What are average mortgage rates in Rhode Island in 2026?

Mortgage rates in Rhode Island generally track national averages. As of 2026, expect 30-year fixed rates from 5.5% to 7.5% for good credit borrowers. Use CalcDeck's Rhode Island mortgage calculator to model your payment at current rates.

How much are closing costs in Rhode Island?

Closing costs in Rhode Island typically range from 2% to 5% of purchase price, including lender fees, title insurance, and prepaid items. Use CalcDeck's Rhode Island mortgage calculator to include closing costs in your calculation.

What are property tax rates in Rhode Island?

Property tax rates in Rhode Island range from 0.3% to 2.5% of assessed value. CalcDeck's Rhode Island calculator includes property tax in your PITI payment.

What first-time homebuyer programs exist in Rhode Island?

Rhode Island offers down payment assistance, favorable-rate mortgages, and tax credits through state agencies. Use CalcDeck's Rhode Island calculator to see how programs affect your payment.

How do I use the CalcDeck Rhode Island mortgage calculator?

Enter home price, down payment, interest rate, and loan term. Adjust property tax and insurance to match Rhode Island averages. Get instant monthly payment, total interest, and amortization schedule.

Rhode Island Mortgage Calculator

Median home prices, property taxes, and monthly payment estimates for Rhode Island homeowners.

Rhode Island at a Glance

Median Home Price: $395,000
Property Tax Rate: 1.52%
Median Household Income: $74,969
Annual Property Tax: $6,004

Sources: Zillow ZHVI (2024), Tax Foundation (2023), US Census ACS (2023)

Monthly Mortgage Payment in Rhode Island

Based on the Rhode Island median home price of $395,000 at 6.7% interest (30-year fixed):

Payment Breakdown	20% Down	5% Down
Loan Amount	$316,000	$375,250
Principal and Interest	$2,039	$2,421
Property Tax (RI)	$500	$500
Homeowners Insurance	$125	$125
PMI	$0	$156
Total Monthly	$2,664	$3,203

How Much House Can You Afford in Rhode Island?

Using the 28/36 rule (housing costs under 28% of gross income):

With 20% down, you need ~$114,189/year to afford Rhode Island's median home
With 5% down, you need ~$137,275/year
Rhode Island's median household income is $74,969

Rhode Island insight: Rhode Island has a high property tax rate of 1.52% — among the highest in the US.

Rhode Island Housing Market Overview

Rhode Island is the smallest state but has a fiercely competitive housing market. The statewide median of $395,000 reflects Providence at $360,000, Newport $650,000, and Warwick $340,000. Inventory is critically low at 1.9 months. The median household income of $74,969 yields a price-to-income ratio of 5.3. The effective property tax rate of 1.52% is high, costing $6,004/year on a median home. Rhode Island's coastal location makes flood and hurricane insurance essential. The state has seen significant in-migration from Boston and New York, keeping demand elevated despite high taxes.

First-Time Homebuyer Programs in Rhode Island

Rhode Island Housing (RIHousing) offers the FirstHomes program, providing 30-year fixed-rate mortgages with down payment assistance up to $15,000 as a 0% deferred loan. The Extra Assistance program offers an additional $7,500 for qualified buyers. RIHousing also administers the Homeownership Program for manufactured housing, providing up to $20,000 in assistance. The Mortgage Credit Certificate (MCC) program offers a 20% federal tax credit on mortgage interest. Local programs include Providence's First Time Homebuyer Program ($10,000 grants) and Newport's Affordable Housing Initiative ($15,000). Income limits: Providence County caps at $92,000 for a two-person household; Newport County caps at $98,000.

Tips for Homebuyers in Rhode Island

1) Rhode Island's 1.52% property tax means ~$500/month on a median home—very high for the region. 2) Flood insurance is mandatory wisdom in coastal communities (Narragansett, Newport, Warwick); rates range $1,200–$3,000/year. 3) The Providence market is hyper-competitive under $400,000; expect bidding wars and escalation clauses. 4) Buy in late fall/winter for less competition, but inventory drops 40% from summer peaks. 5) Lead paint is universal in pre-1978 Providence housing; always test and budget for remediation if you have children. 6) Radon is elevated in western RI; test every home and budget $800–$1,500 for mitigation.

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Rhode Island Mortgage FAQ

What is the median home price in Rhode Island?

The median home price in Rhode Island is approximately $395,000 as of 2024 (Zillow ZHVI). Your actual price will vary by city and neighborhood.

What is the property tax rate in Rhode Island?

The effective property tax rate in Rhode Island is approximately 1.52% (Tax Foundation). On a $395,000 home, that is about $6,004/year in property taxes.

How much income do I need to buy a home in Rhode Island?

Using the 28/36 rule with 20% down at 6.7%, you would need about $114,189/year to afford the median Rhode Island home at $395,000. With 5% down (including PMI), about $137,275.

What will my monthly mortgage payment be in Rhode Island?

On Rhode Island's median home price of $395,000 with 20% down at 6.7%, your total monthly payment (P and I plus tax plus insurance) is approximately $2,664. With 5% down including PMI, about $3,203.

Data sources: Zillow ZHVI typical home values (2024), Tax Foundation effective property tax rates (2023), US Census Bureau ACS median household income (2023). Mortgage rate assumption: 6.7% APR 30-year fixed. This is an estimate — use our calculator for personalized numbers.