Michigan vs Rhode Island: Mortgage & Housing Costs
Side-by-side comparison of mortgage costs, property taxes, closing costs, and homeowners insurance between Michigan and Rhode Island. Updated for 2026.
Metric
Michigan
Rhode Island
Median Home Price
$240K
$425K
Property Tax Rate
1.54%
1.53%
Avg Closing Costs
$4K
$7K
Closing Cost %
1.5%
1.7%
Transfer Tax
0.86%
0.46%
Homeowners Insurance
$1,800/yr
$2,200/yr
First-Time Buyer Program
MSHDA DPA
Up to $7,500 DPA
RIHousing First Homes
10K DPA forgivable
Verdict
Michigan wins 4 of 6 cost categories, making it the more affordable state for homebuyers overall. With a median home price of $240K and lower overall costs, Michigan offers meaningful savings compared to Rhode Island. Both states offer first-time buyer programs — explore the state pages for full details.