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These days, finding an affordable place to live in the Rhode Island area can be challenging. Home prices in Rhode Island are now at a median cost of $323,786, higher than the the United States average of $313,691.
The average cost of rent is $1,229/mo in Rhode Island, primarily driven by the current value of real estate in the Rhode Island area. While nearly 32.71% of residents own their homes outright in Rhode Island, 35.03% rent.
Housing affordability isn’t just about home prices, though. The average household income in Rhode Island is $6,945 per month. Households that rent pay about 17.70% of their income on rent here. Rhode Island's most expensive areas are in the eastern regions, while the cheapest areas are in the northern parts of the state.
Nearby States
- Massachusetts: higher priced homes
- Connecticut: higher priced homes
- New Hampshire: equally priced homes
- Vermont: less expensive homes
- New Jersey: higher priced homes
- New York: higher priced homes
- Maine: less expensive homes
- Delaware: less expensive homes
- Pennsylvania: less expensive homes
- Maryland: higher priced homes
States with Similar Populations
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