Location: Providence-Fall River, RI | Metro: Providence-Fall River, RI-MA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,460 |
| 1 Bedroom | $1,550 |
| 2 Bedrooms | $1,930 |
| 3 Bedrooms | $2,360 |
| 4 Bedrooms | $2,690 |
| 5 Bedrooms | $3,120 |
| 6 Bedrooms | $3,494 |
| 7 Bedrooms | $3,774 |
| 8 Bedrooms | $3,963 |
The Section 8 market analysis for ZIP code 02887 reveals a challenging environment for landlords and small-portfolio investors. The HUD Fair Market Rent (FMR) for the area, set at $1840 for fiscal year 2024, is the benchmark for voucher tenants. However, due to the lack of specific market rent data for comparison, it's difficult to provide an exact assessment of how voucher tenants fare against market rates.
Based on the HUD FMR alone, landlords can expect that voucher tenants will only cashflow in premium units or under marginal conditions. This is because the FMR is typically lower than market rents, which means landlords might struggle to cover all expenses including mortgage, maintenance, insurance, and property taxes with just the voucher amount.
The median home value in ZIP 02887 is also not available, making it impossible to calculate a precise rent-to-price ratio. Such a ratio would normally help investors understand the relationship between rental income and home values, indicating potential areas for investment based on affordability and demand.
In the absence of day-specific median Days on Market (DOM) and price-cut percentage data, it's important to note that these metrics usually impact the rent-versus-buy dynamics. For instance, a high DOM or significant price-cut percentages might suggest a buyer's market where rental properties could be more attractive to tenants.
The strongest investor angle in ZIP 02887 appears to be stability. Given the reliance on HUD FMR for voucher tenants, there is a consistent income stream, albeit potentially lower than market rents. Stability can be crucial for long-term investment strategies, especially when considering the predictability of government-assisted housing programs.
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.