Warwick, Rhode Island Housing Market Prices
Warwick 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 40% below the Rhode Island median$216,817
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Median rent 2% above the Rhode Island median$1,363
Housing Market Overview
| Metric | Warwick | Rhode Island Avg | US Average |
|---|---|---|---|
| Median Home Price | $216,817 | $360,248 | $248,835 |
| Price Trend (Annual %) | 3.7% | 7.4% | 7.5% |
| Median Gross Rent | $1,363 | $1,341 | $1,407 |
| Rent Trend (Annual %) | 2.9% | 4.6% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Warwick is about 40% 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
Both home prices and rent are rising in Warwick, up about 3.7% and 2.9% a year respectively. Home prices are changing faster.
Median rent in Warwick rose about 28.2% between 2015 and 2024, from $1,063 to $1,363. Over the same span, rent in Rhode Island rose about 45.0%.
Affordability
On average, housing unit costs 2.5 yearly household incomes in Warwick.
Buying the median-priced home in Warwick costs roughly 13.3 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 Warwick. The price-to-rent ratio in Rhode Island is about 22.4.
| Metric | Warwick | Rhode Island Avg | US Average |
|---|---|---|---|
| Median Home Price | $216,817 | $360,248 | $248,835 |
| Median Household Income | $88,274 | $88,093 | $80,455 |
| Price-to-Income Ratio | 2.5 | 4.1 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Warwick rose about 36.1%, while median household income rose about 35.6% between 2009 and 2025 — keeping pace with each other.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Warwick | Rhode Island Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 70.5% | 57.8% | 58.5% |
| Rental Rate | 25.7% | 33.0% | 31.2% |
| Vacancy Rate | 3.9% | 9.1% | 10.2% |
| Median Tenure (years) | 16.0 | 16.0 | 15.0 |
| Median Year Moved In | 2010 | 2010 | 2011 |
Warwick has a homeownership rate of 70.5%, higher than the Rhode Island average of 57.8%. Its housing vacancy rate is 3.9%, compared with 9.1% in Rhode Island.
Housing Stock
| Metric | Warwick | Rhode Island Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.27 people | 2.38 people | 2.53 people |
| Median Structure Built Year | 1961 | 1962 | 1978 |
| Median Number of Rooms | 5.3 | 5.4 | 5.5 |
The typical housing unit in Warwick was built around 1961. On average, 2.3 people live in a home with about 5.3 rooms, staying for about 16.0 years on average.
Warwick, RI Housing Compared With Nearby Cities
Warwick, RI is typical in size for this group, 82,883 residents against a local median of 83,232, so the measures below are close to a like for like comparison. Warwick, RI's homeownership, at 73.3%, runs 46% above the 50.1% typical of the cities around it. That is the better end of the local range on this measure.
The cities themselves spread 26.2% on homeownership, so Warwick, RI sits at one end of an already wide local range rather than apart from it. Warwick, RI has the highest homeownership of the 4 areas compared here.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Warwick, RI | 82,883 | $216,817 #3/4 | $1,363 #3/4 | 73.3% #1/4 |
| Cranston, RI | 83,232 | $33,992 | $1,375 | 67.6% |
| Providence, RI | 191,427 | $426,648 | $1,407 | 41.4% |
| Pawtucket, RI | 75,796 | $250,546 | $1,208 | 50.1% |
Frequently Asked Questions
Common questions about the housing market in Warwick, Rhode Island.
What is the median home price in Warwick, Rhode Island?
The median home price in Warwick, Rhode Island is $216,817, lower than the Rhode Island average of $360,248.
What is the average home price in Warwick, Rhode Island?
The typical home price in Warwick, Rhode Island, reported as the median sale price, is $216,817. 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 Warwick, Rhode Island?
The median gross rent in Warwick, Rhode Island is $1,363 per month, higher than the Rhode Island average of $1,341.
What was the median gross rent in Warwick in 2020?
In 2020, the median gross rent in Warwick, Rhode Island was $1,168 per month.
What is the price-to-rent ratio in Warwick, Rhode Island?
The price-to-rent ratio in Warwick, Rhode Island is about 13.3, meaning it would take roughly 13.3 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 Warwick.
Are home prices or rent rising faster in Warwick, Rhode Island?
Both home prices and rent are rising in Warwick, up about 3.7% and 2.9% a year respectively. Home prices are changing faster.
What is the homeownership rate in Warwick, Rhode Island?
70.5% of households in Warwick, Rhode Island own their home, higher than the Rhode Island average of 57.8%.
What is the vacancy rate in Warwick, Rhode Island?
The housing vacancy rate in Warwick, Rhode Island is 3.9%, lower than the Rhode Island average of 9.1%.
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