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 | $1,190 |
| 1 Bedroom | $1,270 |
| 2 Bedrooms | $1,560 |
| 3 Bedrooms | $1,880 |
| 4 Bedrooms | $2,240 |
| 5 Bedrooms | $2,598 |
| 6 Bedrooms | $2,910 |
| 7 Bedrooms | $3,143 |
| 8 Bedrooms | $3,300 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,270 | $283,316 | 0.45% | F |
| 2BR | $1,560 | $455,850 | 0.34% | F |
| 3BR | $1,880 | $552,211 | 0.34% | F |
| 4BR | $2,240 | $721,440 | 0.31% | F |
| 5BR | $2,598 | $716,224 | 0.36% | F |
U.S. Census Bureau data (2024)
The ZIP code 02917, located in Smithfield, Rhode Island, is home to 15,293 residents. With 21.1% of the population being renters, it indicates a moderate rental market rather than a renter-heavy area. The median household income stands at $110,938, which is relatively high compared to national averages.
Market rents average $1,001 per month, representing approximately 9.0% of the median household income. This percentage suggests that typical rent is affordable for most residents, leaving a substantial portion of their income for other expenses. However, the Fair Market Rent (FMR) for FY 2024 is set at $1,400, indicating that landlords who charge $1,001 might have an advantage in attracting tenants, especially those with vouchers.
The demand for housing vouchers is likely to be moderate due to the higher median income and the fact that only about one-fifth of the population are renters. Landlords should expect tenants who may rely on vouchers to cover a significant portion of their rent, but the overall voucher usage will not be as prevalent as in areas with lower incomes and higher percentages of renters.
In summary, ZIP 02917 is not a voucher-heavy market. Tenants here will typically have stable employment and income sources, allowing them to contribute to their rent beyond what a voucher covers. Landlords can expect a mix of tenants, some utilizing vouchers, but the majority will likely pay rent directly from their earnings. Given the discrepancy between market rent ($1,001) and FMR ($1,400), there is room for landlords to offer competitive rents that still attract tenants without relying heavily on voucher subsidies.
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.