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 | $1,330 |
| 1 Bedroom | $1,410 |
| 2 Bedrooms | $1,760 |
| 3 Bedrooms | $2,160 |
| 4 Bedrooms | $2,450 |
| 5 Bedrooms | $2,842 |
| 6 Bedrooms | $3,183 |
| 7 Bedrooms | $3,438 |
| 8 Bedrooms | $3,610 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,410 | $274,538 | 0.51% | F |
| 2BR | $1,760 | $415,724 | 0.42% | F |
| 3BR | $2,160 | $492,333 | 0.44% | F |
| 4BR | $2,450 | $545,318 | 0.45% | F |
U.S. Census Bureau data (2024)
The market in ZIP 02859, Burrillville, Rhode Island, reveals a dynamic balance between supply and demand. With a Fair Market Rent (FMR) set at $1,470 for the fiscal year 2024, and the current market rent observed at $1,394 according to the Census American Community Survey, it's evident that the rental market is slightly below the government benchmark. This suggests a modest equilibrium where landlords can maintain competitive rents without drastically cutting prices. The median home value stands at $461,349, indicating a stable housing market.
The absence of data on price-cut share and days on market (DOM) for homes doesn't provide a complete picture of the supply-demand relationship, but the slight gap between FMR and market rent implies that demand might be keeping pace with supply, though not overwhelming it. Landlords should monitor these metrics closely to adjust their strategies as necessary.
A 18.6% renter share highlights a significant portion of the population that relies on rental housing. This figure suggests ongoing long-term housing pressure, as a considerable number of residents are likely to remain renters due to various factors including affordability and life stage. For small-portfolio investors, this means there will likely be a steady demand for rental properties, making investments in this area potentially attractive and stable.
In summary, ZIP 02859 presents a market where supply and demand are in a delicate balance, with a slight lean towards demand matching supply rather than outpacing it. The high renter share underscores a persistent need for rental units, which could benefit landlords and investors looking for a stable rental market.
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.