Income Needed to Buy a Home in Rhode Island (2026)
Verdict: unaffordable — requires $146,304/year (#5 least affordable of 51 US states)
Rhode Island ranks #5 of 51 US states for housing unaffordability in 2026. Buying the median home at $499,272 requires a household income of about $146,304. That's $62,800 more than the median household actually earns ($83,504) — a shortfall of 75% of typical income.
Rhode Island's affordability ratio of 1.75 (required income ÷ actual median income) is 37.2% worse than the median across all 51 US states (1.28). Home prices here sit 44.0% above the cross-state median of $346,668.
An effective property tax rate of 1.05% adds $437 per month, while homeowners insurance runs about $2,347/year. All-in, the monthly PITI (principal, interest, taxes, insurance) comes to $3,414.
Rhode Island monthly cost breakdown (2026)
| Median home price | $499,272 |
| Loan amount (10% down) | $449,345 |
| Monthly principal & interest | $2,781 |
| Monthly property tax (1.05% rate) | $437 |
| Monthly homeowners insurance | $196 |
| Total monthly PITI | $3,414 |
| Required household income | $146,304 |
| Median household income | $83,504 |
Run your own numbers
These figures model the median buyer. Your rate, down payment, and debts change the answer — check your personal maximum with the Home Affordability Analyzer or build a full payment schedule in the Advanced Mortgage Calculator. Closing costs typically add 2–5% on top — estimate them with the Closing Costs Estimator.
How Rhode Island compares
- New York — similar affordability (ratio 1.76, requires $150,728)
- Montana — similar affordability (ratio 1.75, requires $131,484)
- Massachusetts — similar affordability (ratio 1.77, requires $185,722)
- West Virginia — among the most affordable US states (requires $48,369)
- Iowa — among the most affordable US states (requires $74,199)
See every state and province ranked in the 2026 Mortgage Affordability Index.
Frequently asked questions
How much income do you need to buy a house in Rhode Island in 2026?
About $146,304 per year to afford the median-priced home of $499,272, assuming a 10% down payment and standard 28% housing-cost-to-income guideline. The median Rhode Island household earns $83,504.
What is the monthly cost of owning a median home in Rhode Island?
Roughly $3,414 per month, including principal and interest, property tax, and homeowners insurance.
Is Rhode Island affordable at the median income?
No. The required income exceeds the median household income by $62,800 (75%), ranking Rhode Island #5 least affordable of 51 US states.
Methodology & sources
Assumes 10% down, 30-year fixed at prevailing 2026 rates, 28% housing-cost-to-income guideline. Home prices from Zillow ZHVI (March 2026); incomes from Census ACS 1-Year 2024; property taxes from Tax Foundation; insurance from Bankrate state averages. Figures model the median scenario and are not financial advice. Full sources on the affordability index.