Rhode Island Housing Market Prices
Rhode Island 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 45% above the US median More expensive than 78% of states in US$360,248
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Median rent 5% below the US median$1,341
Median Home Price Map: Counties in Rhode Island
Housing Market Overview
| Metric | Rhode Island | US Average |
|---|---|---|
| Median Home Price | $360,248 | $248,835 |
| Price Trend (Annual %) | 7.4% | 7.5% |
| Median Gross Rent | $1,341 | $1,407 |
| Rent Trend (Annual %) | 4.6% | 5.1% |
| Household Income Trend (Annual %) | — | — |
The median home price in Rhode Island is about 45% higher than in US. Rent is about 5% lower than the US average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Both home prices and rent are rising in Rhode Island, up about 7.4% and 4.6% a year respectively. Home prices are changing faster.
Median rent in Rhode Island rose about 45.0% between 2015 and 2024, from $925 to $1,341. Over the same span, rent in US rose about 52.1%.
Affordability
On average, housing unit costs 4.1 yearly household incomes in Rhode Island.
Buying the median-priced home in Rhode Island costs roughly 22.4 years of rent at the median monthly rate. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Rhode Island. The price-to-rent ratio in US is about 14.7.
| Metric | Rhode Island | US Average |
|---|---|---|
| Median Home Price | $360,248 | $248,835 |
| Median Household Income | $88,093 | $80,455 |
| Price-to-Income Ratio | 4.1 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Rhode Island rose about 81.3%, while median household income rose about 50.1% between 2009 and 2025 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Rhode Island | US Average |
|---|---|---|
| Homeownership Rate | 57.8% | 58.5% |
| Rental Rate | 33.0% | 31.2% |
| Vacancy Rate | 9.1% | 10.2% |
| Median Tenure (years) | 16.0 | 15.0 |
| Median Year Moved In | 2010 | 2011 |
Rhode Island has a homeownership rate of 57.8%, lower than the US average of 58.5%. Its housing vacancy rate is 9.1%, compared with 10.2% in US.
Housing Stock
| Metric | Rhode Island | US Average |
|---|---|---|
| Average Household Size | 2.38 people | 2.53 people |
| Median Structure Built Year | 1962 | 1978 |
| Median Number of Rooms | 5.4 | 5.5 |
The typical housing unit in Rhode Island was built around 1962. On average, 2.4 people live in a home with about 5.4 rooms, staying for about 16.0 years on average.
Rhode Island Housing Compared With Nearby States
Rhode Island is the 5th largest of the 6 states compared here, 1,100,398 residents against a local median of 3,347,044. Where Rhode Island breaks from the states next to it is median home price, sitting 20% above the local median of $300,691 at $360,248.
The states themselves spread $286,732 on median home price, so Rhode Island sits at one end of an already wide local range rather than apart from it. Rhode Island has the 2nd highest median home price of the 6 areas compared here.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Rhode Island | 1,100,398 | $360,248 #2/6 | $1,341 #5/6 | 63.6% #5/6 |
| Massachusetts | 7,031,620 | $494,523 | $1,761 | 62.5% |
| Connecticut | 3,347,044 | $281,244 | $1,481 | 67.4% |
| New Hampshire | 1,394,471 | $300,691 | $1,490 | 72.8% |
| Vermont | 646,793 | $207,791 | $1,234 | 73.2% |
| New Jersey | 9,334,304 | $352,792 | $1,719 | 63.8% |
Frequently Asked Questions
Common questions about the housing market in Rhode Island.
What is the median home price in Rhode Island?
The median home price in Rhode Island is $360,248, higher than the US average of $248,835.
What is the average home price in Rhode Island?
The typical home price in Rhode Island, reported as the median sale price, is $360,248. 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 Rhode Island?
The median gross rent in Rhode Island is $1,341 per month, lower than the US average of $1,407.
What was the median gross rent in Rhode Island in 2020?
In 2020, the median gross rent in Rhode Island was $1,031 per month.
What is the price-to-rent ratio in Rhode Island?
The price-to-rent ratio in Rhode Island is about 22.4, meaning it would take roughly 22.4 years of rent payments at the median rent to equal the median home price. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Rhode Island.
Are home prices or rent rising faster in Rhode Island?
Both home prices and rent are rising in Rhode Island, up about 7.4% and 4.6% a year respectively. Home prices are changing faster.
What is the homeownership rate in Rhode Island?
57.8% of households in Rhode Island own their home, lower than the US average of 58.5%.
What is the vacancy rate in Rhode Island?
The housing vacancy rate in Rhode Island is 9.1%, lower than the US average of 10.2%.
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