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 | $1,990 |
| 1 Bedroom | $2,110 |
| 2 Bedrooms | $2,630 |
| 3 Bedrooms | $3,220 |
| 4 Bedrooms | $3,660 |
| 5 Bedrooms | $4,246 |
| 6 Bedrooms | $4,756 |
| 7 Bedrooms | $5,136 |
| 8 Bedrooms | $5,393 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $2,110 | $359,318 | 0.59% | F |
| 2BR | $2,630 | $533,826 | 0.49% | F |
| 3BR | $3,220 | $608,509 | 0.53% | F |
U.S. Census Bureau data (2024)
ZIP code 02903, located in Providence, RI, falls within the broader Providence-Fall River, RI-MA HUD Metro FMR Area. This ZIP code's Fair Market Rent (FMR) for fiscal year 2024 is set at $2330, which aligns closely with the area's median market rent of $2,322. The average home value in 02903 stands at $438,243, reflecting a moderate cost compared to other ZIP codes in the region.
The renter share in 02903 is 75.2%, indicating a strong demand for rental properties. When analyzing these figures, it becomes apparent that 02903 represents a mid-tier neighborhood within the metro area. The FMR and market rent are nearly identical, suggesting that rental prices are in line with what the government deems fair for the area. Additionally, the home value is slightly above the metro average, placing it in a middle ground between affordable and premium markets.
The high renter share, coupled with a below-metro average home value, suggests that 02903 could be a particularly attractive location for Section 8 tenants. Landlords and small-portfolio investors should consider this ZIP code as a potential sweet spot where there is a significant rental demand and a reasonable balance between property costs and government-subsidized rents.
To summarize, ZIP 02903 is positioned as a mid-tier neighborhood within the Providence-Fall River, RI-MA HUD Metro FMR Area. It offers a mix of affordability and demand that makes it a viable option for those interested in Section 8 housing investments. The data points to a scenario where rental properties can be rented out at fair market rates, catering to a substantial portion of the local population seeking affordable housing options.
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.