Housing Market Overview
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Newport County | Rhode Island Avg | US Average |
|---|---|---|---|
| Median Home Price | $464,925 | $317,211 | $242,182 |
| Price Trend (Annual %) | 3.0% | 6.4% | 8.2% |
| Median Gross Rent | $1,652 | $1,273 | $1,342 |
| Rent Trend (Annual %) | 5.6% | 4.5% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Newport County is about 47% higher than in Rhode Island. Rent is about 30% higher than the Rhode Island average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Newport County, up about 3.0% and 5.6% a year respectively. Rent is changing faster.
Median rent in Newport County rose about 48.7% between 2015 and 2023, from $1,111 to $1,652. Over the same span, rent in Rhode Island rose about 37.7%.
Affordability
On average, housing unit costs 4.6 yearly household incomes in Newport County.
Buying the median-priced home in Newport County costs roughly 23.5 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 Newport County. The price-to-rent ratio in Rhode Island is about 20.8.
| Metric | Newport County | Rhode Island Avg | US Average |
|---|---|---|---|
| Median Home Price | $464,925 | $317,211 | $242,182 |
| Median Household Income | $100,909 | $86,475 | $78,145 |
| Price-to-Income Ratio | 4.6 | 3.7 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Newport County rose about 47.1%, while median household income rose about 54.7% between 2009 and 2023 — 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 | Newport County | Rhode Island Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 56.0% | 57.0% | 58.2% |
| Rental Rate | 27.0% | 33.1% | 31.3% |
| Vacancy Rate | 16.9% | 9.8% | 10.6% |
| Median Tenure (years) | 16.0 | 16.0 | 15.0 |
| Median Year Moved In | 2010 | 2010 | 2011 |
Newport County has a homeownership rate of 56.0%, lower than the Rhode Island average of 57.0%. Its housing vacancy rate is 16.9%, compared with 9.8% in Rhode Island.
Housing Stock
| Metric | Newport County | Rhode Island Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.23 people | 2.40 people | 2.54 people |
| Median Structure Built Year | 1961 | 1962 | 1978 |
| Median Number of Rooms | 5.7 | 5.4 | 5.5 |
The typical housing unit in Newport County was built around 1961. On average, 2.2 people live in a home with about 5.7 rooms, staying for about 16.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Newport County, Rhode Island.
What is the median home price in Newport County, Rhode Island?
The median home price in Newport County, Rhode Island is $464,925, higher than the Rhode Island average of $317,211.
What is the average home price in Newport County, Rhode Island?
The typical home price in %s, reported as the median sale price, is %s. 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 Newport County, Rhode Island?
The median gross rent in Newport County, Rhode Island is $1,652 per month, higher than the Rhode Island average of $1,273.
What was the median gross rent in Newport County in 2020?
In 2020, the median gross rent in Newport County, Rhode Island was $1,347 per month.
What is the price-to-rent ratio in Newport County, Rhode Island?
The price-to-rent ratio in Newport County, Rhode Island is about 23.5, meaning it would take roughly 23.5 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 Newport County.
Are home prices or rent rising faster in Newport County, Rhode Island?
Both home prices and rent are rising in Newport County, up about 3.0% and 5.6% a year respectively. Rent is changing faster.
What is the homeownership rate in Newport County, Rhode Island?
56.0% of households in Newport County, Rhode Island own their home, lower than the Rhode Island average of 57.0%.
What is the vacancy rate in Newport County, Rhode Island?
The housing vacancy rate in Newport County, Rhode Island is 16.9%, higher than the Rhode Island average of 9.8%.