Rent vs Buy in Rhode Island
Compare 7 cities across Rhode Island. Find out whether renting or buying makes more financial sense in your area.
7cities analyzed
Avg Home:$368,571
Avg Rent:$1,750/mo
Avg Price/Rent:17.9
Rhode Island Housing Market Summary
7
Cities Analyzed
4
Favor Buying
1
Favor Renting
2
Toss-Up
Across Rhode Island's 7 analyzed cities, the majority (4 cities) favor buying over renting. This suggests Rhode Island generally offers good value for homebuyers.
The average home price in Rhode Island is $368,571, with average rents at $1,750/month. This gives an average price-to-rent ratio of 17.9.
$Most Affordable Cities
$$Most Expensive Cities
All Rhode Island Cities
Sorted by population. Click any city for detailed analysis.
| City | Median Price | Median Rent | Price/Rent | Break-even | Verdict |
|---|---|---|---|---|---|
| Providence | $350,000 | $2,050 | 14.2 | 5 yrs | Buy |
| Cranston | $345,000 | $1,700 | 16.9 | 5 yrs | Buy |
| Warwick | $335,000 | $1,950 | 14.3 | 4 yrs | Buy |
| Pawtucket | $395,000 | $1,550 | 21.2 | 9 yrs | Toss-up |
| East Providence | $390,000 | $1,400 | 23.2 | 13 yrs | Rent |
| Woonsocket | $355,000 | $1,850 | 16.0 | 5 yrs | Buy |
| Newport | $410,000 | $1,750 | 19.5 | 7 yrs | Toss-up |
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These are general analyses based on median values. Use our comprehensive Buy vs Rent calculator to input your specific income, savings, and financial goals.
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