12 Most Affordable Places to Live in Rhode Island

The smallest state in the US, Rhode Island, has no shortage of reasons to consider moving there. With charming small towns along the coast, historic cities like Providence, the state’s maritime heritage, historic mansions, and beautiful islands, there’s much to love about Rhode Island. If Rhode Island sounds like the state for you, then you may also be curious about what cities fit into your budget. When it comes to buying a home in Rhode Island the median home sale price is $469,400. 

If that price is out of your budget, don’t worry. We’ve got options to help you find a home. Redfin has rounded up a list of the 12 of the most affordable places to live in Rhode Island – and they all have a median home sale price under the state’s average. From West Warwick to Westerly, read on to see what cities you may want to consider moving to.

#1: West Warwick

Median home price: $345,000
Average sale price per square foot: $240 
Median household income: $62,649 
Nearest major metro: Providence (10 miles)
West Warwick, RI homes for sale
West Warwick, RI apartments for rent

With a median home sale price of $345,000, West Warwick lands the number one spot on our list as the most affordable place to live in Rhode Island. There are about 31,000 residents living in this mid-sized city, located about 10 miles south of Providence. If you’re considering moving to this area make sure to check out the Matteson Pond Recreation Area, explore the Arctic neighborhood, and golf at one of the clubs.

#2: Woonsocket

Median home price: $365,000 
Average sale price per square foot: $199 
Average rent for a 1-bedroom apartment: $900 
Median household income: $44,310 
Nearest major metro: Providence (15 miles)
Woonsocket, RI homes for sale
Woonsocket, RI apartments for rent

Taking second place on our list of affordable cities to live in Rhode Island is Woonsocket. When living in this city of 43,200 people, you can visit one of the museums like the Museum of Work & Culture, sites like the Polar Express Station, see a show at the Stadium Theatre, and check out one of the parks like Cass Park.

#3: Pawtucket

Median home price: $375,000 
Average sale price per square foot: $188 
Average rent for a 1-bedroom apartment: $1,750 
Median household income: $52,902 
Nearest major metro: Providence (5 miles)
Pawtucket, RI homes for sale
Pawtucket, RI apartments for rent

Third is Pawtucket where about 75,600 residents currently live. The median home sale price is $375,000 which is about $95K less than the median home sale price in Rhode Island. If you find yourself moving to the third most affordable place in Rhode Island, check out one of the parks like Slater Memorial Park or Ten Mile River, stop by the Old Slater Mill National Historic Landmark, and visit the downtown area. 

#4: Coventry

Median home price: $375,000 
Average sale price per square foot: $225 
Median household income: $44,310 
Nearest major metro: Providence (15 miles)
Coventry, RI homes for sale
Coventry, RI apartments for rent

A little more expensive than Pawtucket is the city of Coventry. There are several top attractions you may want to check out in Coventry. Make sure to explore the nature preserves like Audubon George Parker Woodland Wildlife Refuge, Audubon Maxwell Mays Wildlife Refuge, or Tillinghast Pond Management Area, take a camping trip, or fish at Tiogue Lake.

#5: Cranston

Median home price: $387,000 
Average sale price per square foot: $224 
Average rent for a 1-bedroom apartment: $1,360 
Median household income: $44,310 
Nearest major metro: Providence (5 miles)
Cranston, RI homes for sale
Cranston, RI apartments for rent

Another great area to add to your list is Cranston. With 82,900 residents, moving to this affordable city gives you the perks of city-life without living in a major metropolitan area. Living in Cranston, you can check out all the local restaurants in the heart of the city, and visit some of the parks like Pawtuxet Oboes Park and John L. Curran State Park.

#6: North Providence

Median home price: $392,500 
Average sale price per square foot: $217 
Median household income: $63,158 
Nearest major metro: Providence (5 miles)
North Providence, RI homes for sale
North Providence, RI apartments for rent

Another noteworthy city is North Providence, where you’ll find the home prices are about $75K less than the state’s average. North Providence has about 34,100 residents and is a great city to consider living in this year. Whether you visit Governor John Notte Memorial Park along the Wenscott Reservoir, grab a meal at one of the stellar local restaurants, and golf at one of the courses, there are many activities to do and see in this city.

