Buying a Home in Rhode Island: What You Need to Know
If you're considering buying a home in Rhode Island, understanding the true cost of homeownership is essential. Beyond your mortgage payment, Rhode Island homeowners face property taxes, insurance costs, and closing fees that vary significantly from the national average. This calculator uses Rhode Island-specific data to give you accurate monthly payment estimates.
Rhode Island Property Taxes
Rhode Island has an effective property tax rate of 1.05%, ranking #15 out of 50 states (where #1 is the highest). On a median-priced home of $487,000, you'd pay approximately $5,114 per year in property taxes, or about $426/month.
Rhode Island's property tax rate is near the middle nationally. Property tax rates can vary by county, so check with your local tax assessor for exact rates in your area.
Rhode Island Homeowners Insurance
The average annual homeowners insurance premium in Rhode Island is $2,347 for $300,000 in dwelling coverage, or about $196/month.
Rhode Island's insurance costs are moderate compared to national averages. You may be able to lower your premium by increasing your deductible, bundling with auto insurance, or installing security systems.
Rhode Island Closing Costs
Closing costs in Rhode Island average 0.75% of the home's purchase price. On a $487,000 home, that's approximately $3,653. Closing costs typically include:
- Loan origination fees
- Appraisal and inspection fees
- Title insurance and search
- Recording fees
- Prepaid property taxes and insurance
Rhode Island Housing Market
The median home price in Rhode Island is $487,000. This is close to the national median of approximately $410,000, offering a balanced housing market with options for various budgets.
More Rhode Island Mortgage Tools
Use these additional calculators to plan your Rhode Island home purchase: