The 02864 zip code in Cumberland tops our ranking of the most affordable places to live in Rhode Island.
Whether you're searching for affordable cities and towns to buy a home or the places with the lowest cost of living to rent, consider the following zip codes.
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Top 10 most affordable places to live in Rhode Island
| Rank | City | Affordability Score | Median home value | Rental costs |
|---|---|---|---|---|
| 1 | Cumberland 🥇 | 100.0 | $513,654 | $2,098 |
| 2 | Cranston 🥈 | 96.2 | $400,047 | $1,802 |
| 3 | North Providence 🥉 | 89.7 | $413,399 | $1,752 |
| 4 | Barrington | 80.3 | $784,950 | $2,100 |
| 5 | Lincoln | 78.5 | $558,109 | $2,000 |
| 6 | North Smithfield | 77.5 | $506,323 | $2,087 |
| 7 | East Greenwich | 77.4 | $713,187 | $2,141 |
| 8 | Coventry | 76.1 | $446,975 | $2,087 |
| 9 | Pawtucket | 75.5 | $395,601 | $1,932 |
| 10 | Warwick | 75.3 | $408,681 | $2,087 |
What these affordable cities and towns have in common
The 10 zip codes we ranked share a common trait: a low cost of living relative to the Rhode Island median.
Median home values, rental costs, and property taxes generally sit below the state averages, while household incomes remain strong enough to keep home affordability ratios manageable. Below, we look at each market in detail.
1. Cumberland
Here's why the 02864 zip code in Cumberland is Rhode Island's most affordable place to live.
🔎 Key data about Cumberland
| Data point | Value | Rank (out of 39 markets) | Difference from median or average |
|---|---|---|---|
| Affordability Score | 100.0 | No. 1 | N/A |
| Median home value | $513,654[1] | No. 23 | $14,585 |
| Home affordability ratio | 4.4 | No. 2 | -1.3 |
| Home value five-year change | 37.8%[2] | No. 5 | -6.5% |
| Home value one-year forecast | 1.4%[3] | No. 2 | -0.1% |
| Rental costs | $2,098[4] | No. 26 | $11 |
| Rent affordability ratio | 1.79% | No. 3 | -0.6% |
| Median household income | $117,522[5] | No. 5 | $29,816 |
| Property taxes | $4,870[6] | No. 21 | -$68 |
| Energy costs | $0.22 kWh[7] | No. 1 | $0.00 |
Cumberland's 02864 zip code is the cheapest place to live in Rhode Island, leading the 39 markets we evaluated.
The median home value is $513,654, making it the 23rd-cheapest housing market in the state. Forecasts project a 1.4% change in home values in the next year. Rent in the zip code averages $2,098 per month, which is the 3rd cheapest amount in Rhode Island.
The median property tax for homeowners in Cumberland is $4,870 per household, the No. 21 ranked market in Rhode Island.
Residents pay $0.22 per kWh of electricity, which ranks No. 1 among Rhode Island markets.
📈 Thinking about buying in Rhode Island? See our complete housing market outlook for the data, trends, and timing insights Rhode Island buyers need to know.
2. Cranston
The 02910 zip code is the 2nd-cheapest place to live in Rhode Island.
🔎 Key data about Cranston
| Data point | Value | Rank (out of 39 markets) | Difference from median or average |
|---|---|---|---|
| Affordability Score | 96.2 | No. 2 | N/A |
| Median home value | $400,047[1] | No. 9 | -$99,022 |
| Home affordability ratio | 4.4 | No. 4 | -1.3 |
| Home value five-year change | 37.8%[2] | No. 4 | -6.5% |
| Home value one-year forecast | 1.5%[3] | No. 4 | 0.0% |
| Rental costs | $1,802[4] | No. 7 | -$285 |
| Rent affordability ratio | 1.99% | No. 6 | -0.4% |
| Median household income | $90,698[5] | No. 22 | $2,992 |
| Property taxes | $4,470[6] | No. 13 | -$468 |
| Energy costs | $0.22 kWh[7] | No. 1 | $0.00 |
Cranston's 02910 zip code has a median home value of $400,047, which is the 9th-cheapest housing market in Rhode Island. You can rent for an average of $1,802 per month. That's the 7th-cheapest price in the state.
The average household income in the zip code is $90,698, which ranks 22nd-highest in the state.
