Section 8 Fair Market Rent (FMR) for ZIP 02901 - 2027

FY 2027 Fair Market Rent Rates

The ZIP code 02901 in Unknown, RI, lacks comprehensive demographic data, making it challenging to provide a detailed analysis. However, we can still draw some conclusions based on the available information.

The absence of population figures and the percentage of renters indicates that this area might be less densely populated, or there could be a significant mix of homeowners and renters without clear dominance from either group. Without knowing the exact number, we cannot determine if this ZIP is renter-heavy or homeowner-dominated.

Moving on to income levels, the median household income is also not specified. This is crucial because it directly impacts the ability of residents to afford housing. The Fair Market Rent (FMR) for ZIP 02901 is set at $1690 per month for FY 2024. Given the lack of median income data, we cannot calculate the precise percentage of local income that goes towards rent. However, it's important to note that typically, affordable housing is considered to be when rent does not exceed 30% of a household's income. Therefore, if the median income were known, we could assess whether the $1690 FMR is affordable relative to the average income in the area.

In terms of market rent, the figure is also not provided. Comparing this to the FMR of $1690 would help us understand how competitive the rental market is for Section 8 vouchers. If the market rent is higher than the FMR, it suggests that tenants with Section 8 vouchers may find it difficult to secure housing without landlords willing to accept them.

The kind of tenant profile a landlord in ZIP 02901 should expect, given the presence of Section 8 vouchers, would be individuals or families who rely on government assistance to cover their housing costs. These tenants would likely have a monthly rent budget constrained by the voucher amount, which is tied to the FMR. Landlords should be prepared to meet certain requirements set by the housing authority to accept Section 8 tenants, including maintaining a property that meets minimum standards and being willing to sign a lease agreement that includes the housing authority.

To make informed decisions about accepting Section 8 tenants, landlords and small-portfolio investors need to gather additional data on the local rental market and income levels. This will help them understand the potential demand for vouchers and the affordability of housing in ZIP 02901.

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.