Section 8 Fair Market Rent (FMR) for ZIP 02898 - 2027

Investment Score for ZIP 02898

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

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

ZIP 02898, located in Richmond, Rhode Island, is a residential area characterized by its proximity to natural landscapes and waterways, offering a tranquil setting for both residents and visitors. The town's charm and quality of life attract a diverse population, including families and retirees.

• The Fair Market Rent (FMR) for ZIP 02898 in fiscal year 2024 is set at $1950, providing a benchmark for rental pricing in the area.
• While the market rent for the zip code is currently N/A, indicating a lack of recent data, the FMR can serve as a useful proxy for assessing rental values.
• The median home value in ZIP 02898 is $485,149, reflecting the overall housing affordability and desirability of the area.
• Renters make up only 1.8% of the population, suggesting that the market is heavily skewed towards homeownership rather than renting.
• The days on market (DOM) for properties in this zip code is N/A, which could imply that sales are relatively infrequent or that there is limited data available.
• The median household income in ZIP 02898 is $119,038, indicating a higher-than-average earning capacity among residents.

The data points highlight a strong homeownership preference and a relatively affluent community in ZIP 02898. With a median income well above the national average, potential renters in the area are likely able to afford homes rather than rentals, making it less favorable for landlords and small-portfolio investors seeking rental income. However, the high median home value and the FMR of $1950 suggest that property appreciation and capital gains could be significant for those willing to invest in home purchases or renovations for resale. The scarcity of data on market rents and DOM indicates a need for further investigation into local real estate trends before making investment decisions.

Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.