CALCMONEY // HOME AFFORDABILITY // RI
Find out how much home you can afford in Rhode Island using local median home prices, current mortgage rates, and RI-specific property tax data.
Open Full Calculator$515,289
$3,372/mo
$241,194
$144,519/yr
| Median Home Price | $515,289 |
| Down Payment (20%) | $103,058 |
| Loan Amount | $412,231 |
| Monthly PI Payment | $2,676 |
| Monthly Property Tax | $481 |
| Monthly Insurance Est. | $215 |
| Total Monthly PITI | $3,372 |
| Required Gross Income (28% rule) | $144,519/yr |
| Max Affordable Price (28% rule) | $241,194 |
$18,035
$4,276/mo
Rhode Island Home Affordability Quick Reference 2026
| Metric | Value | Notes |
|---|---|---|
| Median Home Price | $515,289 | State median |
| Down Payment (20%) | $103,058 | Conventional |
| Monthly PITI (median home) | $3,372 | 6.76% rate |
| Required Income (28% rule) | $144,519 | Annual gross |
| Max Affordable Home | $241,194 | Based on median income |
| FHA Down Payment (3.5%) | $18,035 | Minimum FHA |
Monthly PITI includes principal, interest, property tax, and homeowners insurance.
The median home price in Rhode Island is $515,289, with a current 30-year fixed mortgage rate of 6.76%. A buyer putting 20% down on the median home would carry a loan of $412,231, resulting in a monthly principal and interest payment of $2,676. Once property taxes and insurance are added, total monthly housing costs reach $3,372.
Property taxes in Rhode Island average 1.12%, near the national average of 1.1%. On the median Rhode Island home, property taxes add $481/month to total housing costs.
Rhode Island levies a state income tax of 3.75%–5.99%, which affects take-home pay and therefore what you can realistically budget for housing. Mortgage interest may be deductible on both federal and Rhode Island state returns — consult a tax professional for your situation.
Using the 28% rule, a household earning Rhode Island's median income of $83,504/year can afford up to $1,948/month in total housing costs (principal, interest, taxes, and insurance). Based on Rhode Island's current mortgage rate of 6.76% and property tax rate of 1.12%, that translates to a maximum affordable home price of approximately $241,194 with 20% down on a 30-year loan.
To comfortably afford the median Rhode Island home priced at $515,289, you need an annual gross income of approximately $144,519. This is based on the standard 28% rule: your total monthly housing costs (principal and interest of $2,676, property taxes of $481, and insurance of $215) come to $3,372/month, which should not exceed 28% of your gross monthly income.
Rhode Island's average property tax rate is 1.12%, which is above the national average of 1.1%. On the median Rhode Island home of $515,289, that means annual property taxes of $5,771, or $481/month. Because lenders include property taxes in your debt-to-income calculation, Rhode Island's property taxes have a relatively modest impact on overall affordability.
The minimum down payment depends on your loan type. For an FHA loan, you can put down as little as 3.5% — on the median Rhode Island home of $515,289, that is $18,035. Conventional loans typically require 5% down, though some programs allow 3%. Putting down 20% ($103,058 on the median Rhode Island home) lets you avoid private mortgage insurance (PMI), which can add 0.5%–1% to your annual loan cost. There are no Rhode Island-specific minimum down payment requirements beyond federal guidelines.