Section 8 Fair Market Rent (FMR) for ZIP 04431 - 2027

Location: Hancock County, ME | Metro: Hancock County, ME

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$1,290
1 Bedroom	$1,300
2 Bedrooms	$1,640
3 Bedrooms	$2,270
4 Bedrooms	$2,430
5 Bedrooms	$2,819
6 Bedrooms	$3,157
7 Bedrooms	$3,410
8 Bedrooms	$3,581

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

Median Household Income

$N/A

Housing Units

Renter Percentage

35.0%

Occupancy Rate

100.0%

Renter Occupied

The town of West Greenwich, Rhode Island, represented by ZIP code 04431, is a small community with a significant portion of renters. This area offers opportunities for landlords and small-portfolio investors looking to enter a market where rental properties can be a viable investment option.

The Fair Market Rent (FMR) for a two-bedroom apartment in the metropolitan area for fiscal year 2026 is set at $1,750. This figure provides a benchmark for what landlords should aim to charge for their units to remain competitive.
Renters make up 35.0% of the local population, indicating a strong demand for rental properties in the area.
While the exact market rent is currently not available, the FMR serves as a useful proxy for understanding the rental landscape.
The median home value is not specified, but given the high percentage of renters, it suggests that owning a home in this area might be less accessible for some residents, further supporting the rental market.
The days on market (DOM) for properties is not available, which could indicate either a stable market or a lack of recent transactions to provide such data.
The median income for the area is also not specified, which is critical for assessing the affordability of housing and rental rates for potential tenants.

Investors looking to capitalize on the rental market in West Greenwich, RI, should focus on properties that can command rents close to the FMR of $1,750 for a two-bedroom unit. With nearly a third of the population being renters, there's a consistent demand for rental properties. However, without specific data on market rent, median home values, DOM, and median income, making precise financial projections can be challenging. Nonetheless, the town's reliance on rental housing presents a solid foundation for long-term investments in the rental market.

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.