Rhode Island home prices and mortgage costs
Typical home value $508,507 · +3.5% in a year · property tax 1.02%
Rhode Island ranks 11th most expensive of 51 states and D.C. Home values changed +3.5% over the past year and +34.0% over five years. Buying the typical home with 20% down costs about $3,425 a month at 7.11%, which needs a household income of about $146,800.
Cost of the typical Rhode Island home
| Down payment | Cash down | Loan | Principal + interest | PMI / MIP | Tax + insurance | Total / month | Income needed |
|---|---|---|---|---|---|---|---|
| 20% down | $101,701 | $406,806 | $2,737 | $0 | $688 | $3,425 | $146,800 |
| 10% down | $50,851 | $457,657 | $3,079 | $191 | $688 | $3,957 | $169,600 |
| 5% down | $25,425 | $483,082 | $3,250 | $201 | $688 | $4,139 | $177,400 |
| 3.5% down (FHA) | $17,798 | $499,297 | $3,359 | $225 | $688 | $4,272 | $183,100 |
Assumes a 30-year fixed loan at 7.11%, property tax of 1.02% of the home value a year, homeowners insurance of 0.6% a year, PMI of 0.5% of the loan a year when the down payment is under 20%, and FHA mortgage insurance of 0.55% a year plus a 1.75% upfront premium added to the loan. Your rate, taxes and insurance will differ.
Check a specific budget: how much house you can afford in Rhode Island by salary · payment on a $500K home in Rhode Island
Home prices by county in Rhode Island
| County | Typical home | 1-yr change | Tax rate | Payment / month | Income needed |
|---|---|---|---|---|---|
| Newport County | $787,185 | +6.0% | 0.89% | $5,212 | $223,400 |
| Washington County | $683,840 | +5.9% | 1% | $4,591 | $196,800 |
| Bristol County | $650,424 | +3.2% | 1.29% | $4,527 | $194,000 |
| Providence County | $453,475 | +2.3% | 1.25% | $3,141 | $134,600 |
| Kent County | $441,067 | +4.4% | 1.35% | $3,092 | $132,500 |
Metro areas in Rhode Island
Frequently asked questions
What is the average home price in Rhode Island?
The typical home in Rhode Island is worth $508,507 according to the Zillow Home Value Index for September 2026.
How much income do you need to buy a house in Rhode Island?
About $146,800 a year to buy the typical $508,507 home with 20% down at 7.11%, keeping housing under 28% of income.
What is the property tax rate in Rhode Island?
The typical effective rate is 1.02% of the home's value a year (median taxes paid divided by median home value, Census ACS 2025).