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:$474,673
Avg Rent:$2,160/mo
Avg Price/Rent:18.1
Rhode Island Housing Market Summary
7
Cities Analyzed
0
Favor Buying
7
Favor Renting
0
Toss-Up
Across Rhode Island's 7 analyzed cities, the majority (7 cities) favor renting over buying. High home prices relative to rents make renting more financially attractive in much of Rhode Island.
The average home price in Rhode Island is $474,673, with average rents at $2,160/month. This gives an average price-to-rent ratio of 18.1.
$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 | $431,698.96 | $2,028.59 | 17.7 | N/A | Rent |
| Warwick | $418,071.8 | $2,180.57 | 16.0 | N/A | Rent |
| Cranston | $431,698.96 | $2,028.59 | 17.7 | N/A | Rent |
| Pawtucket | $431,698.96 | $2,028.59 | 17.7 | N/A | Rent |
| East Providence | $431,698.96 | $2,028.59 | 17.7 | N/A | Rent |
| Woonsocket | $431,698.96 | $2,028.59 | 17.7 | N/A | Rent |
| Newport | $746,144.08 | $2,796.83 | 22.2 | N/A | Rent |
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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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