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Newport County/Middletown/02842

02842

ZIPSAFMR
Newport County, RI
Zillow

ZIP Investment Score

76Below average

095130300
BRFMR
Eff. Rent
0 BR$1,970$2,070
1 BR$1,980$2,180
2 BR$2,590$2,650
3 BR$3,440$3,470
4 BR$4,110$4,150
5 BR$4,727Not available
6 BR$5,435Not available
7 BR$6,251Not available
8 BR$7,188Not available

Purchase Price Calculator

Maximum purchase price
$331,872

Cost breakdown

+Likely effective rent$2,650
HUD FMR$2,590
Market rent$2,690
Est. payment standard (103%)Used$2,650
-Principal and interest-$1,678
Loan amount$265,498
Down payment$66,374
Rate6.50%
Term30 years
-Operating costs-$772
Property taxes-$332
Insurance-$175
Utilities$0
HOA$0
Management-$265
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$42,230(63.6% ROI)
Projected value
$357,390
Return breakdown
Property appreciation+$25,518
Loan principal paid down+$9,512
Rental cash flow+$7,200
5-year hold
+$72,573(109.3% ROI)
Projected value
$375,483
Return breakdown
Property appreciation+$43,611
Loan principal paid down+$16,963
Rental cash flow+$12,000
10-year hold
+$157,371(237.1% ROI)
Projected value
$424,825
Return breakdown
Property appreciation+$92,952
Loan principal paid down+$40,419
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
0.93
1 BR
0.82
2 BR
0.96
3 BR
0.99
4 BR
0.99
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 02842 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 02842 (Middletown, RI) is $2,590 a month. That is up 13.1% from $2,290 in FY 2026. Middletown 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 9 ZIP codes in Newport County, 02842 has the 3rd-highest two-bedroom rent (county range $2,090–$2,820). The median county two-bedroom FMR in Rhode Island is $1,879, so ZIP 02842 is 38% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 02842
BedroomsFY 2027Change90–110% range
Studio$1,970+13.9%$1,773–$2,167
1BR$1,980+13.1%$1,782–$2,178
2BR$2,590+13.1%$2,331–$2,849
3BR$3,440+11.0%$3,096–$3,784
4BR$4,110+15.4%$3,699–$4,521

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 02842
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,970$1,980$2,590$3,440$4,110
FY 2026$1,730$1,750$2,290$3,100$3,560
FY 2025$1,590$1,600$2,100$2,800$3,240
FY 2024$1,630$1,640$2,150$2,840$3,400
FY 2023$1,430$1,460$1,890$2,530$3,130

Two-bedroom rent in nearby Newport County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 02842
02801$2,490−3.9%
02835$2,750+6.2%
02837$2,820+8.9%
02840$2,480−4.2%
02841$2,480−4.2%
02842Current$2,590—
02871$2,430−6.2%
02872$2,450−5.4%
02878$2,090−19.3%

Questions about ZIP 02842 rents

How much will Section 8 pay for a two-bedroom in ZIP 02842?

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 $2,590 it would be $2,331 to $2,849. 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 02842 in?

ZIP 02842 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 02842 for FY 2027?

The two-bedroom FMR rose 13.1%, from $2,290 in FY 2026 to $2,590 in FY 2027. Since FY 2023 it has risen 37.0%.

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