New Mexico vs Rhode Island: Mortgage & Housing Costs
Side-by-side comparison of mortgage costs, property taxes, closing costs, and homeowners insurance between New Mexico and Rhode Island. Updated for 2026.
Metric
New Mexico
Rhode Island
Median Home Price
$280K
$425K
Property Tax Rate
0.8%
1.53%
Avg Closing Costs
$4K
$7K
Closing Cost %
1.4%
1.7%
Transfer Tax
None
0.46%
Homeowners Insurance
$1,900/yr
$2,200/yr
First-Time Buyer Program
MFA First Home
FIRSTDown DPA assistance
RIHousing First Homes
10K DPA forgivable
Verdict
New Mexico wins 6 of 6 cost categories, making it the more affordable state for homebuyers overall. With a median home price of $280K and lower overall costs, New Mexico offers meaningful savings compared to Rhode Island. Both states offer first-time buyer programs — explore the state pages for full details.