Location: Providence-Fall River, RI | Metro: Providence-Fall River, RI-MA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,430 |
| 1 Bedroom | $1,520 |
| 2 Bedrooms | $1,890 |
| 3 Bedrooms | $2,320 |
| 4 Bedrooms | $2,630 |
| 5 Bedrooms | $3,051 |
| 6 Bedrooms | $3,417 |
| 7 Bedrooms | $3,690 |
| 8 Bedrooms | $3,875 |
The ZIP code 02862 in Unknown, RI, presents a unique challenge for analysis due to the lack of specific demographic data such as population size and percentage of renters. However, we can still provide insights based on the available information.
Middle-income households are a key focus for understanding the potential impact of Section 8 vouchers in this area. The median household income is listed as N/A, which makes it difficult to assess how typical rents compare to local incomes. Despite this limitation, we can look at the Fair Market Rent (FMR) as a benchmark. For fiscal year 2024, the FMR in ZIP 02862 is set at $1690, indicating the maximum amount that a voucher holder can be expected to pay towards their rent.
Without precise local rent figures, it's challenging to determine the exact percentage of income that goes toward rent. However, using the FMR as a proxy for typical market rent, landlords can anticipate that tenants receiving Section 8 vouchers will contribute up to $1690 per month towards their housing costs. This figure should align closely with the actual market rent for the area, assuming the FMR accurately reflects rental market conditions.
In terms of tenant profiles, landlords in ZIP 02862 can expect a mix of families and individuals who rely on Section 8 vouchers for housing assistance. These tenants will likely have varying income levels but will be required to contribute 30% of their adjusted income towards rent, with the voucher covering the remaining balance up to the FMR.
To conclude, while the exact nature of the tenant pool cannot be determined without additional data on the percentage of renters and median household income, landlords can prepare for a scenario where Section 8 vouchers are a significant factor in the rental market. The expectation should be for tenants who are financially stable enough to meet their 30% contribution requirement but rely on government assistance to afford housing in this area. Landlords should ensure compliance with HUD regulations and be prepared to work with the local housing authority to manage voucher processing and rent collection.
Data Sources: FMR data from HUD (2027).
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.