Location: Providence-Fall River, RI | Metro: Providence-Fall River, RI-MA 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 | $2,140 |
| 1 Bedroom | $2,260 |
| 2 Bedrooms | $2,820 |
| 3 Bedrooms | $3,450 |
| 4 Bedrooms | $3,920 |
| 5 Bedrooms | $4,547 |
| 6 Bedrooms | $5,093 |
| 7 Bedrooms | $5,500 |
| 8 Bedrooms | $5,775 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $2,820 | $739,886 | 0.38% | F |
| 3BR | $3,450 | $976,017 | 0.35% | F |
| 4BR | $3,920 | $1,341,584 | 0.29% | F |
| 5BR | $4,547 | $2,727,684 | 0.17% | F |
U.S. Census Bureau data (2024)
2420 is the Fair Market Rent (FMR) for ZIP code 02837, Little Compton, RI, for fiscal year 2024. This figure represents the maximum amount a landlord can charge for a Section 8 voucher. 936,517 is the median home value in the area, indicating a relatively stable housing market. However, only 6.2% of the population are renters, which suggests a smaller pool of potential Section 8 tenants compared to other areas. The median income of 134,750 provides context on the financial stability of the residents but does not directly correlate with the demand for subsidized housing. Unfortunately, the specific data points such as days on market (DOM) and the percentage of homes that have had their prices cut are not available, making it challenging to assess the current trend in property sales and pricing adjustments.
Given the high median home value and the low renter share, landlords and small-portfolio investors should be cautious about relying solely on Section 8 vouchers for rental income. The limited availability of specific market data complicates the analysis further. Nonetheless, the 2420 FMR offers a clear guideline for rental pricing under the program. It's important to note that while the median income is robust at 134,750, the actual need for affordable housing may still exist among lower-income families.
The verdict for Section 8 participation in ZIP 02837 is mixed, with the high cost of living and low renter population presenting challenges. Landlords must weigh these factors carefully before deciding to accept Section 8 vouchers.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.