#7: Warwick

Median home price: $395,000 
Average sale price per square foot: $255 
Average rent for a 1-bedroom apartment: $1,622 
Median household income: $73,285 
Nearest major metro: Providence (10 miles)
Warwick, RI homes for sale
Warwick, RI apartments for rent

Claiming the seventh spot on our list of affordable places to live in Rhode Island is Warwick. With a population of about 82,800, you’ll be living in a mid-sized city, but there is no shortage of things to do in Warwick. Don’t miss out on enjoying nature at the waterfront spots like Rocky Point State Park, Buttonwoods Beach, or Conimicut Point Park, having a meal by the water, or checking out some of the other amazing local restaurants and shops in town once moving here.

#8: Johnston

Median home price: $400,000 
Average sale price per square foot: $238 
Median household income: $75,579 
Nearest major metro: Providence (5 miles)
Johnston, RI homes for sale
Johnston, RI apartments for rent

If you’ve been living in Rhode Island for some time, you probably know Johnston. About 29,600 people live in Johnston, just 5 miles west of Providence. Once moving to Johnston you’ll want to explore the trails at the expansive Snake Den State Park where you’ll also find the Wicked Tulips Farm, and check out the shops and restaurants along Atwood Ave. 

#9: East Providence

Median home price: $422,500 
Average sale price per square foot: $245 
Average rent for a 1-bedroom apartment: $1,950 
Median household income: $65,016 
Nearest major metro: Providence (5 miles)
East Providence, RI homes for sale
East Providence, RI apartments for rent

Another great place to consider living in Rhode Island is East Providence where the population is about 47,100. Popular things to do in East Providence include stopping by the Crescent Park Carousel which dates back to 1895 and taking in the scenic views from Sabin Point Waterfront Park. You can also take a tour of Pomham Rocks Lighthouse and visit downtown East Providence.

#10: Smithfield

Median home price: $430,000 
Average sale price per square foot: $260 
Median household income: $87,819 
Nearest major metro: Providence (10 miles)
Smithfield, RI homes for sale
Smithfield, RI apartments for rent

Taking the 10th spot is Smithfield, another one of the affordable places to live in Rhode Island. This city has a population of 22,100 and you can hike along the Wolf Hill Forest Preserve, visit Stump Pond and have a meal at a nearby restaurant, or practice your skating skills at Smithfield Municipal Ice Rink. You’ll have plenty of activities to explore during your free time living in Smithfield.

#11: Central Falls

Median home price: $437,500
Average sale price per square foot: $156 
Median household income: $34,689 
Nearest major metro: Providence (5 miles)
Central Falls, RI homes for sale
Central Falls, RI apartments for rent

With a median home sale price of $437,500, Central Falls is another affordable city to consider buying a home in this year. You’ll find there are about 22,600 residents in the Central Falls area so you’ll have a smaller city-like feel without the big-city prices. If Central Falls is the city for you, be sure to spend the afternoon at Valley Falls Pond and check out the restaurants and shops in the heart of Central Falls.

#12: Westerly

Median home price: $435,000 
Average sale price per square foot: $262 
Median household income: $75,200 
Nearest major metro: New London, CT (15 miles)
Westerly, RI homes for sale
Westerly, RI apartments for rent

The 12th city on our list is Westerly where you’ll find the median home sale price is $435,000. If you’re considering living in Westerly and are looking to travel to the nearest major city, you’ll find that New London, CT, is 15 miles west. There is plenty to do in Westerly like exploring the Napatree Point Conservation Area and checking out the nearby Watch Hill Lighthouse. You can also spend a relaxing day at East Beach, see a show at one of the theaters like United Theatre or Granite Theatre, and visit downtown Westerly.

Methodology: All cities must have over 20,000 residents per the US Census and have a median home sale price under the average median home sale price in Rhode Island. Median home sale price and median sale price per square foot from the Redfin Data Center during August 2023. Average rental data from Rent.com August 2023. Population and median household income data sourced from the United States Census Bureau.

The post 12 Most Affordable Places to Live in Rhode Island appeared first on Redfin | Real Estate Tips for Home Buying, Selling & More.