (DOM) means we cannot accurately assess how quickly properties are rented out. A low DOM suggests strong demand, while a high DOM would indicate the opposite. Landlords should consider the vacancy rates and competition in the area to gauge demand further.
In summary, the viability of investing in ZIP 02832 for Section 8 properties hinges on whether the FMR of $1,660 can support the debt service on a $492,150 property. Market rent conditions and the actual days on market for rental listings will also influence the decision. Ensure you have all necessary data points before proceeding with an investment.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.