02901

ZIPSAFMR

Providence County, RI

ZIP Investment Score

095130300

BR	FMR	Eff. Rent	3Y CAGR
0 BR	$1,430	$1,570	3.5%
1 BR	$1,520	$1,670	2.8%
2 BR	$1,890	$2,080	3.8%
3 BR	$2,320	$2,550	4.4%
4 BR	$2,630	$2,890	1.3%
5 BR	$3,024	Not available	1.3%
6 BR	$3,478	Not available	1.3%
7 BR	$4,000	Not available	1.3%
8 BR	$4,600	Not available	1.3%

Purchase Price Calculator

Maximum purchase price

$247,171

Cost breakdown

+Likely effective rent$2,080

HUD FMR$1,890

Market rent$3,570

Est. payment standard (110%)Used$2,080

-Principal and interest-$1,250

Loan amount$197,737

Down payment$49,434

Rate6.50%

Term30 years

-Operating costs-$630

Property taxes-$247

Insurance-$175

Utilities$0

HOA$0

Management-$208

=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

+$33,290(67.3% ROI)

Projected value

$266,176

Return breakdown

Property appreciation+$19,005

Loan principal paid down+$7,084

Rental cash flow+$7,200

5-year hold

+$57,114(115.5% ROI)

Projected value

$279,651

Return breakdown

Property appreciation+$32,480

Loan principal paid down+$12,633

Rental cash flow+$12,000

10-year hold

+$123,332(249.5% ROI)

Projected value

$316,399

Return breakdown

Property appreciation+$69,229

Loan principal paid down+$30,103

Rental cash flow+$24,000

Public Housing Authority

Rolodex

Market Alignment

Studio

0.69ratio

FMR$1,430

Market$2,060

vs market-$630

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

0.69

1 BR

0.56ratio

FMR$1,520

Market$2,720

vs market-$1,200

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

0.56

2 BR

0.53ratio

FMR$1,890

Market$3,570

vs market-$1,680

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

0.53

3 BR

0.56ratio

FMR$2,320

Market$4,170

vs market-$1,850

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

0.56

4 BR

0.82ratio

FMR$2,630

Market$3,210

vs market-$580

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

0.82

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 02901 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 02901 (Providence, RI) is $1,890 a month. That is up 9.2% from $1,730 in FY 2026. Providence 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, 02901 is tied for the 24th-highest two-bedroom rent (county range $1,560–$2,720).

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 02901
Bedrooms	FY 2026	FY 2027	Change	90–110% range
Studio	$1,320	$1,430	+8.3%	$1,287–$1,573
1BR	$1,400	$1,520	+8.6%	$1,368–$1,672
2BR	$1,730	$1,890	+9.2%	$1,701–$2,079
3BR	$2,090	$2,320	+11.0%	$2,088–$2,552
4BR	$2,480	$2,630	+6.0%	$2,367–$2,893

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 02901
Fiscal year	Studio	1BR	2BR	3BR	4BR
FY 2027	$1,430	$1,520	$1,890	$2,320	$2,630
FY 2026	$1,320	$1,400	$1,730	$2,090	$2,480
FY 2025	$1,230	$1,320	$1,610	$1,940	$2,350
FY 2024	$1,290	$1,400	$1,690	$2,040	$2,530
FY 2023	$1,070	$1,170	$1,410	$1,720	$2,120

Two-bedroom rent in nearby Providence County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code	2 bedroom	vs. 02901
02893	$1,810	−4.2%
02895	$1,720	−9.0%
02896	$1,740	−7.9%
02901Current	$1,890	—
02903	$2,630	+39.2%
02904	$1,910	+1.1%
02905	$1,810	−4.2%
02906	$2,500	+32.3%
02907	$1,730	−8.5%
02908	$1,850	−2.1%
02909	$1,940	+2.6%
02910	$1,940	+2.6%

Questions about ZIP 02901 rents

How much will Section 8 pay for a two-bedroom in ZIP 02901?

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 $1,890 it would be $1,701 to $2,079. 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 02901 in?

ZIP 02901 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 02901 for FY 2027?

The two-bedroom FMR rose 9.2%, from $1,730 in FY 2026 to $1,890 in FY 2027. Since FY 2023 it has risen 34.0%.

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

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