How Much House Can I Afford in Rhode Island?
Find out how much house you can afford in Rhode Island with 1.63% property tax. Uses 28/36 rule with Rhode Island-specific data.
How This Calculator Works
Calculation methodology and assumptions
Calculates home affordability in Rhode Island using the 28/36 rule. Maximum 28% of gross monthly income for housing (PITI). Includes Rhode Island's effective property tax rate of 1.63% and average home insurance of $2,050/year. Median home price in Rhode Island: $410,000.
Key State Information
Rhode Island housing market: Median home price $410,000 | Property tax rate 1.63% | Avg home insurance $2,050/yr | Median household income $71,169. Homes are expensive relative to income.
Frequently Asked Questions
How much house can I afford on the median income in Rhode Island?
With Rhode Island's median household income of $71,169 and a 10% down payment, you can typically afford a home priced around $249,092-$320,261 depending on debts and interest rates. The median home in Rhode Island costs $410,000.
What is the property tax rate in Rhode Island?
Rhode Island's effective property tax rate is 1.63%. On a $410,000 home, that's approximately $6,683/year or $557/month.
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