CALCMONEY // HOME AFFORDABILITY // RI // CRANSTON
How much house can you afford in Cranston? Based on local median home prices, current RI mortgage rates, and Cranston property tax data.
$390,000
$2,683/mo
$114,976/yr
$183,014
Monthly housing costs of $2,683 represent 47.3% of Cranston's median gross monthly income ($5,667/mo). At 47.3%, median-income buyers in Cranston are significantly stretched — well above the 28% guideline. A larger down payment or higher income is required.
| Median Home Price | $390,000 |
| Down Payment (20%) | $78,000 |
| Loan Amount | $312,000 |
| Monthly PI Payment | $2,065 |
| Monthly Property Tax | $455 |
| Monthly Insurance Est. | $163 |
| Total Monthly PITI | $2,683 |
| Housing Cost % of Income | 47.3% |
| Required Income (28% rule) | $114,976/yr |
| Max Affordable Home | $183,014 |
$13,650
$3,375/mo
Cranston Home Affordability Quick Reference 2026
| Metric | Value | Notes |
|---|---|---|
| Median Home Price | $390,000 | Cranston city median |
| Down Payment (20%) | $78,000 | Conventional loan |
| Monthly PITI | $2,683 | 6.95% rate, 30yr fixed |
| Required Income (28% rule) | $114,976 | Annual gross |
| Max Affordable Home | $183,014 | Based on median income |
| FHA Down (3.5%) | $13,650 | Minimum FHA |
| Housing Cost % of Income | 47.3% | Median income: $68,000/yr |
| Property Tax Rate | 1.4% | $5,460/yr on median home |
Monthly PITI includes principal, interest, property tax, and homeowners insurance. Estimates only.
The median home price in Cranston is $390,000, with a local 30-year mortgage rate of 6.95%. A buyer putting 20% down carries a loan of $312,000, generating a monthly P&I payment of $2,065. Adding property taxes ($455/mo) and homeowners insurance ($163/mo) brings total monthly PITI to $2,683.
Cranston's property tax rate of 1.4% is near the national average, adding a standard increment to monthly housing costs. On the Cranston median home, that is $455/month, or $5,460 per year.
Rhode Island levies a state income tax, which affects take-home pay and effective buying power. High-income earners in Cranston should factor state tax liability into their overall housing budget — mortgage interest may be deductible on both federal and state returns.
Using the 28% rule, a household earning Cranston's median income of $68,000/year can afford up to $1,587/month in total housing costs. Based on Cranston's mortgage rate of 6.95% and property tax rate of 1.4%, that translates to a maximum affordable home price of approximately $183,014 with 20% down on a 30-year loan.
To afford the median Cranston home priced at $390,000, you need an annual gross income of approximately $114,976. Total monthly housing costs (principal and interest of $2,065, property taxes of $455, and insurance of $163) come to $2,683/month, which equals 28% of the required income.
At the median home price of $390,000 and median household income of $68,000, the total monthly housing cost of $2,683 represents 47.3% of gross monthly income. This is well above the standard 28% threshold, making Cranston a challenging market for buyers at median income.
A conventional 20% down payment on the median Cranston home of $390,000 is $78,000. An FHA loan requires just 3.5% down — $13,650 — but adds mortgage insurance of roughly $267/month, bringing total FHA payments to $3,375/month.
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