Mortgage payment estimates, closing cost breakdowns, and first-time buyer programs for Rhode Island homebuyers.
Pre-filled with Rhode Island medians. Adjust for your property.
Estimated closing costs based on Rhode Island tax rates and fees.
The median home price in Rhode Island is $425,000, with property taxes averaging 1.53% annually. Rhode Island's property tax rate is well above the national average of ~1.1%, adding significant cost to monthly payments — budget carefully.
Closing costs in Rhode Island average $7K (1.7%% of purchase price). The state charges a 0.46% transfer tax on real estate transactions, which modestly adds to closing costs. Homeowners insurance runs approximately $2,200 per year. This is within the normal range nationally.
Rhode Island offers the RIHousing First Homes for first-time buyers: 10K DPA forgivable. Contact your state housing finance agency or a HUD-approved housing counselor for eligibility details and application steps.
Rhode Island is a higher-cost market. At $425K median, buyers need significant savings or strong income. Down payment assistance and competitive rate-shopping become especially important.