Location: Westerly-Hopkinton-New Shoreham, RI | Metro: Westerly-Hopkinton-New Shoreham, RI HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,310 |
| 1 Bedroom | $1,320 |
| 2 Bedrooms | $1,660 |
| 3 Bedrooms | $2,090 |
| 4 Bedrooms | $2,390 |
| 5 Bedrooms | $2,772 |
| 6 Bedrooms | $3,105 |
| 7 Bedrooms | $3,353 |
| 8 Bedrooms | $3,521 |
U.S. Census Bureau data (2024)
The market in ZIP code 02873, located in Massachusetts, presents a dynamic environment that can be analyzed through the lens of available data points. The Fair Market Rent (FMR) for the area is set at $1560 for fiscal year 2024, indicating the benchmark rental cost established by HUD for determining eligibility for housing assistance programs. This figure is crucial for understanding the rental landscape but lacks direct comparison with the current market rent, which is currently unreported.
The median home value in ZIP 02873 stands at $507,820, reflecting the typical property cost in the area. While there is no reported data on the percentage of listings requiring a price cut or the days on market (DOM) for homes, these missing metrics suggest an incomplete picture of the short-term market conditions. However, the 27.2% renter share provides insight into the long-term housing dynamics. A higher proportion of renters compared to homeowners often signifies persistent housing pressure, as it indicates a significant portion of the population relies on rental properties rather than owning homes.
This reliance on rentals can be attributed to several factors, including affordability issues or lifestyle choices. Given the median home value, it's plausible that the high renter share is partly due to the cost of homeownership being relatively high. As such, the demand for rental properties remains robust, potentially leading to a situation where demand might outpace supply, especially if the rental inventory does not keep up with the number of renters.
The absence of recent market rent data makes it challenging to draw a definitive conclusion on whether supply is currently outpacing demand or vice versa. Nonetheless, the high renter share suggests that rental properties are likely to remain in high demand, creating a steady market for landlords and small-portfolio investors. The FMR serves as a guidepost for rental pricing, ensuring that rents stay within reasonable limits relative to the income levels of residents.
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.