No. The statutory definition also excludes areas within a metropolitan statistical area designated by the Office of Management and Budget. The population test alone is insufficient.
Apply both geographic conditions
Use the most recent U.S. decennial census for the city or town population component and verify the relevant boundaries. A small-town description or rural appearance does not establish the legal classification.
Metropolitan statistical area boundaries are periodically revised, so a location classified as rural at one point can later fall inside a newly delineated or expanded metropolitan area, and the reverse can also happen. Check the boundary determination that applies as of the relevant filing date rather than relying on an outdated map or an earlier project's designation. A regional center or project sponsor claiming rural status should be able to produce the specific federal delineation and population source supporting that claim, not merely a marketing description calling the area rural.
Ask whether the designation was verified independently or simply carried forward from an earlier offering, since a stale determination can be wrong even if it was accurate when first prepared. County or county-equivalent boundaries do not always match metropolitan area boundaries, so a property near a metropolitan area's edge needs the actual delineation checked rather than an assumption based on distance alone. Request the underlying federal source documents before relying on any summary chart describing the area as qualifying.