Homeowners in Cranston pay a median property tax of $4,470 per year, making it the 13th-most affordable market in Rhode Island.
Cranston ranks No. 1 among Rhode Island energy markets. You'll pay $0.22 per kWh of electricity.
3. North Providence
The 3rd-least-expensive place to live in Rhode Island is North Providence's 02911 zip code.
🔎 Key data about North Providence
| Data point | Value | Rank (out of 39 markets) | Difference from median or average |
|---|---|---|---|
| Affordability Score | 89.7 | No. 3 | N/A |
| Median home value | $413,399[1] | No. 13 | -$85,670 |
| Home affordability ratio | 4.6 | No. 7 | -1.1 |
| Home value five-year change | 40.7%[2] | No. 12 | -3.6% |
| Home value one-year forecast | 1.5%[3] | No. 4 | 0.0% |
| Rental costs | $1,752[4] | No. 5 | -$335 |
| Rent affordability ratio | 1.96% | No. 5 | -0.4% |
| Median household income | $89,456[5] | No. 23 | $1,750 |
| Property taxes | $4,987[6] | No. 26 | $49 |
| Energy costs | $0.22 kWh[7] | No. 1 | $0.00 |
The No. 13 cheapest housing market in Rhode Island is North Providence's 02911 zip code, with a median home value of $413,399. Rents in the market average $1,752 per month, making it the 5th-most affordable rental market in the state.
The median property tax for households in North Providence is $4,987, which makes it the 26th-cheapest place in Rhode Island. North Providence ranks No. 1 among Rhode Island markets by energy costs. Residents pay $0.22 per kWh of electricity.
4. Barrington
The 02806 zip code in Barrington comes in at No. 4 on our list of the cheapest places to live in Rhode Island.
🔎 Key data about Barrington
| Data point | Value | Rank (out of 39 markets) | Difference from median or average |
|---|---|---|---|
| Affordability Score | 80.3 | No. 4 | N/A |
| Median home value | $784,950[1] | No. 36 | $285,881 |
| Home affordability ratio | 5.1 | No. 15 | -0.6 |
| Home value five-year change | 46.7%[2] | No. 30 | 2.4% |
| Home value one-year forecast | 1.7%[3] | No. 35 | 0.2% |
| Rental costs | $2,100[4] | No. 27 | $13 |
| Rent affordability ratio | 1.37% | No. 1 | -1.0% |
| Median household income | $153,198[5] | No. 1 | $65,492 |
| Property taxes | $9,656[6] | No. 39 | $4,718 |
| Energy costs | $0.22 kWh[7] | No. 1 | $0.00 |
The No. 36 cheapest housing market in Rhode Island is Barrington's 02806 zip code, where the median home value is $784,950. Renters here pay an average of $2,100 per month.
When it comes to energy costs, Barrington ranks 1st among Rhode Island markets. Residents pay $0.22 per kWh of electricity.
The median property tax for households in the zip code is $9,656, which makes it the 39th-cheapest market in Rhode Island.
5. Lincoln
The 02865 zip code in Lincoln ranks No. 5 among Rhode Island's most affordable places to live.
🔎 Key data about Lincoln
| Data point | Value | Rank (out of 39 markets) | Difference from median or average |
|---|---|---|---|
| Affordability Score | 78.5 | No. 5 | N/A |
| Median home value | $558,109[1] | No. 27 | $59,040 |
| Home affordability ratio | 5.3 | No. 18 | -0.4 |
| Home value five-year change | 38.6%[2] | No. 7 | -5.7% |
| Home value one-year forecast | 1.5%[3] | No. 4 | 0.0% |
| Rental costs | $2,000[4] | No. 14 | -$87 |
| Rent affordability ratio | 1.89% | No. 4 | -0.5% |
| Median household income | $105,958[5] | No. 11 | $18,252 |
| Property taxes | $4,940[6] | No. 23 | $2 |
| Energy costs | $0.22 kWh[7] | No. 1 | $0.00 |
Lincoln's 02865 zip code has a median home value of $558,109, the 27th-cheapest housing market in the state. Forecasts project a 1.5% change in home values in the next year.
The median property tax per household in Lincoln is $4,940. It's the 23rd-cheapest market by tax rate in Rhode Island.
6. North Smithfield
The No. 6 most affordable city in Rhode Island is the 02896 zip code.
