02887

ZIPSAFMR

Kent County, RI

ZIP Investment Score

095130300

BR	FMR	Eff. Rent	3Y CAGR
0 BR	$1,460	$1,600	1.4%
1 BR	$1,550	$1,710	0.7%
2 BR	$1,930	$2,120	1.6%
3 BR	$2,360	$2,600	2.1%
4 BR	$2,690	$2,850	-0.9%
5 BR	$3,093	Not available	-0.9%
6 BR	$3,558	Not available	-0.8%
7 BR	$4,091	Not available	-0.9%
8 BR	$4,705	Not available	-0.8%

Purchase Price Calculator

Maximum purchase price

$253,115

Cost breakdown

+Likely effective rent$2,120

HUD FMR$1,930

Market rent$2,250

Est. payment standard (110%)Used$2,120

-Principal and interest-$1,280

Loan amount$202,492

Down payment$50,623

Rate6.50%

Term30 years

-Operating costs-$640

Property taxes-$253

Insurance-$175

Utilities$0

HOA$0

Management-$212

=Target cash flow+$200

Calculation mode

BedroomsCash-flow target

Down payment methodDown payment %

HOA / mo

Utilities methodUtilities amount

Management methodManagement % of rent

Hold period projections

Annual appreciation rate

3-year hold

+$33,917(67.0% ROI)

Projected value

$272,577

Return breakdown

Property appreciation+$19,462

Loan principal paid down+$7,255

Rental cash flow+$7,200

5-year hold

+$58,199(115.0% ROI)

Projected value

$286,376

Return breakdown

Property appreciation+$33,261

Loan principal paid down+$12,937

Rental cash flow+$12,000

10-year hold

+$125,721(248.3% ROI)

Projected value

$324,008

Return breakdown

Property appreciation+$70,893

Loan principal paid down+$30,827

Rental cash flow+$24,000

Public Housing Authority

Rolodex

Market Alignment

Studio

0.87ratio

FMR$1,460

Market$1,670

vs market-$210

FMR is below market; voucher rent may lag private rents.

0.87

1 BR

0.87ratio

FMR$1,550

Market$1,790

vs market-$240

FMR is below market; voucher rent may lag private rents.

0.87

2 BR

0.86ratio

FMR$1,930

Market$2,250

vs market-$320

FMR is below market; voucher rent may lag private rents.

0.86

3 BR

0.83ratio

FMR$2,360

Market$2,840

vs market-$480

FMR is below market; voucher rent may lag private rents.

0.83

4 BR

0.91ratio

FMR$2,690

Market$2,940

vs market-$250

FMR is near market; voucher and private rents are aligned.

0.91

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 02887 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 02887 (Warwick, RI) is $1,930 a month. That is up 6.6% from $1,810 in FY 2026. Warwick 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 12 ZIP codes in Kent County, 02887 has the 8th-highest two-bedroom rent (county range $1,760–$2,820). The median county two-bedroom FMR in Rhode Island is $1,879, so ZIP 02887 is 3% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 02887
Bedrooms	FY 2026	FY 2027	Change	90–110% range
Studio	$1,380	$1,460	+5.8%	$1,314–$1,606
1BR	$1,470	$1,550	+5.4%	$1,395–$1,705
2BR	$1,810	$1,930	+6.6%	$1,737–$2,123
3BR	$2,190	$2,360	+7.8%	$2,124–$2,596
4BR	$2,600	$2,690	+3.5%	$2,421–$2,959

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 02887
Fiscal year	Studio	1BR	2BR	3BR	4BR
FY 2027	$1,460	$1,550	$1,930	$2,360	$2,690
FY 2026	$1,380	$1,470	$1,810	$2,190	$2,600
FY 2025	$1,320	$1,410	$1,730	$2,080	$2,530
FY 2024	$1,400	$1,520	$1,840	$2,220	$2,760
FY 2023	$1,160	$1,280	$1,540	$1,870	$2,310

Two-bedroom rent in nearby Kent County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code	2 bedroom	vs. 02887
02816	$1,820	−5.7%
02817	$2,820	+46.1%
02818	$2,070	+7.3%
02822	$1,980	+2.6%
02827	$2,820	+46.1%
02831	$2,470	+28.0%
02852	$1,920	−0.5%
02886	$2,150	+11.4%
02887Current	$1,930	—
02888	$1,760	−8.8%
02889	$1,990	+3.1%
02893	$1,810	−6.2%

Questions about ZIP 02887 rents

How much will Section 8 pay for a two-bedroom in ZIP 02887?

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 $1,930 it would be $1,737 to $2,123. 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 02887 in?

ZIP 02887 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 02887 for FY 2027?

The two-bedroom FMR rose 6.6%, from $1,810 in FY 2026 to $1,930 in FY 2027. Since FY 2023 it has risen 25.3%.

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 rent Warwick, RI fair market rent RI statewide rents What is SAFMR?Data sources