FMR is below market; voucher rent may lag private rents.
0.72
1 BR
1 BR
0.77ratio
FMR$1,590
Market$2,070
vs market-$480
FMR is below market; voucher rent may lag private rents.
0.77
2 BR
2 BR
0.90ratio
FMR$1,980
Market$2,210
vs market-$230
FMR is below market; voucher rent may lag private rents.
0.90
3 BR
3 BR
0.92ratio
FMR$2,430
Market$2,640
vs market-$210
FMR is near market; voucher and private rents are aligned.
0.92
4 BR
4 BR
0.92ratio
FMR$2,760
Market$2,990
vs market-$230
FMR is near market; voucher and private rents are aligned.
0.92
0.700.800.901.001.101.201.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--
ZIP 02880 fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 02880 (Wakefield, RI) is $1,980 a month. That is up 6.5% from $1,860 in FY 2026. Wakefield 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 23 ZIP codes in Washington County, 02880 is tied for the 6th-highest two-bedroom rent (county range $1,560–$2,490). The median county two-bedroom FMR in Rhode Island is $1,879, so ZIP 02880 is 5% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for 02880
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$1,420
$1,500
+5.6%
$1,350–$1,650
1BR
$1,510
$1,590
+5.3%
$1,431–$1,749
2BR
$1,860
$1,980
+6.5%
$1,782–$2,178
3BR
$2,250
$2,430
+8.0%
$2,187–$2,673
4BR
$2,670
$2,760
+3.4%
$2,484–$3,036
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for 02880
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$1,500
$1,590
$1,980
$2,430
$2,760
FY 2026
$1,420
$1,510
$1,860
$2,250
$2,670
FY 2025
$1,360
$1,450
$1,780
$2,140
$2,600
FY 2024
$1,440
$1,560
$1,890
$2,290
$2,830
FY 2023
$1,220
$1,340
$1,610
$1,960
$2,420
Two-bedroom rent in nearby Washington County ZIP codes
How much will Section 8 pay for a two-bedroom in ZIP 02880?
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 $1,980 it would be $1,782 to $2,178. 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 02880 in?
ZIP 02880 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 02880 for FY 2027?
The two-bedroom FMR rose 6.5%, from $1,860 in FY 2026 to $1,980 in FY 2027. Since FY 2023 it has risen 23.0%.
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