Skip to main content
Loading page
Washington County/Wyoming/02898

02898

ZIPSAFMR
Washington County, RI
Zillow

ZIP Investment Score

58Below average

095130300
BRFMR
Eff. Rent
0 BR$1,360$1,360
1 BR$1,420$1,420
2 BR$1,770$1,770
3 BR$2,160$2,160
4 BR$2,520$2,520
5 BR$2,898Not available
6 BR$3,333Not available
7 BR$3,833Not available
8 BR$4,407Not available

Purchase Price Calculator

Maximum purchase price
$201,105

Cost breakdown

+Likely effective rent$1,770
HUD FMRUsed$1,770
Market rentN/A
Est. payment standardN/A
-Principal and interest-$1,017
Loan amount$160,884
Down payment$40,221
Rate6.50%
Term30 years
-Operating costs-$553
Property taxes-$201
Insurance-$175
Utilities$0
HOA$0
Management-$177
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$28,427(70.7% ROI)
Projected value
$216,568
Return breakdown
Property appreciation+$15,463
Loan principal paid down+$5,764
Rental cash flow+$7,200
5-year hold
+$48,706(121.1% ROI)
Projected value
$227,532
Return breakdown
Property appreciation+$26,427
Loan principal paid down+$10,279
Rental cash flow+$12,000
10-year hold
+$104,819(260.6% ROI)
Projected value
$257,431
Return breakdown
Property appreciation+$56,326
Loan principal paid down+$24,493
Rental cash flow+$24,000

Public Housing Authority

Loading Public Housing Authority

Rolodex

Loading Rolodex

Market Alignment

Not enough rental comps in this area to determine how FMR aligns with current market rates.

Historical
FY 2023-2027
FMR
FY2027
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 02898 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 02898 (Wyoming, RI) is $1,770 a month. That is down 9.7% from $1,960 in FY 2026. Wyoming 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, 02898 has the 20th-highest two-bedroom rent (county range $1,560–$2,490). The median county two-bedroom FMR in Rhode Island is $1,879, so ZIP 02898 is 6% below it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 02898
BedroomsFY 2027Change90–110% range
Studio$1,360−9.9%$1,224–$1,496
1BR$1,420−9.6%$1,278–$1,562
2BR$1,770−9.7%$1,593–$1,947
3BR$2,160−9.6%$1,944–$2,376
4BR$2,520−8.4%$2,268–$2,772

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 02898
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,360$1,420$1,770$2,160$2,520
FY 2026$1,510$1,570$1,960$2,390$2,750
FY 2025$1,430$1,500$1,830$2,230$2,770
FY 2024$1,540$1,620$1,950$2,410$3,070
FY 2023$1,110$1,210$1,460$1,780$2,200

Two-bedroom rent in nearby Washington County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 02898
02874$1,970+11.3%
02875$1,980+11.9%
02877$1,980+11.9%
02879$1,980+11.9%
02880$1,980+11.9%
02881$1,940+9.6%
02882$2,490+40.7%
02883$1,980+11.9%
02891$1,890+6.8%
02892$2,050+15.8%
02894$1,890+6.8%
02898Current$1,770—

Questions about ZIP 02898 rents

How much will Section 8 pay for a two-bedroom in ZIP 02898?

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 $1,770 it would be $1,593 to $1,947. 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 02898 in?

ZIP 02898 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 02898 for FY 2027?

The two-bedroom FMR fell 9.7%, from $1,960 in FY 2026 to $1,770 in FY 2027. Since FY 2023 it has risen 21.2%.

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