Skip to main content
Loading page
Providence County/Forestdale/02824

02824

ZIPSAFMR
Providence County, RI
Zillow

ZIP Investment Score

67Below average

095130300
BRFMR
Eff. Rent
0 BR$1,330$1,460
1 BR$1,410$1,550
2 BR$1,750$1,920
3 BR$2,150$2,270
4 BR$2,440$2,390
5 BR$2,806Not available
6 BR$3,227Not available
7 BR$3,711Not available
8 BR$4,268Not available

Purchase Price Calculator

Maximum purchase price
$223,395

Cost breakdown

+Likely effective rent$1,920
HUD FMR$1,750
Market rent$2,010
Est. payment standard (110%)Used$1,920
-Principal and interest-$1,130
Loan amount$178,716
Down payment$44,679
Rate6.50%
Term30 years
-Operating costs-$590
Property taxes-$223
Insurance-$175
Utilities$0
HOA$0
Management-$192
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$30,780(68.9% ROI)
Projected value
$240,572
Return breakdown
Property appreciation+$17,177
Loan principal paid down+$6,403
Rental cash flow+$7,200
5-year hold
+$52,774(118.1% ROI)
Projected value
$252,751
Return breakdown
Property appreciation+$29,356
Loan principal paid down+$11,418
Rental cash flow+$12,000
10-year hold
+$113,777(254.7% ROI)
Projected value
$285,964
Return breakdown
Property appreciation+$62,569
Loan principal paid down+$27,207
Rental cash flow+$24,000

Public Housing Authority

Loading Public Housing Authority

Rolodex

Loading Rolodex

Market Alignment

Studio
0.85
1 BR
0.78
2 BR
0.87
3 BR
0.92
4 BR
1.02
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 02824 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 02824 (Forestdale, RI) is $1,750 a month. That is up 10.1% from $1,590 in FY 2026. Forestdale is in the Providence-Fall River, RI-MA HUD Metro FMR Area. HUD also publishes the ZIP-level Small Area FMRs shown here, but unless the local housing authority has adopted them, vouchers are based on the metro-wide two-bedroom FMR of $1,879. Among 47 ZIP codes in Providence County, 02824 has the 36th-highest two-bedroom rent (county range $1,560–$2,720). The median county two-bedroom FMR in Rhode Island is $1,879, so ZIP 02824 is 7% below it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 02824
BedroomsFY 2027Change90–110% range
Studio$1,330+9.9%$1,197–$1,463
1BR$1,410+9.3%$1,269–$1,551
2BR$1,750+10.1%$1,575–$1,925
3BR$2,150+11.4%$1,935–$2,365
4BR$2,440+6.6%$2,196–$2,684

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 02824
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,330$1,410$1,750$2,150$2,440
FY 2026$1,210$1,290$1,590$1,930$2,290
FY 2025$1,230$1,320$1,610$1,940$2,350
FY 2024$1,290$1,400$1,690$2,040$2,530
FY 2023$1,070$1,170$1,410$1,720$2,120

Two-bedroom rent in nearby Providence County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 02824
02814$1,710−2.3%
02815$2,100+20.0%
02823$2,320+32.6%
02824Current$1,750—
02825$2,120+21.1%
02826$1,560−10.9%
02828$2,000+14.3%
02829$1,710−2.3%
02830$1,560−10.9%
02831$2,470+41.1%
02838$1,970+12.6%
02839$2,220+26.9%

Questions about ZIP 02824 rents

How much will Section 8 pay for a two-bedroom in ZIP 02824?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the metro-wide two-bedroom FMR of $1,879, which applies unless the housing authority uses Small Area FMRs, that basic range is $1,691 to $2,067 a month; under the ZIP-level Small Area FMR of $1,750 it would be $1,575 to $1,925. The voucher pays the lower of the payment standard or the gross rent, minus the tenant's share, which is usually about 30% of adjusted monthly income. Confirm the local housing authority's current schedule before underwriting.

Which HUD fair market rent area is ZIP 02824 in?

ZIP 02824 is in the Providence-Fall River, RI-MA HUD Metro FMR Area. Small Area FMRs are optional here; the metro-wide two-bedroom FMR is $1,879.

How much did fair market rent change in ZIP 02824 for FY 2027?

The two-bedroom FMR rose 10.1%, from $1,590 in FY 2026 to $1,750 in FY 2027. Since FY 2023 it has risen 24.1%.

When do FY 2027 fair market rents take effect?

HUD's FY 2027 fair market rents took effect on October 1, 2026. When FMRs change, housing authorities generally have up to three months to bring payment standards back within 90% to 110% of the new FMR.

Source: HUD FY 2027 Small Area Fair Market Rents and area FMRs. Payment-standard ranges are 90% to 110% of FMR, HUD's basic range, not a housing authority's published schedule. How payment standards are set

County fair market rentForestdale, RI fair market rentRI statewide rentsWhat is SAFMR?Data sources