Location: Providence-Fall River, RI | Metro: Providence-Fall River, RI-MA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,430 |
| 1 Bedroom | $1,520 |
| 2 Bedrooms | $1,890 |
| 3 Bedrooms | $2,320 |
| 4 Bedrooms | $2,630 |
| 5 Bedrooms | $3,051 |
| 6 Bedrooms | $3,417 |
| 7 Bedrooms | $3,690 |
| 8 Bedrooms | $3,875 |
The ZIP code 02940 in the Providence-Fall River County, which falls under the Providence-Fall River, RI-MA HUD Metro FMR Area, presents a unique market scenario for Section 8 investors. The HUD Fair Market Rent (FMR) for this area is set at $1690 for fiscal year 2024. However, without specific market rent data, it's challenging to make a direct comparison. Nonetheless, based on the HUD FMR alone, we can infer that voucher tenants would generally cashflow at this rate, assuming the market rent does not significantly exceed the FMR.
The median home value in ZIP 02940 is also currently unavailable, which means deriving an exact rent-to-price ratio is not possible. This ratio typically helps investors understand the relative affordability of renting versus buying. In the absence of this data, it's important to consider other factors such as the local housing demand and the availability of rental properties.
Regarding the days on market (DOM) and the percentage of price cuts, these figures are also not available. These metrics are crucial for understanding the speed of property sales and the level of competition in the real estate market. Without them, it's difficult to assess how quickly properties are moving and if there's a need to adjust prices to attract buyers.
The strongest angle for investors in ZIP 02940 appears to be stability. Given the consistent HUD FMR and the typical characteristics of Section 8 investments, such as guaranteed rent through government vouchers, investors can expect steady and reliable returns. This makes the area particularly attractive for those looking to secure long-term, low-risk income streams from their real estate holdings.
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.