Cranston, Rhode Island Housing Market Prices
Cranston Home Prices and Rent at a Glance
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
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Median home price 91% below the Rhode Island median$33,992
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Median rent 2% above the Rhode Island median$1,375
Housing Market Overview
| Metric | Cranston | Rhode Island Avg | US Average |
|---|---|---|---|
| Median Home Price | $33,992 | $360,248 | $248,835 |
| Price Trend (Annual %) | -7.0% | 7.4% | 7.5% |
| Median Gross Rent | $1,375 | $1,341 | $1,407 |
| Rent Trend (Annual %) | 4.3% | 4.6% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Cranston is about 91% lower than in Rhode Island. Rent is about 2% higher than the Rhode Island average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Home prices and rent are moving in opposite directions in Cranston: home prices fell about 7.0% a year while rent rose about 4.3% a year. That is an unusual pattern worth watching.
Median rent in Cranston rose about 40.0% between 2015 and 2024, from $982 to $1,375. Over the same span, rent in Rhode Island rose about 45.0%.
Affordability
On average, housing unit costs 0.4 yearly household incomes in Cranston.
Buying the median-priced home in Cranston costs roughly 2.1 years of rent at the median monthly rate. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Cranston. The price-to-rent ratio in Rhode Island is about 22.4.
| Metric | Cranston | Rhode Island Avg | US Average |
|---|---|---|---|
| Median Home Price | $33,992 | $360,248 | $248,835 |
| Median Household Income | $90,177 | $88,093 | $80,455 |
| Price-to-Income Ratio | 0.4 | 4.1 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Cranston fell about 80.5%, while median household income rose about 43.2% between 2009 and 2025 — income grew faster than the home price.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Cranston | Rhode Island Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 65.2% | 57.8% | 58.5% |
| Rental Rate | 31.2% | 33.0% | 31.2% |
| Vacancy Rate | 3.7% | 9.1% | 10.2% |
| Median Tenure (years) | 14.0 | 16.0 | 15.0 |
| Median Year Moved In | 2012 | 2010 | 2011 |
Cranston has a homeownership rate of 65.2%, higher than the Rhode Island average of 57.8%. Its housing vacancy rate is 3.7%, compared with 9.1% in Rhode Island.
Housing Stock
| Metric | Cranston | Rhode Island Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.44 people | 2.38 people | 2.53 people |
| Median Structure Built Year | 1958 | 1962 | 1978 |
| Median Number of Rooms | 5.6 | 5.4 | 5.5 |
The typical housing unit in Cranston was built around 1958. On average, 2.4 people live in a home with about 5.6 rooms, staying for about 14.0 years on average.
Cranston, RI Housing Compared With Nearby Cities
How Cranston, RI compares with the 2 cities closest to it.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Cranston, RI | 83,232 | $33,992 #3/3 | $1,375 #2/3 | 67.6% #2/3 |
| Providence, RI | 191,427 | $426,648 | $1,407 | 41.4% |
| Warwick, RI | 82,883 | $216,817 | $1,363 | 73.3% |
Frequently Asked Questions
Common questions about the housing market in Cranston, Rhode Island.
What is the median home price in Cranston, Rhode Island?
The median home price in Cranston, Rhode Island is $33,992, lower than the Rhode Island average of $360,248.
What is the average home price in Cranston, Rhode Island?
The typical home price in Cranston, Rhode Island, reported as the median sale price, is $33,992. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Cranston, Rhode Island?
The median gross rent in Cranston, Rhode Island is $1,375 per month, higher than the Rhode Island average of $1,341.
What was the median gross rent in Cranston in 2020?
In 2020, the median gross rent in Cranston, Rhode Island was $1,107 per month.
What is the price-to-rent ratio in Cranston, Rhode Island?
The price-to-rent ratio in Cranston, Rhode Island is about 2.1, meaning it would take roughly 2.1 years of rent payments at the median rent to equal the median home price. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Cranston.
Are home prices or rent rising faster in Cranston, Rhode Island?
Home prices and rent are moving in opposite directions in Cranston: home prices fell about 7.0% a year while rent rose about 4.3% a year. That is an unusual pattern worth watching.
What is the homeownership rate in Cranston, Rhode Island?
65.2% of households in Cranston, Rhode Island own their home, higher than the Rhode Island average of 57.8%.
What is the vacancy rate in Cranston, Rhode Island?
The housing vacancy rate in Cranston, Rhode Island is 3.7%, lower than the Rhode Island average of 9.1%.
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