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 |
The ZIP code 02883 in Providence-Fall River County, RI, presents a unique opportunity for landlords and small-portfolio investors due to the scarcity of detailed demographic data. While specific figures for residents, rental percentages, median income, and median home values are not available, the area's Section 8 voucher economics offer a clear picture of potential investment viability.
The Fair Market Rent (FMR) for ZIP 02883 for fiscal year 2024 is set at $1890. This figure represents the maximum amount that a landlord can receive through the Section 8 program for renting a unit in this ZIP code. Without comparative local market rent data, it's challenging to assess the exact premium or discount that this FMR rate offers. However, the consistency of federal funding rates can provide stability in rental income for landlords who participate in the program.
Despite the lack of precise demographic details, the presence of Section 8 vouchers suggests a stable tenant base with guaranteed rental payments, assuming the tenants maintain their eligibility. For small-portfolio investors looking to diversify their holdings or those interested in properties that might cater to lower-income families, ZIP 02883 could be considered a stable option, given the predictability of federal housing assistance programs. The absence of fluctuating local market rates allows for a more straightforward financial planning process for those willing to engage with the Section 8 program.
In summary, while the specific data points are not available, the known FMR of $1890 for ZIP 02883 indicates a stable environment for landlords and investors willing to accept Section 8 tenants. This stability can be leveraged to ensure consistent cash flow and property occupancy, making it a reliable choice for those focused on long-term, low-risk investments.
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.