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Providence County/Central Falls/02863

02863

ZIPSAFMR
Providence County, RI
Zillow

ZIP Investment Score

91Below average

095130300
BRFMR
Eff. Rent
0 BR$1,250$1,280
1 BR$1,320$1,450
2 BR$1,650$1,820
3 BR$2,020$2,090
4 BR$2,300$2,310
5 BR$2,645Not available
6 BR$3,042Not available
7 BR$3,498Not available
8 BR$4,023Not available

Purchase Price Calculator

Maximum purchase price
$208,535

Cost breakdown

+Likely effective rent$1,820
HUD FMR$1,650
Market rent$2,000
Est. payment standard (110%)Used$1,820
-Principal and interest-$1,054
Loan amount$166,828
Down payment$41,707
Rate6.50%
Term30 years
-Operating costs-$566
Property taxes-$209
Insurance-$175
Utilities$0
HOA$0
Management-$182
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$29,211(70.0% ROI)
Projected value
$224,569
Return breakdown
Property appreciation+$16,034
Loan principal paid down+$5,977
Rental cash flow+$7,200
5-year hold
+$50,062(120.0% ROI)
Projected value
$235,938
Return breakdown
Property appreciation+$27,403
Loan principal paid down+$10,659
Rental cash flow+$12,000
10-year hold
+$107,805(258.5% ROI)
Projected value
$266,942
Return breakdown
Property appreciation+$58,407
Loan principal paid down+$25,398
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
0.97
1 BR
0.80
2 BR
0.82
3 BR
0.95
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 02863 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 02863 (Central Falls, RI) is $1,650 a month. That is up 10.0% from $1,500 in FY 2026. Central Falls 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, 02863 has the 43rd-highest two-bedroom rent (county range $1,560–$2,720). The median county two-bedroom FMR in Rhode Island is $1,879, so ZIP 02863 is 12% below it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 02863
BedroomsFY 2027Change90–110% range
Studio$1,250+9.6%$1,125–$1,375
1BR$1,320+8.2%$1,188–$1,452
2BR$1,650+10.0%$1,485–$1,815
3BR$2,020+11.6%$1,818–$2,222
4BR$2,300+7.0%$2,070–$2,530

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 02863
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,250$1,320$1,650$2,020$2,300
FY 2026$1,140$1,220$1,500$1,810$2,150
FY 2025$1,170$1,260$1,530$1,850$2,290
FY 2024$1,100$1,190$1,440$1,740$2,160
FY 2023$920$1,010$1,210$1,470$1,820

Two-bedroom rent in nearby Providence County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 02863
02839$2,220+34.5%
02857$2,080+26.1%
02858$1,580−4.2%
02859$1,760+6.7%
02860$1,720+4.2%
02861$1,770+7.3%
02862$1,890+14.5%
02863Current$1,650—
02864$1,820+10.3%
02865$1,920+16.4%
02876$2,720+64.8%
02886$2,150+30.3%

Questions about ZIP 02863 rents

How much will Section 8 pay for a two-bedroom in ZIP 02863?

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 $1,650 it would be $1,485 to $1,815. 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 02863 in?

ZIP 02863 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 02863 for FY 2027?

The two-bedroom FMR rose 10.0%, from $1,500 in FY 2026 to $1,650 in FY 2027. Since FY 2023 it has risen 36.4%.

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