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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 $438,270, higher than the the United States average of $419,293.
The average cost of rent is $1,448/mo in Rhode Island, primarily driven by the current value of real estate in the Rhode Island area. In Rhode Island, 36.36% of households rent, and 33.11% of homeowners own their homes outright.
Housing affordability isn’t just about home prices, though. The average household income in Rhode Island is $8,071 per month. Households that rent pay about 17.94% of their income on rent here. Rhode Island’s most expensive areas are in the southeastern regions, while the cheapest areas are in the central parts of the state.
Source: BestNeighborhood calculations from the U.S. Census Bureau, American Community Survey (ACS) 2020-2024 5-year estimates.
Nearby States
- Massachusetts: higher priced homes
- Connecticut: equally 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: equally priced homes
States with Similar Populations
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