Cost of Ownership · Rhode Island
The true cost of owning a home in Rhode Island
For a median $404,200 home in Rhode Island, here is the full monthly cost — not just the mortgage. Built from public data: the state's median home value and effective property-tax rate, its average homeowners premium, and the current 30-year rate. This is a representative example, not a quote.
Lender-approved payment
$3,051/mo
PITI + PMI
True monthly cost
$3,388/mo
everything, incl. upkeep
The gap
+$337/mo
what approval leaves out
Effective property-tax rate
1.21%
Avg. homeowners premium
$2,074/yr
NFIP flood claims on record
7,023
Closing costs in Rhode Island
Median closing costs and lender origination charges on real home-purchase loans in Rhode Island, from public CFPB HMDA data. Cells with fewer than 25 loans aren't shown.
Median total closing costs
$5,757
Typically $4,397–$11,373
Median origination charges
$2,275
Typically $1,208–$5,273
| Loan size | p25 | Median | p75 | Loans |
|---|---|---|---|---|
| All | $4,397 | $5,757 | $11,373 | 8,430 |
| All | $4,032 | $6,078 | $11,346 | 7,592 |
| < $250k | $3,370 | $4,217 | $5,513 | 895 |
| < $250k | $3,170 | $4,009 | $5,856 | 1,159 |
| $250k–$500k | $4,302 | $5,548 | $11,209 | 4,885 |
| $250k–$500k | $4,092 | $7,193 | $11,989 | 4,942 |
| $500k–$750k | $4,482 | $6,401 | $14,480 | 1,167 |
| $500k–$750k | $5,019 | $7,161 | $16,355 | 2,039 |
| > $750k | $5,507 | $6,664 | $9,383 | 611 |
| > $750k | $5,281 | $6,368 | $8,999 | 324 |
Compare your own Loan Estimate with the Loan Estimate Decoder, or see every state in the Fee & Rate Index.
Common questions about buying a home in Rhode Island
- What are the median closing costs in Rhode Island?
- Median total closing costs — lender and third-party charges — on a home-purchase loan in Rhode Island are about $5,757, from public CFPB HMDA data. Cells with fewer than 25 loans are suppressed.
- What is the effective property-tax rate in Rhode Island?
- The effective property-tax rate in Rhode Island is about 1.21%, from the Census American Community Survey (median real estate taxes divided by median home value).
- What does a median home cost to own each month in Rhode Island?
- A median $404,200 home in Rhode Island costs about $3,388 a month to own — principal, interest, property tax, insurance, PMI, and a maintenance reserve — versus a lender-approved payment of about $3,051. Every figure is from public data.
These figures use Rhode Island's median home value and a 10% down payment as a representative example. Your price, rate, and county rate will differ — run your own numbers in the True Cost tool, see how Rhode Island ranks on property tax and insurance, or browse every state.