🔎 Key data about North Smithfield
| Data point | Value | Rank (out of 39 markets) | Difference from median or average |
|---|---|---|---|
| Affordability Score | 77.5 | No. 6 | N/A |
| Median home value | $506,323[1] | No. 22 | $7,254 |
| Home affordability ratio | 4.6 | No. 9 | -1.0 |
| Home value five-year change | 32.2%[2] | No. 2 | -12.1% |
| Home value one-year forecast | 1.5%[3] | No. 4 | 0.0% |
| Rental costs | $2,087[4] | No. 17 | $0 |
| Rent affordability ratio | 2.38% | No. 15 | 0.0% |
| Median household income | $108,983[5] | No. 9 | $21,277 |
| Property taxes | $5,162[6] | No. 28 | $224 |
| Energy costs | $0.22 kWh[7] | No. 1 | $0.00 |
The back half of our top 10 kicks off with North Smithfield's 02896 zip code, which has the 22nd-cheapest home values in Rhode Island. The median home value is $506,323. Rents average $2,087 per month, making it the 17th-most affordable rental market in the state.
Residents pay $0.22 per kWh of electricity. It's the 1st-cheapest energy market.
7. East Greenwich
East Greenwich's 02818 zip code is the 7th-cheapest place to live in Rhode Island.
🔎 Key data about East Greenwich
| Data point | Value | Rank (out of 39 markets) | Difference from median or average |
|---|---|---|---|
| Affordability Score | 77.4 | No. 7 | N/A |
| Median home value | $713,187[1] | No. 33 | $214,118 |
| Home affordability ratio | 5.1 | No. 14 | -0.6 |
| Home value five-year change | 53.5%[2] | No. 38 | 9.2% |
| Home value one-year forecast | 1.7%[3] | No. 35 | 0.2% |
| Rental costs | $2,141[4] | No. 28 | $53 |
| Rent affordability ratio | 1.54% | No. 2 | -0.8% |
| Median household income | $139,217[5] | No. 3 | $51,511 |
| Property taxes | $9,439[6] | No. 38 | $4,501 |
| Energy costs | $0.22 kWh[7] | No. 1 | $0.00 |
You'll find the 33rd-cheapest home values in Rhode Island in East Greenwich's 02818 zip code. The median value: $713,187. Renters in East Greenwich pay an average of $2,141 per month.
Homeowners in East Greenwich pay a median property tax of $9,439 per year, which is Rhode Island's 38th-most affordable market.
The average household income is $139,217, which ranks 3rd-highest in the state.
8. Coventry
The 8th-least-expensive place to live in Rhode Island is Coventry's 02816 zip code.
🔎 Key data about Coventry
| Data point | Value | Rank (out of 39 markets) | Difference from median or average |
|---|---|---|---|
| Affordability Score | 76.1 | No. 8 | N/A |
| Median home value | $446,975[1] | No. 21 | -$52,094 |
| Home affordability ratio | 4.4 | No. 3 | -1.3 |
| Home value five-year change | 41.5%[2] | No. 14 | -2.8% |
| Home value one-year forecast | 1.5%[3] | No. 4 | 0.0% |
| Rental costs | $2,087[4] | No. 17 | $0 |
| Rent affordability ratio | 2.38% | No. 15 | 0.0% |
| Median household income | $101,431[5] | No. 14 | $13,725 |
| Property taxes | $4,938[6] | No. 22 | $0 |
| Energy costs | $0.22 kWh[7] | No. 1 | $0.00 |
The 21st-cheapest housing market in Rhode Island is Coventry's 02816 zip code, with a median home value of $446,975. Renters pay an average of $2,087 per month, the No. 17 rental market in the state.
The median property tax for households in Coventry is $4,938, which makes it the 22nd-cheapest place in Rhode Island. The average household income of $101,431 ranks 14th.
9. Pawtucket
Pawtucket's 02861 zip code is one of Rhode Island's most affordable towns, sneaking into the top ten of our rankings.
