Section 8 Fair Market Rent (FMR) for ZIP 02896 - 2027

Location: Providence-Fall River, RI | Metro: Providence-Fall River, RI-MA HUD Metro FMR Area

Investment Score for ZIP 02896

Monthly Rent (2BR)

$1,740

Median Price (2BR)

$451,454

1% Rule

0.39%

Annual Yield

4.63%

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$1,320
1 Bedroom	$1,400
2 Bedrooms	$1,740
3 Bedrooms	$2,130
4 Bedrooms	$2,420
5 Bedrooms	$2,807
6 Bedrooms	$3,144
7 Bedrooms	$3,396
8 Bedrooms	$3,566

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
1BR	$1,400	$409,545	0.34%	F
2BR	$1,740	$451,454	0.39%	F
3BR	$2,130	$531,191	0.4%	F
4BR	$2,420	$632,437	0.38%	F
5BR	$2,807	$672,007	0.42%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

11,583

Median Household Income

$108,983

Housing Units

4,812

Renter Percentage

18.4%

Occupancy Rate

95.3%

Renter Occupied

846

The North Smithfield area, represented by ZIP code 02896, is situated in Rhode Island and offers a blend of suburban living with easy access to urban amenities. This region is characterized by its stable housing market, which makes it an attractive investment opportunity for both landlords and small-portfolio investors.

The Fair Market Rent (FMR) for ZIP 02896 for fiscal year 2024 is set at $1,770, providing a benchmark for rental pricing that reflects the area's economic conditions.
According to the Census American Community Survey (ACS), the average market rent for the area is $1,270. This indicates that there is potential for rental income growth towards the FMR level.
The median home value in North Smithfield is $506,323, suggesting a robust real estate market where property values are likely to remain steady or increase.
Renters make up 18.4% of the population in this ZIP code, indicating a moderate demand for rental properties and a balanced mix of homeowners and renters.
The median household income in North Smithfield is $108,983, which points to a financially stable community capable of supporting higher rents and property values.

Analyzing these data points, investors can expect a solid return on investment in North Smithfield due to the combination of stable property values and growing rental income potential. The moderate renter share and high median income support a healthy market for both purchasing and renting properties. However, the actual rental rates are currently below the FMR, offering a window of opportunity for those looking to capitalize on potential future increases in rental prices.

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.