Skip to main content
Loading page
Washington County/Narragansett/02882

02882

ZIPSAFMR
Washington County, RI
Zillow

ZIP Investment Score

54Below average

095130300
BRFMR
Eff. Rent
0 BR$1,890$2,080
1 BR$2,000$2,200
2 BR$2,490$2,440
3 BR$3,050$3,080
4 BR$3,470$3,800
5 BR$3,990Not available
6 BR$4,589Not available
7 BR$5,277Not available
8 BR$6,069Not available

Purchase Price Calculator

Maximum purchase price
$300,667

Cost breakdown

+Likely effective rent$2,440
HUD FMR$2,490
Market rentUsed$2,440
Est. payment standard (99%)$2,460
-Principal and interest-$1,520
Loan amount$240,533
Down payment$60,133
Rate6.50%
Term30 years
-Operating costs-$720
Property taxes-$301
Insurance-$175
Utilities$0
HOA$0
Management-$244
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$38,936(64.7% ROI)
Projected value
$323,785
Return breakdown
Property appreciation+$23,118
Loan principal paid down+$8,618
Rental cash flow+$7,200
5-year hold
+$66,878(111.2% ROI)
Projected value
$340,177
Return breakdown
Property appreciation+$39,510
Loan principal paid down+$15,368
Rental cash flow+$12,000
10-year hold
+$144,831(240.8% ROI)
Projected value
$384,879
Return breakdown
Property appreciation+$84,212
Loan principal paid down+$36,618
Rental cash flow+$24,000

Public Housing Authority

Loading Public Housing Authority

Rolodex

Loading Rolodex

Market Alignment

Studio
0.87
1 BR
0.87
2 BR
1.02
3 BR
0.98
4 BR
0.87
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 02882 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 02882 (Narragansett, RI) is $2,490 a month. That is up 10.2% from $2,260 in FY 2026. Narragansett 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, 02882 has the highest two-bedroom rent (county range $1,560–$2,490). The median county two-bedroom FMR in Rhode Island is $1,879, so ZIP 02882 is 33% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 02882
BedroomsFY 2027Change90–110% range
Studio$1,890+9.9%$1,701–$2,079
1BR$2,000+9.3%$1,800–$2,200
2BR$2,490+10.2%$2,241–$2,739
3BR$3,050+11.7%$2,745–$3,355
4BR$3,470+7.1%$3,123–$3,817

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 02882
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,890$2,000$2,490$3,050$3,470
FY 2026$1,720$1,830$2,260$2,730$3,240
FY 2025$1,620$1,730$2,120$2,550$3,100
FY 2024$1,680$1,820$2,210$2,670$3,310
FY 2023$1,440$1,590$1,910$2,320$2,870

Two-bedroom rent in nearby Washington County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 02882
02873$1,660−33.3%
02874$1,970−20.9%
02875$1,980−20.5%
02877$1,980−20.5%
02879$1,980−20.5%
02880$1,980−20.5%
02881$1,940−22.1%
02882Current$2,490—
02883$1,980−20.5%
02891$1,890−24.1%
02892$2,050−17.7%
02894$1,890−24.1%

Questions about ZIP 02882 rents

How much will Section 8 pay for a two-bedroom in ZIP 02882?

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 $2,490 it would be $2,241 to $2,739. 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 02882 in?

ZIP 02882 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 02882 for FY 2027?

The two-bedroom FMR rose 10.2%, from $2,260 in FY 2026 to $2,490 in FY 2027. Since FY 2023 it has risen 30.4%.

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