When looking for a new home, you have a lot of factors to consider. Sure, you know how to search for homes within your price range, but have you considered comparing the affordability of specific neighborhoods? Here are some of the most affordable areas of Rhode Island.
Making a big move to Rhode Island? Moving costs can add up quickly. That’s why it’s so important to consider all the financial aspects of home buying and to find a cost-effective city to help take some of the burden off your shoulders.
Here are five of the most affordable neighborhoods in Rhode Island.
Don't pay too much for your Rhode Island home.
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1. Hopkinton
Hopkinton is a town in Rhode Island with a population of 8,112. Located in Washington County, Hopkinton offers residents a rural feel, with highly rated public schools as a major bonus of the neighborhood.
According to data from Zillow, the median list price per square foot in Hopkinton is $190, which is lower than the Washington County average of $249. The median price of homes currently listed in Hopkinton is $350,000.
If you’re looking to buy a home in Hopkinton, now may be the perfect time to start the process. Home appreciation in the Hopkinton area is up 4.3% over the last 12 months.
But that’s not all: Hopkinton has seen the job market increase by 1.4% over the last year. Future job growth over the next ten years is predicted to be 30.2%.
The median household income of a Hopkinton resident is $71,636 a year, which far exceeds the US average of $53,482 a year.
2. Cranston
Cranston is a mid-sized city with a population of 80,882 inhabitants. Being close to public transportation, grocery stores, parks, and other conveniences are all important when weighing your options for a new home in Cranston. With everything so close by, you’ll likely be filling up your car’s gas tank quite infrequently — which is extra money in your pocket every month.
Before you determine if any of these amenities are available in the area, you will also want to know if the real estate prices in Cranston are within your reach financially. The median home price for Cranston homes is $212,200, which is 10.9% lower than the Rhode Island average.
Purchasing your new home can come with many financial benefits — some of which are more lucrative than others. The most notable benefit could quite possibly be the appreciation of the value of your new home. Home appreciation rates are a good way to generate tax-free equity on a long term basis. The year-over-year appreciation rate in Cranston was 9.1%, and the five-year appreciation rate is 7.6%.
The median household income in Cranston is $61,646. That’s 11% higher than the US average, another financial perk of this Rhode Island neighborhood that will leave your wallet singing.
Furthermore, Cranston has seen the job market increase by 1.5% over the last year. Future job growth over the next ten years is predicted to be 30.2%.
3. Cumberland Hill
Cumberland Hill is a suburb of Providence with a population of 8,062. Living in Cumberland Hill offers residents a suburban feel. Many families are drawn to this area of Rhode Island — quite possibly due to their highly rated public schools.
Cumberland Hill has seen the job market increase by 1.5% over the last year, and future job growth over the next ten years is predicted to be 29.8%.
The median income in Cumberland Hill comes in at $83,168 and the median home value is $248,200 for 2019.
4. Pawtucket
Pawtucket is a suburb of Providence, with a population of 71,770. Pawtucket offers residents an urban feel, with an abundance of bars, restaurants, coffee shops, and parks conveniently in the area.
One of the nice things about Pawtucket is that is its nautical vibe. Nearby bodies of water offer visitors and locals beautiful scenery and waterfront activities.
Overall, Pawtucket is a city of sales and office workers, service providers, and professionals. According to NeighborhoodScout, there are especially a lot of people living in Pawtucket who work in office and administrative support (15.08%) and sales jobs (10.04%).
According to Zillow, the median home value in Pawtucket is $218,300, and the median household income of a Pawtucket resident is $40,578 a year.
5. Pascoag
Pascoag residents have a higher income than 48.2% of the neighborhoods in America. The median home value is $244,300, while the median income for households in Pascoag, Rhode Island is $73,289
In Pascoag, 29.0% of the working population is employed in executive, management, and professional occupations. The second most popular occupation in this neighborhood is clerical, assistant, and tech support occupations, with 25.4% of the residents employed in these jobs.
Most neighborhoods in Pascoag residents have short commutes to work, which will help reduce the amount you spend each month filling up your car in no time.
Think you’ve found the perfect Rhode Island city to call home? Be sure to contact Clever to connect with a seasoned and local real estate agent who can help you begin the process of starting your exciting new home buying experience. A trusted agent can help uncover additional cost-savings opportunities for the big purchase.