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 | Washington County | Rhode Island Avg | US Average |
|---|---|---|---|
| Median Home Price | $401,364 | $317,211 | $242,182 |
| Price Trend (Annual %) | 5.9% | 6.4% | 8.2% |
| Median Gross Rent | $1,303 | $1,273 | $1,342 |
| Rent Trend (Annual %) | 3.0% | 4.5% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Washington County is about 27% higher than in Rhode Island. Rent is about 2% 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 Washington County, up about 5.9% and 3.0% a year respectively. Home prices are changing faster.
Median rent in Washington County rose about 24.0% between 2015 and 2023, from $1,050 to $1,303. Over the same span, rent in Rhode Island rose about 37.7%.
Affordability
On average, housing unit costs 3.9 yearly household incomes in Washington County.
Buying the median-priced home in Washington County costs roughly 25.7 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 Washington County. The price-to-rent ratio in Rhode Island is about 20.8.
| Metric | Washington County | Rhode Island Avg | US Average |
|---|---|---|---|
| Median Home Price | $401,364 | $317,211 | $242,182 |
| Median Household Income | $103,210 | $86,475 | $78,145 |
| Price-to-Income Ratio | 3.9 | 3.7 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Washington County rose about 38.5%, while median household income rose about 47.7% 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 | Washington County | Rhode Island Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 60.5% | 57.0% | 58.2% |
| Rental Rate | 18.3% | 33.1% | 31.3% |
| Vacancy Rate | 21.2% | 9.8% | 10.6% |
| Median Tenure (years) | 16.0 | 16.0 | 15.0 |
| Median Year Moved In | 2010 | 2010 | 2011 |
Washington County has a homeownership rate of 60.5%, higher than the Rhode Island average of 57.0%. Its housing vacancy rate is 21.2%, compared with 9.8% in Rhode Island.
Housing Stock
| Metric | Washington County | Rhode Island Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.37 people | 2.40 people | 2.54 people |
| Median Structure Built Year | 1973 | 1962 | 1978 |
| Median Number of Rooms | 5.9 | 5.4 | 5.5 |
The typical housing unit in Washington County was built around 1973. On average, 2.4 people live in a home with about 5.9 rooms, staying for about 16.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Washington County, Rhode Island.
What is the median home price in Washington County, Rhode Island?
The median home price in Washington County, Rhode Island is $401,364, higher than the Rhode Island average of $317,211.
What is the average home price in Washington 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 Washington County, Rhode Island?
The median gross rent in Washington County, Rhode Island is $1,303 per month, higher than the Rhode Island average of $1,273.
What was the median gross rent in Washington County in 2020?
In 2020, the median gross rent in Washington County, Rhode Island was $1,115 per month.
What is the price-to-rent ratio in Washington County, Rhode Island?
The price-to-rent ratio in Washington County, Rhode Island is about 25.7, meaning it would take roughly 25.7 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 Washington County.
Are home prices or rent rising faster in Washington County, Rhode Island?
Both home prices and rent are rising in Washington County, up about 5.9% and 3.0% a year respectively. Home prices are changing faster.
What is the homeownership rate in Washington County, Rhode Island?
60.5% of households in Washington County, Rhode Island own their home, higher than the Rhode Island average of 57.0%.
What is the vacancy rate in Washington County, Rhode Island?
The housing vacancy rate in Washington County, Rhode Island is 21.2%, higher than the Rhode Island average of 9.8%.