Location: Providence-Fall River, RI | Metro: Providence-Fall River, RI-MA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,580 |
| 1 Bedroom | $1,670 |
| 2 Bedrooms | $2,080 |
| 3 Bedrooms | $2,550 |
| 4 Bedrooms | $2,890 |
| 5 Bedrooms | $3,352 |
| 6 Bedrooms | $3,754 |
| 7 Bedrooms | $4,054 |
| 8 Bedrooms | $4,257 |
U.S. Census Bureau data (2024)
16.6% of Scituate, RI's residents are renters, indicating a modest demand for rental properties in ZIP code 02857. The Fair Market Rent (FMR) for the area, set at $1940 for zip FY 2024, represents the threshold above which a household would pay more than 30% of their income towards rent. This compares to the actual market rent of $1,548, as reported by the Census Bureau's American Community Survey, suggesting a potential premium for landlords who can secure rents closer to the FMR. The median home value in Scituate stands at $533,045, reflecting a relatively stable housing market. However, with a median income of $108,679, many residents might find it challenging to afford homeownership, thereby increasing the reliance on rental housing. Despite the absence of specific data on days on market (DOM) and the percentage of homes that have had their prices cut, the current market conditions indicate a strong potential for rental investments. Given the disparity between the FMR and the actual market rent, landlords and small-portfolio investors could leverage this gap to offer competitive rents while maintaining profitability. In conclusion, Scituate, RI, presents a favorable environment for Section 8 investment opportunities.
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.