Location: Providence-Fall River, RI | Metro: Providence-Fall River, RI-MA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,900 |
| 1 Bedroom | $2,020 |
| 2 Bedrooms | $2,510 |
| 3 Bedrooms | $3,070 |
| 4 Bedrooms | $3,490 |
| 5 Bedrooms | $4,048 |
| 6 Bedrooms | $4,534 |
| 7 Bedrooms | $4,897 |
| 8 Bedrooms | $5,142 |
U.S. Census Bureau data (2024)
The ZIP code 02912 is located in Pawtucket, Rhode Island, a city known for its industrial heritage and now increasingly for its revitalization efforts. This neighborhood is predominantly residential, with a total population of 4,836. Notably, 100.0% of the residents are renters, indicating a strong demand for rental properties in the area. The absence of data regarding median income and median home value suggests that comprehensive economic metrics are not readily available, which could be due to the unique composition of the ZIP code or limited statistical reporting.
Moving into the realm of rent economics, the Fair Market Rent (FMR) for ZIP 02912 for fiscal year 2024 is set at $2240. This figure represents the benchmark used by the U.S. Department of Housing and Urban Development (HUD) for determining the maximum amount that a landlord can charge for a Section 8 rental unit. However, without specific market rent data, it's challenging to directly compare the FMR against local rental rates. This lack of market rent data might imply that the rental market in this ZIP code is less volatile or less extensively studied compared to other areas.
Given the characteristics of ZIP 02912, it appears to be well-suited for a hands-off voucher operator. The high percentage of renters indicates a steady demand for affordable housing, which aligns with the principles of Section 8. With an FMR of $2240, landlords can expect a predictable and stable income stream from tenants participating in the program. However, for a hands-on value-add buyer, the absence of detailed economic data presents challenges in assessing potential for property appreciation or identifying opportunities for enhancing property value through renovations or improvements. The success of such an investment would largely depend on the broader economic trends in Pawtucket and the ability to attract tenants willing to pay above the FMR, assuming there is a market for higher rents.
In summary, ZIP 02912 offers a clear opportunity for hands-off operators seeking consistent cash flow through the Section 8 program, with a guaranteed rent rate of $2240 per month. For those looking to actively manage and improve their properties, further research into the local economy and rental market dynamics will be necessary to make informed decisions.
Data Sources: FMR data from HUD (2027). 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.