Location: Newport-Middleton-Portsmouth, RI | Metro: Providence-Fall River, RI-MA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,580 |
| 1 Bedroom | $1,590 |
| 2 Bedrooms | $2,090 |
| 3 Bedrooms | $2,820 |
| 4 Bedrooms | $3,240 |
| 5 Bedrooms | $3,758 |
| 6 Bedrooms | $4,209 |
| 7 Bedrooms | $4,546 |
| 8 Bedrooms | $4,773 |
U.S. Census Bureau data (2024)
19.3% of Tiverton, RI's residents are renters, indicating a moderate demand for rental properties in ZIP 02878. The Fair Market Rent (FMR) for the area in fiscal year 2024 is set at $1780, which represents the maximum allowable rent for Section 8 housing vouchers. In comparison, the Zillow Observed Rent Index (ZORI) stands at $2,450, highlighting a gap between the subsidized rent levels and the actual market rates. This discrepancy suggests opportunities for landlords who can offer units below market rates but still above the $1780 FMR threshold.
The median home value in Tiverton is $546,999, reflecting a relatively stable housing market. However, the median income of $106,036 indicates that a significant portion of the population might struggle to afford market-rate rents without assistance. The low 0.1% price-cut share suggests that property values have remained resilient, with few homes needing to be discounted to sell. This stability could be beneficial for long-term investments in the area.
Landlords in Tiverton can leverage these figures to make informed decisions about their rental pricing and eligibility for Section 8 programs. Given the $1780 FMR and the $2,450 market rent, there is a clear incentive to participate in Section 8, ensuring steady occupancy while still achieving reasonable returns. The moderate renter share and stable home values support this strategy, making Tiverton a viable option for those considering Section 8 participation.
Verdict: For landlords and small-portfolio investors in Tiverton, RI, participating in Section 8 with units priced between $1780 and $2,450 offers a secure investment opportunity with minimal risk of vacancy or price depreciation.
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.