Side-by-side comparison of home prices, mortgage payments, and housing costs between Narragansett and Westerly, Rhode Island. Using Rhode Island's 1.53% property tax rate and $2,200/year insurance. Updated for 2026.
Westerly edges out Narragansett in affordability, saving you roughly $440/month on total housing costs. Both cities are in Rhode Island, so property tax rates and insurance costs are the same — the difference comes down to home prices and what you get for your money in each market.
Estimated PITI payments assuming 10% down, 6.5% rate, 30-year fixed mortgage with PMI. Uses Rhode Island's 1.53% property tax rate.
Buying in Westerly saves you approximately $440/month ($5,280/year) compared to Narragansett, based on median home prices with identical loan terms.
Westerly is the better choice for first-time buyers, with a median price of $465K versus $525K in Narragansett. That's $60K less to save for a down payment. You'd need roughly $16K for an FHA 3.5% down payment in Westerly, compared to $18K in Narragansett. Rhode Island offers the RIHousing First Homes program (10K DPA forgivable) which applies in both cities.
Westerly has the better price-to-rent ratio at 22.5x versus 23.6x in Narragansett. A lower ratio generally signals better rental income relative to purchase price. Average rent in Westerly is $1,720/month on a $465K median home, making it a stronger candidate for buy-and-rent investors.
Westerly (pop. 22,787) offers more amenities, schools, and services typical of a larger city, while Narragansett (pop. 15,868) may offer a quieter, more community-oriented lifestyle. Westerly offers both more options and lower housing costs, making it attractive for families who want urban amenities without a premium price.