🔎 Key data about Pawtucket
| Data point | Value | Rank (out of 39 markets) | Difference from median or average |
|---|---|---|---|
| Affordability Score | 75.5 | No. 9 | N/A |
| Median home value | $395,601[1] | No. 7 | -$103,468 |
| Home affordability ratio | 4.7 | No. 10 | -0.9 |
| Home value five-year change | 42.9%[2] | No. 18 | -1.4% |
| Home value one-year forecast | 1.5%[3] | No. 4 | 0.0% |
| Rental costs | $1,932[4] | No. 11 | -$156 |
| Rent affordability ratio | 2.32% | No. 11 | -0.1% |
| Median household income | $83,411[5] | No. 27 | -$4,295 |
| Property taxes | $3,990[6] | No. 6 | -$948 |
| Energy costs | $0.22 kWh[7] | No. 1 | $0.00 |
The 7th-cheapest housing market in Rhode Island is Pawtucket's 02861 zip code, where the median home value is $395,601. Renters pay an average of $1,932 per month. It's the state's 11th-cheapest rental market.
The median property tax for households within the zip code is $3,990, which makes it the 6th-cheapest property tax rate in Rhode Island.
10. Warwick
The final spot on our list of the most affordable places to live in Rhode Island goes to the 02888 zip code in Warwick.
🔎 Key data about Warwick
| Data point | Value | Rank (out of 39 markets) | Difference from median or average |
|---|---|---|---|
| Affordability Score | 75.3 | No. 10 | N/A |
| Median home value | $408,681[1] | No. 11 | -$90,388 |
| Home affordability ratio | 4.4 | No. 5 | -1.2 |
| Home value five-year change | 44.7%[2] | No. 22 | 0.4% |
| Home value one-year forecast | 1.6%[3] | No. 20 | 0.1% |
| Rental costs | $2,087[4] | No. 17 | $0 |
| Rent affordability ratio | 2.38% | No. 15 | 0.0% |
| Median household income | $91,867[5] | No. 19 | $4,161 |
| Property taxes | $4,551[6] | No. 15 | -$387 |
| Energy costs | $0.22 kWh[7] | No. 1 | $0.00 |
Rounding out our top 10 is Warwick's 02888 zip code, with the 11th-cheapest home values in Rhode Island.
The median home value is $408,681. Rent in the market costs $2,087 per month on average.
The median property tax for households in Warwick is $4,551, which is the 15th-cheapest property tax rate in the state.
Warwick ranks No. 1 among Rhode Island markets by energy costs, with households paying $0.22 per kWh of electricity.
What questions about these cities should I ask local agents?
Once you've found a town you're interested in, you'll want to ask a local agent for details our rankings can't capture. Start with these four questions:
- What neighborhoods inside this zip code have the best resale value?
- What's the rental market like right now?
- Are there local property tax exemptions or homestead programs you'd qualify for?
- What are the most common surprises buyers run into here?
🏡 Need a local agent? We can connect you with an expert who knows the market.
Frequently asked questions about the least expensive places to live in Rhode Island
Based on Clever's Affordability Score, the 02864 zip code in Cumberland is the cheapest place to live in Rhode Island.
The median home value is $513,654, and the median household income is $117,522, giving Cumberland a home affordability ratio of 4.4, meaning a typical home costs about that many times the median annual income.
See our Affordability Score methodology and the full ranking of the 10 cheapest places to live in Rhode Island.
The median home value in Rhode Island is $499,069.
See the rankings above for how individual cities compare to these state-wide figures.
Rhode Island is currently a moderate seller's market, according to Clever's Market Heat Index.
The index reflects the balance between buyer demand and seller supply, which affects how much negotiating power buyers and sellers have in any given market.
Markets also vary by city, county, and neighborhood. It's always good to check with a local real estate agent to understand the dynamics of a given local market.
The median amount homeowners pay in property taxes in Rhode Island is $4,938 per year.
Property taxes are a key part of the overall cost of living, and they vary significantly by location. The per-city tax figures in the rankings above show how each of the 10 cheapest places stacks up against the Rhode Island median.
📍 The 10 cheapest places to live in your region
How we ranked the most affordable cities and towns in Rhode Island
We evaluated 39 zip codes in Rhode Island with a population over 10,000 on home values, rental costs, energy rates, property taxes, and five other affordability indicators. 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 13.0% 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 28.0% 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 10.0% 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 8.0% 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 7.0% 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 5.0% 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 17.0% 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 8.0% 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 4.0% 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.
Why you should trust us
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Our team is committed to making home purchasing more transparent by educating buyers and sellers through guides like this one. Our writers, editors, and industry-leading researchers strive to provide readers with the most up-to-date, accurate, and useful information.
Our research has been featured in The New York Times, Business Insider, Inman, Housing Wire, and many more publications.
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