Best Place to Buy a House in Rhode Island

Editor'due south note: This is non investment communication and nosotros are not financial advisers. Commodity updated for 2021.

There's a the age old question anybody thinks about when they determine to move to a city in Rhode Island:

Should I buy a identify or rent? Well, nosotros aren't hither today to solve that trouble for you exactly. Nosotros are just bold you'll do the right matter and a buy a place. And while we are happy to tell yous the best place to live in Rhode Island, this analysis is going to tackle the question of the best place to buy a house as an investor. That is we are going to endeavor and make up one's mind the up and coming cities in the Ocean State.

To do that we are going to look at places in Rhode Island that are growing faster than average, but where home prices are beneath boilerplate. In every day terms, the "deals". The best deal in Rhode Island at the moment? That would be Narragansett Pier according to our analysis.

Hither'south a expect at the top x places to buy a home in Rhode Island for 2021.

What's the best place to buy a abode in Rhode Isle for 2021? According to our analysis, would the the ideal place to buy a home looking into the future.

The methodology that wen't into this can be a bit complicated, so nosotros'll break it downwards for y'all in as much detail as we can below. If you're not worried about finding a deal on good places to live, check out the most expensive places to live in Rhode Island and, for those of you on a budget, the cheapest places to alive in Rhode Island.

For more Rhode Island reading, bank check out:

• Best Places To Heighten A Family In Rhode Island
• All-time Places To Retire In Rhode Isle
• Richest Cities In Rhode Island

The x All-time Cities To Buy A Business firm In Rhode Island For 2021

Population: 3,594
Median Home Price: $542,200
Population Change: -3.5%
Dwelling Toll Change: 5.2%
More on Narragansett Pier: Photos | Homes For Auction | Information

Population: 4,594
Median Dwelling Price: $221,700
Population Change: -four.8%
Home Price Modify: 2.0%
More on Pascoag: Photos | Homes For Sale | Data

Population: 6,513
Median Dwelling Price: $355,900
Population Change: -iv.ane%
Home Price Modify: 0.8%
More on Kingston: Photos | Homes For Sale | Data

Source: Public domain

Population: 7,804
Median Home Toll: $258,800
Population Alter: 0.6%
Abode Price Change: 4.7%
More on Tiverton: Photos | Homes For Sale | Data

Population: 8,249
Median Home Price: $262,100
Population Change: 1.iii%
Home Price Change: 4.3%
More on Cumberland Hill: Photos | Homes For Sale | Information

Population: 8,695
Median Abode Toll: $285,300
Population Change: 3.7%
Dwelling house Toll Modify: 5.3%
More than on Greenville: Photos | Homes For Sale | Data

Population: 9,504
Median Home Price: $336,900
Population Change: 4.five%
Home Price Modify: five.2%
More on Wakefield-Peacedale: Photos | Homes For Sale | Data

Source: Public domain

Population: 11,882
Median Home Price: $239,000
Population Change: 0.5%
Dwelling Price Change: 6.7%
More on Valley Falls: Photos | Homes For Auction | Data

Population: 11,925
Median Home Price: $361,100
Population Change: 3.1%
Home Price Change: 5.7%
More on Newport E: Photos | Homes For Sale | Data

Population: 17,553
Median Home Toll: $294,600
Population Modify: 0.7%
Home Price Alter: four.0%
More on Westerly: Photos | Homes For Sale | Data

How do you determine the all-time places to buy a home in Rhode Island for 2021?

Nosotros were in existent estate for almost five years and have been working on this site for another three. Suffice is to say, we've put a lot of thought into what goes into finding a practiced place to buy a home.

So all that thinking has come to this moment where we become to spell out how we'd approach finding an up-and-coming place to live in Rhode Island. Put differently, the analysis volition try to detect places in Rhode Island with undervalued homes relative to pent up demand.

To do that nosotros looked at the most contempo American Community Survey Census information for 2015-2019 and compared it to the previous vintage (2012-2016). Specifically, we used the following criteria:

• Y-o-Y Change In Population (People desire to live here)
• Y-o-Y Modify In Median Domicile Prices (People are willing to pay for information technology)
• Home Prices Relative To The Country Average (Information technology's withal kinda inexpensive)

We desire places that are growing, take seen abode prices increase in contempo years, and are still "cheap" for Rhode Island with the post-obit caveats:

• Home prices had to be within twenty% of the state average (Much lower than that and you get to some of the more dangerous places)
• Dwelling prices increased in the last year, and
• Above 5,000 people (Bigger cities have more data points)

And so of the 0 cities and towns in Rhode Isle, but 18 places made it through our initial filters to even be considered.

We so ranked each place from one to 18 for the criteria mentioned above with 1 existence the best for that criteria. We averaged the rankings to create a "all-time identify to buy" index with the place having the everyman index being the best. You tin can download the information here.

Turns out that Narragansett Pier is the all-time potential gem in the not-and so-rough in the Sea Land.

Read on for more on these places.

In that location You Accept It - The All-time Places To Buy A Firm In Rhode Island for 2021

There'southward our analysis of the all-time places to buy a house in Rhode Island. And, to be clear, we aren't necessarily maxim these places are the all-time places to live, just that it looks similar they might exist in a couple of years based on the data.

In fact, every place in the following table meets our criteria, so even though it may not look super long, recollect we started off with all 0 places in the state.

So if we'd could rent or buy in these cities, we'd definitely buy.

For more Rhode Island reading, check out:

• Safest Places In Rhode Isle

Detailed List Of The Best Places To Buy A Home In Rhode Island

City	Rank	Median Home Price	Population Change	Home Cost Increase
Narragansett Pier	1	$542,200	-3.five%	5.2%
Pascoag	ii	$221,700	-4.8%	2.0%
Kingston	iii	$355,900	-iv.1%	0.8%
Tiverton	4	$258,800	0.vi%	4.7%
Cumberland Hill	5	$262,100	1.three%	4.iii%
Greenville	6	$285,300	3.7%	5.iii%
Wakefield-Peacedale	7	$336,900	4.5%	5.2%
Valley Falls	8	$239,000	0.five%	half-dozen.7%
Newport Due east	ix	$361,100	3.1%	v.7%
Westerly	10	$294,600	0.7%	4.0%
Key Falls	11	$159,100	0.2%	vii.half dozen%
Newport	12	$448,800	-0.4%	5.5%
Woonsocket	13	$173,300	0.ii%	5.three%
Due east Providence	xiv	$221,700	0.1%	3.1%
Pawtucket	15	$194,600	0.one%	7.0%
Warwick	16	$225,300	-0.ane%	5.half-dozen%
Cranston	17	$243,500	0.1%	vi.7%
Providence	18	$200,300	0.0%	4.iii%

How Is The Area In ?

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Source: https://www.homesnacks.com/best-places-to-buy-a-house-in-rhode-island/

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