How Much Does It Cost to Buy a House in Rhode Island?

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By Kristy Snyder Updated December 3, 2022


Costs to buy a house in Rhode Island | Rhode Island closing costs | Rhode Island house buying calculator | Homeownership costs | How to save when buying a home in Rhode Island

The average home buyer in Rhode Island spends between $33,203 and $119,773 when purchasing a $437,424 home — the state median value.

Keep in mind, this is just the cost of buying a home. After you close, you'll still need to budget for all the ongoing costs of homeownership.

Luckily, Clever Real Estate can help make buying a home more affordable. Working with a Clever agent means you'll not only get great service from start to finish, but you could also be eligible for up to 0.5% cash back after closing. That's about $2,187 back on an average-priced home in Rhode Island!

💰Buying a home is expensive💰

Put money back in your pocket with Clever Cash Back. Clever will connect you with a top, local agent and send you a check after closing.

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Average cost to buy a house in Rhode Island

Expense Amount
Earnest money deposit (1-3%) $4,374 to $13,123
Down payment (3.5-20%) $15,310 to $87,485
Cash reserves $4,013 to $6,020
Closing costs (1.83%) $7,986
Inspection $269
Appraisal $1
Moving $1,250 to $4,890
Total $33,203 to $119,773
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Buyer closing costs in Rhode Island

While the other costs to buy a house in Rhode Island are pretty transparent, Rhode Island closing costs are a bit more nuanced. They're actually a series of smaller costs lumped together into one total. Here's a breakdown of all of the Rhode Island closing costs you'll likely pay when buying a home.

Closing cost Amount
Closing fee $437
Recording fee $115
Title service fees $818
Origination fee $2,187
Underwriting fee $600
Discount points $3,499 per point
Lender's title insurance $329
Owner's title insurance Typically paid by seller
Prorated property tax Varies
Conveyance tax Typically paid by seller
Total $7,986
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Keep in mind, closing costs are often negotiable. However, to win the negotiation battle, you'll need a great agent who can work out a deal with the seller. Clever can match you with a top agent in your area that can get the seller to shoulder more of the above costs.

Contact us at Clever for top agent recommendations.

Cost to buy a house in Rhode Island calculator

Ongoing costs of homeownership in Rhode Island

Unfortunately, the cost to buy a house is just the beginning. After closing, you'll officially own the home and begin paying for the ongoing costs of homeownership.

Besides the expenses outlined above, you'll also want to consider private mortgage insurance (PMI) and homeowner's association (HOA) fees.

  • If you pay less than 20% as a down payment on your house, you'll probably have to pay PMI monthly until you get to 20% equity. For the average Rhode Island homeowner, this is between $190 to $644 a month.
  • Some neighborhoods have HOA fees for the care and maintenance of common areas. The national average is around $250 per month.

» MORE: The true cost of homeownership

Top ways to save money when buying a house in Rhode Island

1. Look into better financing options

Paying off debts and getting your credit in the best shape possible before applying for a loan will help you get a better interest rate, which will lower your monthly payments for the life of the loan.

You can also shop around to compare lenders so you get the lowest fees and interest rates available. It may be a good idea to enlist the help of a mortgage broker if you're not sure how to go about vetting lenders.

2. Participate in home buyer programs Rhode Island

Eligible buyers in Rhode Island have access to a number of programs that can make purchasing a home a bit more affordable. Rhode Island Housing offers competitive loans for first-time buyers, down payment assistance programs for buying a fixer-upper and for first-generation buyers, as well as mortgage tax credits.

There is also the non-profit Habitat for Humanity, which helps low-income buyers afford a home in exchange for “sweat equity,” or acts of volunteerism. There are also city-specific programs to check out — the HUD lists a few.

» MORE: First-time home buyer programs everyone should know about

3. Partner with an expert agent

Some real estate companies, like Clever, offer home buyers a percentage of their home's price back after the sale finalizes.

That means if you work with a Clever agent, you'll not only get the expertise that helps you get the best deal possible — you could also get up to 0.5% of your home price back after closing!

Find your agent through Clever, qualify for cash back!

Clever matches you with top local agents so you can compare options and choose the best fit. And eligible buyers can get cash back after closing.

Fill out the form below and get started now. Clever's service is 100% free with no obligation.

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