Location: Providence-Fall River, RI | Metro: Providence-Fall River, RI-MA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $2,060 |
| 1 Bedroom | $2,180 |
| 2 Bedrooms | $2,720 |
| 3 Bedrooms | $3,330 |
| 4 Bedrooms | $3,790 |
| 5 Bedrooms | $4,396 |
| 6 Bedrooms | $4,924 |
| 7 Bedrooms | $5,318 |
| 8 Bedrooms | $5,584 |
U.S. Census Bureau data (2024)
The ZIP code 02876 in Mississippi stands out due to its unique characteristics among rental markets. With only 355 residents, it is entirely composed of renters, indicating a highly specialized housing environment. Despite the lack of specific median income and home value data, the dynamics of the rental market provide insight into its economic stability.
In terms of voucher economics, the Fair Market Rent (FMR) for ZIP 02876 for fiscal year 2024 is set at $2,380. This figure is slightly higher than the market rent, which is measured by the Zillow Rent Index (ZORI) at $2,281. This suggests that Section 8 vouchers can cover the average rent in the area, making it a viable option for low-income households seeking affordable housing solutions.
The data signature for ZIP 02876 reads as "stable." The high percentage of renters indicates a consistent demand for rental properties, and the slight premium of the FMR over the market rent means that landlords participating in the Section 8 program can expect to receive a rate that is competitive with market conditions. This balance between the voucher rate and market rent supports a stable rental market where both tenants and landlords can find mutual benefit.
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.