Location: Providence-Fall River, RI | Metro: Providence-Fall River, RI-MA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,500 |
| 1 Bedroom | $1,590 |
| 2 Bedrooms | $1,980 |
| 3 Bedrooms | $2,430 |
| 4 Bedrooms | $2,760 |
| 5 Bedrooms | $3,202 |
| 6 Bedrooms | $3,586 |
| 7 Bedrooms | $3,873 |
| 8 Bedrooms | $4,067 |
ZIP code 02880, located in the Providence-Fall River, RI-MA HUD Metro FMR Area, has a Fair Market Rent (FMR) of $1890 for fiscal year 2024. This figure represents the rental cost threshold set by HUD for determining eligibility for housing assistance programs such as Section 8.
To contextualize 02880's FMR within the broader metro area, let us first examine the typical characteristics of ZIP codes in the Providence-Fall River, RI-MA HUD Metro FMR Area. The metro area generally sees a mix of rental markets, with some ZIPs offering rents that align closely with the FMR, while others have higher or lower market rents.
The lack of specific market rent and home value data for ZIP 02880 makes direct comparisons challenging. However, the absence of a significant disparity between the FMR and the unspecified market rent suggests that 02880 could be considered a mid-tier neighborhood within its metro area. In other words, it neither stands out as a premium sub-market nor qualifies as a value pocket based solely on the available FMR information.
The unknown percentage of renters in ZIP 02880 further complicates the analysis. Typically, a high renter share combined with below-average home values can indicate an attractive location for Section 8 participants, as it often signifies a concentration of affordable housing options. However, without concrete figures for both market rent and renter share, we cannot definitively label 02880 as a Section 8 sweet spot.
In summary, ZIP 02880 appears to be a mid-tier neighborhood within the Providence-Fall River, RI-MA HUD Metro FMR Area, given its FMR of $1890. To make a more precise determination regarding its status as a value pocket or premium sub-market, additional data on market rents and home values would be necessary. Landlords and small-portfolio investors should consider this ZIP code as part of their investment strategy if they aim to cater to a broad range of tenants, including those eligible for Section 8 assistance.
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.