Rhode Island has the luxuries of a big city with a laid-back vibe. Despite it being the smallest state in the U.S., there is no shortage of things to do. From beaches and hiking to art and history, the opportunities in Rhode Island are endless.
NewHomeSource has compiled a list of the top 10 most affordable cities in Rhode Island to help you find a new home at a great price.
Home Price to Income Ratio: 4.1%
Average Property Tax: $5,016
Median Household Income: $50,138
The most affordable city in Rhode Island is West Warwick. It encompasses only eight square miles and has a population of around 30,000. The Arctic Playhouse, Station Fire Memorial Park, Eagle Quest Golf Dome, C and L Stables, and Impact Action Sports Park are a few of the most popular destinations in the city.
Home Price to Income Ratio: 4.82%
Average Property Tax: $2,848
Median Household Income: $32,982
Central Falls might just be the smallest city in the United States; it covers around 1.3 square miles. However, you can still find fun things to do. In Central Falls, you can sample menu items at Stanley’s Restaurant, Antigua Guatemala, and La Casona. Afterward, you can visit the Rhode Island Antiques Mall, Old Slater Mill, Blackstone Valley Visitor Center, and BattlegroundZ, a haven for paintball and laser tag enthusiasts.
Home Price to Income Ratio: 4.07%
Average Property Tax: $3,102
Median Household Income: $42,595
Woonsocket is in northern Rhode Island and is about an hour’s drive from the big city of Boston. In Woonsocket, you will find a wide range of indoor and outdoor activities. Locals can spend their days canoeing or kayaking from River Island Park to Manville Dam. You can spend the day touring the Museum of Work and Culture, sightseeing on a Blackstone Valley Explorer Riverboat Tour, or enjoying a live show at the Stadium Theater. The activities in Woonsocket are endless and there is something that folks of all ages can enjoy.
Home Price to Income Ratio: 3.86%
Average Property Tax: $3,483
Median Household Income: $50,476
Pawtucket is a charming town that is known as a huge art and cultural center; locals look forward to the annual Pawtucket Art Festival all year long. In addition, there are some great spots like Slater Memorial Park, PeaceLove Studios, Candida Clayton Gallery, and Watercolor Society.
Home Price to Income Ratio: 4.08%
Average Property Tax: $5,551
Median Household Income: $53,470
North Providence is a suburb of Providence and has a population of about 32,000. From museums and art to entertainment and outdoor activities, North Providence has something everyone can enjoy. The recreation department of North Providence has a pool and fitness center, as well as plenty of acreage allocated to baseball, soccer, tennis, and basketball.
Home Price to Income Ratio: 3.49%
Average Property Tax: $5,968
Median Household Income: $69,050
Coventry is a top destination for those who want to raise a family. The city offers an abundance of family-friendly activities, including Launch Trampoline Park, Stepping Stone Ranch, Maxwell Mays Wildlife Refuge, and Tangy’s Archery Lanes. Whether you prefer indoor or outdoor activities, you will discover that Coventry is a phenomenal town to call home.
Home Price to Income Ratio: 4.03%
Average Property Tax: $5,610
Median Household Income: $57,457
Johnston is home to Verde Vineyards, a beautiful vineyard where folks can enjoy delicious wine with great company. There are also many parks and hiking trails that can be accessed at Johnston War Memorial Park and Snake Den State Park. Additionally, Johnston is known for its delicious restaurants that offer a wide variety of cuisines.
Home Price to Income Ratio: 4.39%
Average Property Tax: $3,585
Median Household Income: $45,610
Providence, the capital of Rhode Island, offers multiple entertainment and recreational activities. You will find many beautiful outdoor spaces, intriguing museums, a vibrant performing arts scene, and unique restaurants and cafes. The Botanical Center at Roger Williams Park, Providence Performing Arts Center, and La Gondola Providence are some of the top activities in Providence. The mix between old and modern makes Providence a great destination.
Home Price to Income Ratio: 5.54%
Average Property Tax: $5,862
Median Household Income: $53,706
Warren is a small seaside town that is located about 20 minutes outside of Providence. It has more than 16 miles of shoreline and an endless number of outdoor activities. Folks living in Warren can spend their days cycling or jogging at East Bay Bike Path, hiking at Haile Farm Preserve, relaxing at Warren Town Beach, or exploring the world of animals at Claire D. McIntosh Wildlife Refuge.
Home Price to Income Ratio: 3.75%
Average Property Tax: $3,968
Median Household Income: $59,142
East Providence is the fifth-largest city in Rhode Island and has all the amenities one could want or need. Some of the top spots in East Providence are the Weaver Library, John Hunt House, Sabin Point Park, and Crescent Park Looff Carousel – a ride that is sure to please people of all ages.
Cities with the Best Home Price to Income Ratio
While the list above is sorted by the lowest overall cost of living index, the following cities have the lowest home price to income ratio, meaning you can get more home for your money.
- Warwick: Warwick is known as the “City by the Bay” and offers locals many opportunities for outdoor recreation. In this Rhode Island town there are state parks, beaches, and golf courses as well as numerous dining options and shops.
- Cranston: Cranston is a picturesque town that is full of unique architecture. Pawtuxet Village, Governor William Sprague Mansion, Chapel Grille, and Caffe Itri are a few of the most popular spots in the city.
Drew Port is a writer for NewHomeSource. She writes on the homebuying process, as well as informing readers on homeownership.