Location: Providence-Fall River, RI | Metro: Providence-Fall River, RI-MA HUD Metro FMR Area
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,330 |
| 1 Bedroom | $1,410 |
| 2 Bedrooms | $1,760 |
| 3 Bedrooms | $2,160 |
| 4 Bedrooms | $2,450 |
| 5 Bedrooms | $2,842 |
| 6 Bedrooms | $3,183 |
| 7 Bedrooms | $3,438 |
| 8 Bedrooms | $3,610 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,410 | $271,057 | 0.52% | F |
| 2BR | $1,760 | $379,461 | 0.46% | F |
| 3BR | $2,160 | $439,359 | 0.49% | F |
| 4BR | $2,450 | $483,096 | 0.51% | F |
| 5BR | $2,842 | $566,295 | 0.5% | F |
U.S. Census Bureau data (2024)
The ZIP code 02888 in Warwick, Rhode Island, stands out in Kent County due to its unique mix of residents and housing values. With a population of 19,134, 19.7% of whom are renters, the area boasts a median income of $91,867. The median home value is notably high at $408,681, reflecting a robust local economy and desirability for homeownership.
For landlords and small-portfolio investors, the rental market dynamics present an interesting opportunity. The Fair Market Rent (FMR) for Section 8 vouchers in ZIP 02888 for fiscal year 2024 is set at $1,770, which is significantly higher than the average market rent of $1,271 reported by the Census Bureau's American Community Survey. This discrepancy means that landlords who accept Section 8 vouchers can potentially receive higher rents than the current market rate, making it financially advantageous to participate in the program.
The data suggests that ZIP 02888 is relatively stable. The high median income and median home value indicate a strong economic foundation, while the rental percentage and the gap between FMR and market rent provide insight into the dynamics of the housing market. Landlords should consider the benefits of accepting Section 8 vouchers, particularly if they aim to capitalize on the financial support offered by the government to maintain occupancy rates and ensure steady cash flow.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.