The 02893 zip code in West Warwick tops our ranking of the most affordable places to live in Rhode Island.
We looked at 39 zip codes in the state, evaluating home values, rental costs, energy rates, property taxes, and five other affordability indicators. We used the data we gathered to calculate our proprietary Affordability Score for each zip code.
Top 10 most affordable places to live in Rhode Island
| Rank | City | Affordability Score | Median home value | Rental costs |
|---|---|---|---|---|
| 1 | West Warwick 🥇 | 100.0 | $370,565 | $1,619 |
| 2 | North Providence 🥈 | 96.3 | $402,382 | $1,683 |
| 3 | Cranston 🥉 | 94.3 | $386,805 | $2,047 |
| 4 | Coventry | 94.2 | $412,898 | $2,047 |
| 5 | Cumberland | 93.0 | $490,209 | $2,359 |
| 6 | Warwick | 92.8 | $376,295 | $2,047 |
| 7 | Pawtucket | 91.0 | $380,292 | $1,974 |
| 8 | Smithfield | 89.1 | $477,189 | $2,000 |
| 9 | East Providence | 88.2 | $408,905 | $1,961 |
| 10 | North Smithfield | 84.4 | $486,176 | $2,047 |
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1. West Warwick
Here's why the 02893 zip code in West Warwick is Rhode Island's most affordable place to live.
🔎 Key data about West Warwick
| Data point | Value | Rank (out of 39 markets) | Difference from median or average |
|---|---|---|---|
| Affordability Score | 100.0 | No. 1 | N/A |
| Median home value | $370,565[1] | No. 5 | -$101,512.36 |
| Home affordability ratio | 5.2 | No. 16 | -0.7 |
| Home value five-year change | 60.9%[2] | No. 21 | -0.1% |
| Home value one-year forecast | 2.1%[3] | No. 12 | 0.0% |
| Rental costs | $1,619[4] | No. 3 | -$428 |
| Rent affordability ratio | 2.25% | No. 5 | -0.3% |
| Median household income | $71,851[5] | No. 28 | -$8,728 |
| Property taxes | $4,957[6] | No. 25 | $65 |
| Energy costs | $0.18 kWh[7] | No. 1 | $0.00 |
West Warwick's 02893 zip code is the cheapest place to live in Rhode Island, leading the 39 markets we evaluated.
The median home value is $370,565, making it the 5th-cheapest housing market in the state. Forecasts project a 2.1% change in home values in the next year. Rent in the zip code averages $1,619 per month, which is the 5th cheapest amount in Rhode Island.
The median property tax for homeowners in West Warwick is $4,957 per household, the No. 25 ranked market in Rhode Island.
Residents pay $0.18 per kWh of electricity, which ranks No. 1 among Rhode Island markets.
2. North Providence
The 2911 zip code is the 2nd-cheapest place to live in Rhode Island.
🔎 Key data about North Providence
| Data point | Value | Rank (out of 39 markets) | Difference from median or average |
|---|---|---|---|
| Affordability Score | 96.3 | No. 2 | N/A |
| Median home value | $402,382[8] | No. 16 | -$69,695.78 |
| Home affordability ratio | 5.151145904 | No. 15 | -0.7 |
| Home value five-year change | 0.6442983125[9] | No. 27 | 3.4% |
| Home value one-year forecast | 2.1%[10] | No. 12 | 0.0% |
| Rental costs | $1,683[11] | No. 4 | -$364 |
| Rent affordability ratio | 2.15% | No. 3 | -0.4% |
| Median household income | 78115[12] | No. 27 | -$2,464 |
| Property taxes | $5,043[13] | No. 27 | $151 |
| Energy costs | 0.1752186341 kWh[14] | No. 1 | $0.00 |
North Providence's 2911 zip code has a median home value of $402,382, which is the 12th-cheapest housing market in Rhode Island. You can rent for an average of $1,683 per month. That's the 4th-cheapest price in the state.
The average household income in the zip code is 78115, which ranks 27th-highest in the state.
Homeowners in North Providence pay a median property tax of $5,043 per year, making it the 27th-most affordable market in Rhode Island.
North Providence ranks No. 1 among Rhode Island energy markets. You'll pay 0.1752186341 per kWh of electricity.
3. Cranston
The 3rd-cheapest place to live in Rhode Island is Cranston's 2910 zip code.
