Best Places To Buy A House In Rhode Island For 2020


Using science and data, we can tell you which places in Rhode Island have seen home prices rising and people flocking over the past year.

Editor’s note: This is not investment advice and we are not financial advisers. Article updated for 2020.

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There's a the age old question everyone thinks about when they decide to move to a city in Rhode Island:

Should I buy a place or rent? Well, we aren't here today to solve that problem for you exactly. We are just assuming you'll do the right thing and a buy a place. And while we are happy to tell you the best place to live in Rhode Island, this analysis is going to tackle the question of the best place to buy a house as an investor. That is we are going to try and determine the up and coming cities in the Ocean State.

To do that we are going to look at places in Rhode Island that are growing faster than average, but where home prices are below average. In every day terms, the "deals". The best deal in Rhode Island at the moment? That would be Narragansett Pier according to our analysis.

Here's a look at the top ten places to buy a home in rhode island for 2020:

  1. Narragansett Pier (Photos | Homes For Sale)
  2. Pascoag (Photos | Homes For Sale)
  3. Kingston (Photos | Homes For Sale)
  4. Tiverton (Photos | Homes For Sale)
  5. Cumberland Hill (Photos | Homes For Sale)
  6. Greenville (Photos | Homes For Sale)
  7. Newport East (Photos | Homes For Sale)
  8. Valley Falls (Photos | Homes For Sale)
  9. Westerly (Photos | Homes For Sale)
  10. Central Falls (Photos | Homes For Sale)

What's the best place to buy a home in Rhode Island for 2020? According to our analysis, would the the ideal place to buy a home looking into the future.

The methodology that wen't into this can be a bit complicated, so we'll break it down for you in as much detail as we can below. If you're not worried about finding a deal on good places to live, check out the most expensive places to live in rhode island and, for those of you on a budget, the cheapest places to live in rhode island.

For more Rhode Island reading, check out:

The 10 Best Cities To Buy A House In Rhode Island For 2020

Narragansett Pier, RI

Overall SnackAbility

6
/10

Population: 3,725
Median Home Price: $515,500
Population Change: -6.3%
Home Price Change: 12.4%
More on Narragansett Pier: PhotosHomes For Sale | Data

Pascoag, RI

Overall SnackAbility

5
/10

Population: 4,824
Median Home Price: $217,300
Population Change: -4.3%
Home Price Change: 1.0%
More on Pascoag: PhotosHomes For Sale | Data

Kingston, RI

Overall SnackAbility

7.5
/10

Population: 6,789
Median Home Price: $353,000
Population Change: -2.8%
Home Price Change: 4.9%
More on Kingston: PhotosHomes For Sale | Data

The village was originally called Little Rest, but was renamed Kingston in 1826. It was the county seat for Washington County from 1752 until 1894, when a new courthouse was built in nearby West Kingston. West Kingston is also the site of the historic Kingston Railroad Station which opened in June, 1875. The station is served by Amtrak on its Northeast Corridor.

Tiverton, RI

Source: Public domain
Overall SnackAbility

6
/10

Population: 7,757
Median Home Price: $247,200
Population Change: 0.4%
Home Price Change: 0.6%
More on Tiverton: PhotosHomes For Sale | Data

Tiverton was incorporated by English colonists in 1694 as part of the Province of Massachusetts Bay. In 1746, in the final settlement of a long colonial boundary dispute between Rhode Island and Massachusetts, Tiverton was annexed to Rhode Island by Royal Decree. Tiverton was incorporated as a town of Rhode Island in 1747. Until that year, Tiverton also controlled the area of East Freetown, Massachusetts, as an outpost. The boundary settlement of 1746 had put East Freetown in Massachusetts, and in 1747 it was purchased by Freetown.

