Location: Providence-Fall River, RI | Metro: Providence-Fall River, RI-MA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,450 |
| 1 Bedroom | $1,540 |
| 2 Bedrooms | $1,920 |
| 3 Bedrooms | $2,350 |
| 4 Bedrooms | $2,670 |
| 5 Bedrooms | $3,097 |
| 6 Bedrooms | $3,469 |
| 7 Bedrooms | $3,747 |
| 8 Bedrooms | $3,934 |
U.S. Census Bureau data (2024)
The ZIP code 02852, located in North Kingstown, RI, stands out within Washington County due to its unique demographic and economic profile. With a population of 23,406 residents, it has a rental rate of 27.8%, indicating a moderate reliance on rental housing. The median income in the area is $118,643, reflecting a higher-than-average earning potential compared to national standards. Additionally, the median home value of $626,294 suggests a significant investment in residential property, making it an attractive location for homeownership.
When it comes to Section 8 voucher economics, the Fair Market Rent (FMR) for ZIP 02852 in fiscal year 2024 is set at $1,840. This figure is notably lower than the market rent, which is measured at $2,535 using the ZORI (Zillow Observed Rent Index). This discrepancy means that landlords who accept Section 8 vouchers will receive less rent than they might from market-rate tenants. However, the stability of income provided by government-backed vouchers can be appealing to landlords seeking consistent cash flow.
The data signature for ZIP 02852 reads as stable. The relatively high median income supports a steady demand for both rental and owned properties. The median home value also indicates a robust local economy capable of sustaining property values. While the rental market shows a slight preference towards ownership, the presence of a substantial number of renters ensures that there is still a considerable segment of the population interested in affordable housing solutions. This balance between homeowners and renters, combined with the economic indicators, suggests a stable environment for both small-portfolio investors and landlords.
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.