🔎 Key data about Cranston
| Data point | Value | Rank (out of 39 markets) | Difference from median or average |
|---|---|---|---|
| Affordability Score | 94.3 | No. 3 | N/A |
| Median home value | $386,805[15] | No. 11 | -$85,272.52 |
| Home affordability ratio | 4.460955793 | No. 2 | -1.4 |
| Home value five-year change | 0.6227345983[16] | No. 22 | 1.2% |
| Home value one-year forecast | 2.1%[17] | No. 12 | 0.0% |
| Rental costs | $2,047[18] | No. 13 | $0 |
| Rent affordability ratio | 2.54% | No. 10 | 0.0% |
| Median household income | 86709[19] | No. 18 | $6,130 |
| Property taxes | $4,509[20] | No. 14 | -$383 |
| Energy costs | 0.1752186341 kWh[21] | No. 1 | $0.00 |
The No. 11 cheapest housing market in Rhode Island is Cranston's 2910 zip code, with a median home value of $386,805. Rents in the market average $2,047 per month, making it the 13th-most affordable rental market in the state.
The median property tax for households in Cranston is $4,509, which makes it the 14th-cheapest place in Rhode Island. Cranston ranks No. 1 among Rhode Island markets by energy costs. Residents pay 0.1752186341 per kWh of electricity.
4. Coventry
The 2816 zip code in Coventry comes in at No. 4 on our list of the cheapest places to live in Rhode Island.
🔎 Key data about Coventry
| Data point | Value | Rank (out of 39 markets) | Difference from median or average |
|---|---|---|---|
| Affordability Score | 94.2 | No. 4 | N/A |
| Median home value | $412,898[22] | No. 18 | -$59,179.96 |
| Home affordability ratio | 4.391312835 | No. 1 | -1.5 |
| Home value five-year change | 0.5719413047[23] | No. 10 | -3.9% |
| Home value one-year forecast | 2%[24] | No. 2 | -0.1% |
| Rental costs | $2,047[25] | No. 13 | $0 |
| Rent affordability ratio | 2.54% | No. 10 | 0.0% |
| Median household income | 94026[26] | No. 13 | $13,447 |
| Property taxes | $4,742[27] | No. 20 | -$150 |
| Energy costs | 0.1752186341 kWh[28] | No. 1 | $0.00 |
The No. 18 cheapest housing market in Rhode Island is Coventry's 2816 zip code, where the median home value is $412,898. Renters here pay an average of $2,047 per month.
When it comes to energy costs, Coventry ranks 1st among Rhode Island markets. Residents pay 0.1752186341 per kWh of electricity.
The median property tax for households in the zip code is $4,742, which makes it the 20th-cheapest market in Rhode Island.
5. Cumberland
The 2864 zip code in Cumberland ranks No. 5 among Rhode Island's most affordable places to live.
🔎 Key data about Cumberland
| Data point | Value | Rank (out of 39 markets) | Difference from median or average |
|---|---|---|---|
| Affordability Score | 93.0 | No. 5 | N/A |
| Median home value | $490,209[29] | No. 24 | $18,131.62 |
| Home affordability ratio | 4.466761031 | No. 3 | -1.4 |
| Home value five-year change | 0.5377179157[30] | No. 3 | -7.3% |
| Home value one-year forecast | 2%[31] | No. 2 | -0.1% |
| Rental costs | $2,359[32] | No. 34 | $312 |
| Rent affordability ratio | 2.15% | No. 2 | -0.4% |
| Median household income | 109746[33] | No. 6 | $29,167 |
| Property taxes | $4,754[34] | No. 21 | -$138 |
| Energy costs | 0.1752186341 kWh[35] | No. 1 | $0.00 |
Cumberland's 2864 zip code has a median home value of $490,209, the 24th-cheapest market in the state. Forecasts project a 2% change in home values in the next year.
The median property tax per household in Cumberland is $4,754. It's the 21st-cheapest market by tax rate in Rhode Island.
6. Warwick
The No. 6 most affordable place to live in Rhode Island is the 2889 zip code.
🔎 Key data about Warwick
| Data point | Value | Rank (out of 39 markets) | Difference from median or average |
|---|---|---|---|
| Affordability Score | 92.8 | No. 6 | N/A |
| Median home value | $376,295[36] | No. 7 | -$95,782.83 |
| Home affordability ratio | 4.632687965 | No. 4 | -1.2 |
| Home value five-year change | 0.5990965257[37] | No. 19 | -1.1% |
| Home value one-year forecast | 2.1%[38] | No. 12 | 0.0% |
| Rental costs | $2,047[39] | No. 13 | $0 |
| Rent affordability ratio | 2.54% | No. 10 | 0.0% |
| Median household income | 81226[40] | No. 25 | $647 |
| Property taxes | $4,415[41] | No. 11 | -$477 |
| Energy costs | 0.1752186341 kWh[42] | No. 1 | $0.00 |
The back half of our top 10 kicks off with Warwick's 2889 zip code, which has the 7th-cheapest home values in Rhode Island. The median home value is $376,295. Rents average $2,047 per month, making it the 13th-most affordable rental market in the state.