Cumberland Hill, RI

Overall SnackAbility

6
/10

Population: 8,142
Median Home Price: $251,300
Population Change: 1.0%
Home Price Change: 1.2%
More on Cumberland Hill: PhotosHomes For Sale | Data

Greenville, RI

Overall SnackAbility

6
/10

Population: 8,387
Median Home Price: $271,000
Population Change: -0.0%
Home Price Change: 3.8%
More on Greenville: PhotosHomes For Sale | Data

Newport East, RI

Overall SnackAbility

7.5
/10

Population: 11,561
Median Home Price: $341,500
Population Change: 3.1%
Home Price Change: 4.2%
More on Newport East: PhotosHomes For Sale | Data

Valley Falls, RI

Source: Public domain
Overall SnackAbility

6
/10

Population: 11,828
Median Home Price: $224,000
Population Change: -1.9%
Home Price Change: 2.2%
More on Valley Falls: PhotosHomes For Sale | Data

Westerly, RI

Overall SnackAbility

6
/10

Population: 17,435
Median Home Price: $283,300
Population Change: 0.6%
Home Price Change: 1.5%
More on Westerly: PhotosHomes For Sale | Data

Westerly's primary industries today are textiles and tourism, but the town was historically famous for its granite, quarried in at least two locations in Westerly: in Bradford and in Potter Hill.

Central Falls, RI

Overall SnackAbility

4
/10

Population: 19,382
Median Home Price: $147,800
Population Change: -0.1%
Home Price Change: -0.9%
More on Central Falls: PhotosHomes For Sale | Data

Prior to the arrival of Europeans the area was home to Nipmuc, Wampanoag and Narragansett peoples.

How do you determine the best places to buy a home in rhode island for 2020?

We were in real estate for almost five years and have been working on this site for another three. Suffice is to say, we've put a lot of thought into what goes into finding a good place to buy a home.

So all that thinking has come to this moment where we get to spell out how we'd approach finding an up-and-coming place to live in Rhode Island. Put differently, the analysis will try to find places in Rhode Island with undervalued homes relative to pent up demand.

To do that we looked at the most recent American Community Survey Census data for 2014-2018 and compared it to the previous vintage (2012-2016). Specifically, we used the following criteria:

  • Y-o-Y Change In Population (People want to live here)
  • Y-o-Y Change In Median Home Prices (People are willing to pay for it)
  • Home Prices Relative To The State Average (It's still kinda cheap)

We want places that are growing, have seen home prices increase in recent years, and are still "cheap" for Rhode Island with the following caveats:

So of the 0 cities and towns in Rhode Island, only 17 places made it through our initial filters to even be considered.

We then ranked each place from 1 to 17 for the criteria mentioned above with 1 being the best for that criteria. We averaged the rankings to create a "best place to buy" index with the place having the lowest index being the best. You can download the data here.

Turns out that Narragansett Pier is the best potential gem in the not-so-rough in the Ocean State.

Read on for more on these places.

There You Have It - The Best Places To Purchase A House In rhode island for 2020

There's our analysis of the best places to buy a house in Rhode Island. And, to be clear, we aren't necessarily saying these places are the best places to live, just that it looks like they might be in a couple of years based on the data.

In fact, every place in the following table meets our criteria, so even though it may not look super long, remember we started off with all 0 places in the state.

So if we'd could rent or buy in these cities, we'd definitely buy.

For more rhode island reading, check out:

Detailed List Of The Best Places To Buy A Home In Rhode Island

City Rank Median Home Price Population Change Home Price Increase
Narragansett Pier 1 $515,500 -6.3% 12.4%
Pascoag 2 $217,300 -4.3% 1.0%
Kingston 3 $353,000 -2.8% 4.9%
Tiverton 4 $247,200 0.4% 0.6%
Cumberland Hill 5 $251,300 1.0% 1.2%
Greenville 6 $271,000 -0.0% 3.8%
Newport East 7 $341,500 3.1% 4.2%
Valley Falls 8 $224,000 -1.9% 2.2%
Westerly 9 $283,300 0.6% 1.5%
Central Falls 10 $147,800 -0.1% -0.9%
Newport 11 $425,400 0.1% 4.9%
Woonsocket 12 $164,600 0.1% 3.8%
East Providence 13 $215,100 0.1% 3.4%
Pawtucket 14 $181,900 -0.0% 5.6%
Warwick 15 $213,300 -0.2% 7.2%
Cranston 16 $228,300 0.3% 3.8%
Providence 17 $192,100 -0.0% 6.1%

How Is The Area In ?

About Chris Kolmar

Chris Kolmar has been in the real estate business for almost ten years now. He originally worked for Movoto Real Estate as the director of marketing before founding HomeSnacks.

He believes the key to finding the right place to live comes down to looking at the data, reading about things to do, and, most importantly, checking it out yourself before you move.

If you've been looking for a place to live in the past several years, you've probably stumbled upon his writing already.

You can find out more about him on LinkedIn or his website.

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