Compare Rhode Island mortgage rates and fees from top lenders. Review free, personalized mortgage rates based on your specifc loan amount, program and other factors. Easily compare APRs, closing costs and monthly payments to find the lowest mortgage rates in Rhode Island.
We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Rhode Island. Plus, shopping lenders is free and there is no obligation.
November 29, 2023
Below we offer valuable insights on the housing market and real estate prices in Rhode Island. Understand how much you need to make to buy a house in Rhode Island, including the mortgage you need. Review the monthy loan payment so you can determine if home ownership in Rhode Island is affordable for you. We provide this helpful information to help you decide if living in Rhode Island is right for you.
The median home value for Rhode Island is $390,504
Based on current mortgage rates and a 10% down payment, the income required to buy the median priced home in Rhode Island is $81,465
With this income, you could qualify for a $351,454 mortgage, assuming your monthly debt expense is reasonable
Based on this loan amount, the monthly mortgage payment required to buy the median priced home in Rhode Island is $1,887
The median household income for Rhode Island is $74,997
Based on this income, you can afford a home valued at approximately $359,498
The home price you can afford to buy based on household income in Rhode Island is 92% of the median home value which means housing prices are expensive. Rhode Island ranks 37 out of 50 states for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the real estate market in Rhode Island is expensive