Residents pay 0.1752186341 per kWh of electricity. It's the 1st-cheapest energy market.
7. Pawtucket
Pawtucket's 2861 zip code is the 7th-cheapest place to live in Rhode Island.
🔎 Key data about Pawtucket
| Data point | Value | Rank (out of 39 markets) | Difference from median or average |
|---|---|---|---|
| Affordability Score | 91.0 | No. 7 | N/A |
| Median home value | $380,292[43] | No. 8 | -$91,785.54 |
| Home affordability ratio | 4.815224751 | No. 8 | -1.0 |
| Home value five-year change | 0.6471638991[44] | No. 28 | 3.7% |
| Home value one-year forecast | 2.1%[45] | No. 12 | 0.0% |
| Rental costs | $1,974[46] | No. 10 | -$73 |
| Rent affordability ratio | 2.50% | No. 9 | 0.0% |
| Median household income | 78977[47] | No. 26 | -$1,602 |
| Property taxes | $4,189[48] | No. 8 | -$703 |
| Energy costs | 0.1752186341 kWh[49] | No. 1 | $0.00 |
You'll find the 8th-cheapest home values in Rhode Island in Pawtucket's 2861 zip code. The median value: $380,292. Renters in Pawtucket pay an average of $1,974 per month.
Homeowners in Pawtucket pay a median property tax of $4,189 per year, which is Rhode Island's 8th-most affordable market.
The average household income is 78977, which ranks 26th-highest in the state.
8. Smithfield
The 8th-cheapest place to live in Rhode Island is Smithfield's 2917 zip code.
🔎 Key data about Smithfield
| Data point | Value | Rank (out of 39 markets) | Difference from median or average |
|---|---|---|---|
| Affordability Score | 89.1 | No. 8 | N/A |
| Median home value | $477,189[50] | No. 22 | $5,111.69 |
| Home affordability ratio | 5.04796553 | No. 12 | -0.8 |
| Home value five-year change | 0.5417763667[51] | No. 4 | -6.9% |
| Home value one-year forecast | 2%[52] | No. 2 | -0.1% |
| Rental costs | $2,000[53] | No. 11 | -$47 |
| Rent affordability ratio | 2.12% | No. 1 | -0.4% |
| Median household income | 94531[54] | No. 12 | $13,952 |
| Property taxes | $4,978[55] | No. 26 | $86 |
| Energy costs | 0.1752186341 kWh[56] | No. 1 | $0.00 |
The 22nd-cheapest housing market in Rhode Island is Smithfield's 2917 zip code, with a median home value of $477,189. Renters pay an average of $2,000 per month, the No. 11 rental market in the state.
The median property tax for households in Smithfield is $4,978, which makes it the 26th-cheapest place in Rhode Island. The average household income of 94531 ranks 12th.
9. East Providence
East Providence's 2915 zip code sneaks into the top ten of Rhode Island's most affordable places to live.
🔎 Key data about East Providence
| Data point | Value | Rank (out of 39 markets) | Difference from median or average |
|---|---|---|---|
| Affordability Score | 88.2 | No. 9 | N/A |
| Median home value | $408,905[57] | No. 17 | -$63,172.75 |
| Home affordability ratio | 4.953659707 | No. 11 | -0.9 |
| Home value five-year change | 0.6433366389[58] | No. 26 | 3.3% |
| Home value one-year forecast | 2.1%[59] | No. 12 | 0.0% |
| Rental costs | $1,961[60] | No. 9 | -$86 |
| Rent affordability ratio | 2.38% | No. 8 | -0.2% |
| Median household income | 82546[61] | No. 20 | $1,967 |
| Property taxes | $4,451[62] | No. 13 | -$441 |
| Energy costs | 0.1752186341 kWh[63] | No. 1 | $0.00 |
The 17th-cheapest housing market in Rhode Island is East Providence's 2915 zip code, where the median home value is $408,905. Renters pay an average of $1,961 per month. It's the state's 9th-cheapest rental market.
The median property tax for households within the zip code is $4,451, which makes it the 13th-cheapest property tax rate in Rhode Island.
