Location: Westerly-Hopkinton-New Shoreham, RI | Metro: Westerly-Hopkinton-New Shoreham, RI HUD Metro FMR Area
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,420 |
| 1 Bedroom | $1,440 |
| 2 Bedrooms | $1,880 |
| 3 Bedrooms | $2,370 |
| 4 Bedrooms | $2,810 |
| 5 Bedrooms | $3,260 |
| 6 Bedrooms | $3,651 |
| 7 Bedrooms | $3,943 |
| 8 Bedrooms | $4,140 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $2,370 | $515,247 | 0.46% | F |
U.S. Census Bureau data (2024)
ZIP code 02833 is located in the town of North Kingstown, Rhode Island. This area is characterized by a small, close-knit community with a total population of just under 500 residents. A significant portion, 41.6%, of these residents are renters, indicating a modest but present demand for rental housing. The median home value in this ZIP code stands at $500,858, which suggests that it is a relatively affluent neighborhood despite the lack of available data on median income.
The rental economics in ZIP 02833 are particularly noteworthy. According to the Fair Market Rent (FMR) for the fiscal year 2024, the FMR is set at $1530. However, the actual market rent as reported by the Census Bureau's American Community Survey (ACS) is significantly lower, at $468 per month. This stark difference between the FMR and the market rent highlights an opportunity for landlords and small-portfolio investors interested in Section 8 properties.
Given the disparity between the FMR and the market rent, ZIP 02833 would likely be more suitable for a hands-on value-add buyer rather than a hands-off voucher operator. The potential for increasing rents to closer align with the FMR while still being attractive to tenants could provide a higher return on investment. Additionally, the ability to improve property values through renovations and strategic management can make this ZIP code an appealing target for those looking to actively manage their investments and maximize profitability.
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.