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Providence County/Providence/02906

02906

ZIPSAFMR
Providence County, RI
Zillow

ZIP Investment Score

62Below average

095130300
BRFMR
Eff. Rent
0 BR$1,890$1,740
1 BR$2,010$2,020
2 BR$2,500$2,700
3 BR$3,060$3,230
4 BR$3,480$3,830
5 BR$4,002Not available
6 BR$4,602Not available
7 BR$5,293Not available
8 BR$6,087Not available

Purchase Price Calculator

Maximum purchase price
$339,302

Cost breakdown

+Likely effective rent$2,700
HUD FMR$2,500
Market rent$2,800
Est. payment standard (108%)Used$2,700
-Principal and interest-$1,716
Loan amount$271,442
Down payment$67,860
Rate6.50%
Term30 years
-Operating costs-$784
Property taxes-$339
Insurance-$175
Utilities$0
HOA$0
Management-$270
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$43,014(63.4% ROI)
Projected value
$365,392
Return breakdown
Property appreciation+$26,089
Loan principal paid down+$9,725
Rental cash flow+$7,200
5-year hold
+$73,930(108.9% ROI)
Projected value
$383,890
Return breakdown
Property appreciation+$44,587
Loan principal paid down+$17,342
Rental cash flow+$12,000
10-year hold
+$160,357(236.3% ROI)
Projected value
$434,336
Return breakdown
Property appreciation+$95,033
Loan principal paid down+$41,324
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
1.09
1 BR
0.99
2 BR
0.89
3 BR
0.92
4 BR
0.79
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 02906 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 02906 (Providence, RI) is $2,500 a month. That is up 6.8% from $2,340 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, 02906 has the 4th-highest two-bedroom rent (county range $1,560–$2,720). The median county two-bedroom FMR in Rhode Island is $1,879, so ZIP 02906 is 33% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 02906
BedroomsFY 2027Change90–110% range
Studio$1,890+6.2%$1,701–$2,079
1BR$2,010+5.8%$1,809–$2,211
2BR$2,500+6.8%$2,250–$2,750
3BR$3,060+8.1%$2,754–$3,366
4BR$3,480+3.6%$3,132–$3,828

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 02906
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,890$2,010$2,500$3,060$3,480
FY 2026$1,780$1,900$2,340$2,830$3,360
FY 2025$1,630$1,750$2,140$2,580$3,130
FY 2024$1,690$1,830$2,220$2,680$3,320
FY 2023$1,420$1,560$1,880$2,290$2,830

Two-bedroom rent in nearby Providence County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 02906
02901$1,890−24.4%
02903$2,630+5.2%
02904$1,910−23.6%
02905$1,810−27.6%
02906Current$2,500—
02907$1,730−30.8%
02908$1,850−26.0%
02909$1,940−22.4%
02910$1,940−22.4%
02911$2,140−14.4%
02912$2,510+0.4%
02914$1,920−23.2%

Questions about ZIP 02906 rents

How much will Section 8 pay for a two-bedroom in ZIP 02906?

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 $2,500 it would be $2,250 to $2,750. 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 02906 in?

ZIP 02906 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 02906 for FY 2027?

The two-bedroom FMR rose 6.8%, from $2,340 in FY 2026 to $2,500 in FY 2027. Since FY 2023 it has risen 33.0%.

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