10. North Smithfield
The final spot on our list of the most affordable places to live in Rhode Island goes to the 2896 zip code in North Smithfield.
🔎 Key data about North Smithfield
| Data point | Value | Rank (out of 39 markets) | Difference from median or average |
|---|---|---|---|
| Affordability Score | 84.4 | No. 10 | N/A |
| Median home value | $486,176[64] | No. 23 | $14,098.86 |
| Home affordability ratio | 4.829454908 | No. 9 | -1.0 |
| Home value five-year change | 0.4742636408[65] | No. 2 | -13.6% |
| Home value one-year forecast | 2%[66] | No. 2 | -0.1% |
| Rental costs | $2,047[67] | No. 13 | $0 |
| Rent affordability ratio | 2.54% | No. 10 | 0.0% |
| Median household income | 100669[68] | No. 9 | $20,090 |
| Property taxes | $5,092[69] | No. 28 | $200 |
| Energy costs | 0.1752186341 kWh[70] | No. 1 | $0.00 |
The 23rd-most affordable market in Rhode Island is North Smithfield's 2896 zip code. The median home value is $486,176. Rent in the market costs $2,047 per month on average, making it the 13th-most affordable rental market in Rhode Island.
The median property tax for households in North Smithfield is $5,092, which is the 28th-cheapest property tax rate in the state.
North Smithfield ranks No. 1 among Rhode Island markets by energy costs, with households paying 0.1752186341 per kWh of electricity.
How we ranked the most affordable places in Rhode Island
We evaluated 39 zip codes in Rhode Island with a population over 10,000 on nine metrics. We then assigned each market an Affordability Score based on its weighted and combined rankings.
Our proprietary Affordability Score is a score on a scale of 0 (worst in state) to 100 (best in state) that estimates the affordability of a particular zip code. It takes into account these key data points for each zip code.
- Median home value: The median home value for each zip code comes from the Zillow Home Value Index. The lower the median home value relative to the median value in Rhode Island, the higher our score on this component. We assign a weight of 23.8% to median home value.
- Home affordability ratio. The home affordability ratio is the typical median home value divided by the median household income in the zip code, which reveals the number of years of household income needed to afford a home in that zip code. A lower ratio is better because it means more households can afford a home. The data comes from the Zillow Observed Rent Index and the U.S. Census American Community Survey. We assign a weight of 23.8% to the home affordability ratio.
- Home value five-year change: The home value five-year change is the amount that the median home value in the zip code has risen or fallen during the last five years. Our data comes from the Zillow Home Value Index. We assign a weight of 4.8% to the home value five-year change.
- Home value one-year forecast: The home value one-year forecast comes from Zillow Forecast data. It projects how much home values in the zip code are forecasted to change in the next year. We assign a weight of 4.8% to the home value one-year forecast.
- Rental costs. The rental costs are the observed rents in the zip code, sourced from the Zillow Observed Rent Index. The index includes "listed rents that fall into the 40th to 60th percentile range for all homes and apartments in a given region." We assign a weight of 11.9% to rental costs.
- Median household income: The inflation-adjusted median household income figures for the zip code comes from the U.S. Census American Community Survey. We assign a weight of 4.8% to median household income.
- Rent affordability ratio. The rent affordability ratio is the ratio of rental costs divided by median household income, which provides the percentage of household income needed to pay a typical month’s rent in the zip code. The data comes from the Zillow Observed Rent Index and the U.S. Census American Community Survey. We assign a weight of 11.9% to the rent affordability ratio.
- Property taxes: The property tax figures are the median real estate taxes paid in the zip code, sourced from the U.S. Census American Community Survey. The lower the property tax rate relative to the Rhode Island average, the higher our score on this component. We assign a weight of 7.1% to property taxes.
- Energy costs: The energy costs are the costs of a kilowatt hour (kWh) of residential electricity in the zip code, sourced from the U.S. Department of Energy. The lower the cost of electricity relative to the Rhode Island average, the higher our score on this component. We assign a weight of 7.1% to energy costs.
✍️ Editor’s note: Our Affordability Score identifies the most affordable places in a state by zip code. Often the zip code we identify will represent an entire city or portion of a city.
Occasionally the zip code we identify will encompass an area that includes one or more small towns. In these cases, the data we’ve gathered applies to the entire zip code, not just the single town we’re using to help identify the zip code's location.
If you’re looking to move to one of these affordable places, we recommend doing additional research to make sure the costs in the area — and the quality of life it offers — meet your specific needs.
