Location: Newport-Middleton-Portsmouth, RI | Metro: Newport-Middleton-Portsmouth, RI HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,860 |
| 1 Bedroom | $1,870 |
| 2 Bedrooms | $2,450 |
| 3 Bedrooms | $3,250 |
| 4 Bedrooms | $3,890 |
| 5 Bedrooms | $4,512 |
| 6 Bedrooms | $5,053 |
| 7 Bedrooms | $5,457 |
| 8 Bedrooms | $5,730 |
U.S. Census Bureau data (2024)
The ZIP code 02872, located in Mississippi, has a population of 156 residents. With only 0.0% of the population being renters, this area is predominantly dominated by homeowners rather than renters. The median household income in this ZIP code stands at $131,875, which is significantly higher than the typical market rent figures that are not provided for this location.
To analyze the suitability of this ZIP code for Section 8 tenants, we must consider the Fair Market Rent (FMR) established by the U.S. Department of Housing and Urban Development (HUD). For fiscal year 2024, the FMR for ZIP 02872 is set at $2,210. This figure represents the maximum amount that a Section 8 voucher can cover for rental housing in this area. However, without specific market rent data, it's challenging to determine the exact percentage of local income that goes towards rent. Nonetheless, given the high median household income, it's reasonable to infer that typical rents would consume a smaller portion of the average resident's income compared to lower-income areas.
The scarcity of rental properties and the low percentage of renters in ZIP 02872 suggest that there is limited demand for Section 8 vouchers in this area. Landlords should expect tenants who have access to significant financial resources, as the median household income is quite robust. The type of tenant profile in this area would likely be individuals or families who can afford higher rents, possibly without relying heavily on government assistance programs like Section 8.
In conclusion, ZIP 02872 is not an ideal target for landlords looking to attract a large number of Section 8 tenants due to its homeowner-dominated nature and lack of rental demand. Instead, landlords should focus on attracting financially stable tenants who can meet or exceed the FMR of $2,210 without the need for extensive rental subsidies.
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.