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 | $1,470 |
| 1 Bedroom | $1,560 |
| 2 Bedrooms | $1,940 |
| 3 Bedrooms | $2,380 |
| 4 Bedrooms | $2,700 |
| 5 Bedrooms | $3,132 |
| 6 Bedrooms | $3,508 |
| 7 Bedrooms | $3,789 |
| 8 Bedrooms | $3,978 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,940 | $379,238 | 0.51% | F |
| 3BR | $2,380 | $422,222 | 0.56% | F |
| 4BR | $2,700 | $446,139 | 0.61% | D |
U.S. Census Bureau data (2024)
The ZIP code 02910, located in Cranston, RI, has a population of 23,499, with 31.0% of residents being renters. This indicates that the area has a significant tenant base, though it is not overwhelmingly renter-heavy. The median household income stands at $90,698, which provides a benchmark for assessing the financial capacity of potential tenants.
Market rent in this area is $2,081, representing approximately 23% of the median household income. This suggests that typical rents are reasonably aligned with local incomes, making them affordable for most households. However, the Fair Market Rent (FMR) for ZIP 02910, set at $1780 for FY 2024, is notably lower than the market rent. Landlords should be aware that tenants relying on Section 8 vouchers will have their rental assistance capped at this FMR level.
The disparity between the market rent and the FMR points to a scenario where landlords might face challenges in attracting voucher holders due to the higher costs they incur compared to the assistance provided. While there is a substantial demand for rental housing, the depth of voucher demand is likely constrained by the higher actual rents compared to the subsidized rates.
In conclusion, landlords in ZIP 02910 should anticipate a tenant pool that is moderately interested in Section 8 vouchers, but also capable of paying market rates. Tenants will likely be a mix of those who can afford market rents and those seeking lower-cost options through voucher programs. The latter group will be limited by the FMR cap, necessitating careful consideration of property management strategies to accommodate both types of tenants effectively.
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.