Estimate your monthly payment using Rhode Island's average home price of $430,000 and property tax rate of 1.40%. Updated for 2026.
Estimates include P&I, property tax, and ~0.5% annual insurance. Does not include PMI, HOA, or utilities.
Rhode Island's housing market in 2026 has a median home price of approximately $430,000, placing it near the national median of around $420,000. Rhode Island is the smallest state in the nation and its housing inventory remains tight driving consistent price appreciation. Whether you're buying your first home in Providence or relocating from another state, understanding your true monthly mortgage cost is essential before making an offer.
Property taxes in Rhode Island average 1.40% of assessed value annually — a near-average property tax rate. On a $430,000 home, that translates to roughly $502 per month added to your mortgage payment. Providence, Warwick, and Cranston all fall under Rhode Island's general property tax framework, though local millage rates vary by county and municipality. Always confirm the exact rate for the specific property you're considering.
RIHousing FirstGenHomeRI offers down payment and closing cost assistance for first-generation homebuyers. Beyond state programs, FHA loans remain popular in Rhode Island requiring as little as 3.5% down, while VA loans offer zero-down financing for eligible veterans and active-duty service members. Conventional loans typically require 620+ credit score and a debt-to-income ratio under 45%.
Providence has seen significant revitalization driven by Brown University RISD and a growing arts and restaurant culture. When shopping for a mortgage in Rhode Island, compare offers from at least three lenders. Even a 0.25% difference in interest rate on a $430,000 home can mean thousands of dollars saved over the life of a 30-year loan. Pay close attention to APR — not just the rate — as it includes origination fees and points.
Use the calculator above to model your scenario. A 20% down payment on the average Rhode Island home of $430,000 puts your estimated total monthly cost at approximately $2,923 at today's rates, before HOA fees or special assessments. Adjust the home price, down payment, and rate to match your specific situation and see how the numbers change in real time.
The average home price in Rhode Island is approximately $430,000 as of 2026. Prices vary significantly by city and county — Providence tends to be pricier while more rural areas offer lower prices.
Rhode Island has a near-average property tax rate at 1.40% of assessed value. On a $430,000 home that adds about $502 per month to your housing cost. Rates vary by county, so verify the exact rate for your target property.
RIHousing FirstGenHomeRI offers down payment and closing cost assistance for first-generation homebuyers. Additionally, FHA loans (3.5% down), VA loans (0% down for eligible veterans), and USDA rural loans may be available depending on location and eligibility.