Estimated Monthly Payment — Median Rhode Island Home
$3,302
Based on $440,000 home · 20% down · 6.7% APR · 30-year fixed · taxes & insurance included
Median Price
$440,000
Property Tax
1.63%
Avg. HOA
$250/mo
Median Rent
$1,550/mo
Free · No signup · Adjust every variable
Estimate only. Not a loan offer, approval, pre-approval, or financial advice. Actual payments and terms may vary. Consult a licensed mortgage professional before making real estate decisions.
Market Insights
About the Rhode Island housing market
Rhode Island's housing market is moderately priced for the region, with a median home price around $440,000. Providence is the largest metro, with Warwick a close second. Rhode Island's small geographic size means easy access to Providence and Boston job markets, though property taxes run substantially above the national average. Rhode Island's effective property tax rate of 1.63% is above the national average.
The median Rhode Island home costs $440,000. At today's average 30-year fixed rate (6.7%) with 20% down, principal & interest works out to roughly $2,271, and the total monthly payment including taxes, insurance, and average HOA comes to approximately $3,302. First-time buyers in Rhode Island can explore programs through Rhode HFA.
Photo by Nils Huenerfuerst on Unsplash
Buying in Rhode Island?
Explore Rhode HFA programs, check your affordability, and make confident decisions.
Learn about Rhode HFA programs →
FAQ
Rhode Island mortgage FAQs
What's the property tax rate in Rhode Island?
Rhode Island's effective property tax rate averages about 1.63% — above the national average. On a $440,000 home, that's roughly $598/month or $7,172/year.
How much do I need to earn to afford a typical Rhode Island home?
Using the 28/36 rule, a buyer would need roughly $124,000–$159,000 in gross annual income to comfortably afford Rhode Island's $440,000 median home with 20% down at current rates.
What first-time buyer programs are available in Rhode Island?
RIHousing offers the FirstHomes Tax Credit (up to $2,000 annual federal tax credit) and the Spring Down Payment program with up to $17,500 in assistance. Eligibility typically requires being a first-time buyer with income within program limits and completing homebuyer education.
Ready to run the full numbers?
Adjust every variable, explore scenarios, and plan with confidence.