Historical data
Pick an indicator to see its long-run evolution.
Median home value
1990–2024Census / Zillow ZHVI, nominal dollars.
Home Prices
Home prices across Rhode Island continue to rise, with the statewide median near $459,000 in 2024, fueled by low inventory and steady demand near Providence.
FHFA House Price Index
1975–2025FHFA all-transactions index, annual average of quarters. Source: FHFA via FRED (RISTHPI).
| Indicator | Rhode Island | U.S. |
|---|---|---|
| Median home price ($k) | 459 | 360 |
- •Rhode Island's housing inventory has grown very slowly, contributing to persistent price pressure.
Median Home Value
Rhode Island's median home value reached about $459,000 in 2024, reflecting strong demand in a state with one of the oldest and most constrained housing stocks in the country.
Median value of owner-occupied homes
2008–2024Census American Community Survey 1-year estimates, B25077 (2020 not released).
| Indicator | Rhode Island | U.S. |
|---|---|---|
| Median home value ($k) | 459 | 360 |
- •Rhode Island has one of the oldest housing stocks in the U.S., with a median construction year of 1959.
Rent Prices
The median rent in Rhode Island stands at about $1,510 per month, as renters face rising costs amid a tight rental market and limited new construction.
Rent of primary residence index (Northeast region)
2006–2025BLS CPI-U, Northeast region, annual average (CUUR0100SEHA).
| Indicator | Rhode Island | U.S. |
|---|---|---|
| Median rent ($) | 1510 | 1380 |
- •Rental vacancy in Rhode Island remains relatively low, keeping upward pressure on rents.
Housing Inventory
Rhode Island has around 482,000 housing units statewide, one of the oldest housing stocks in the nation with a median construction year of 1959.
Total housing units
2008–2024Census American Community Survey 1-year estimates, B25001 (2020 not released).
Vacant housing units
2008–2024Census American Community Survey 1-year estimates, B25002 (2020 not released).
| Indicator | Rhode Island | U.S. |
|---|---|---|
| Total housing units (k) | 482 | 410 |
- •Rhode Island shares the title of oldest housing stock in the U.S. with New York and Massachusetts.
Building Permits
Rhode Island issued about 1,300 residential building permits in 2023, among the lowest per-capita permitting rates in the country, limiting new housing supply.
New private housing units authorized
1988–2025Census Building Permits Survey, sum of 12 months (FRED RIBPPRIV).
| Indicator | Rhode Island | U.S. |
|---|---|---|
| Building permits | 1300 | 8500 |
- •Rhode Island consistently ranks among the states with the fewest building permits issued per capita.
Homeownership Rate
About 62.2% of Rhode Island households own their homes, a rate that has remained relatively stable despite rising prices statewide.
Homeownership rate (CPS/HVS)
1984–2025Census Housing Vacancy Survey, annual (FRED RIHOWN).
| Indicator | Rhode Island | U.S. |
|---|---|---|
| Homeownership rate (%) | 62.2 | 65.6 |
- •Rhode Island's homeownership rate is among the lower rates in the Northeast.
Housing Affordability
Housing affordability remains a challenge in Rhode Island, where the median home value of $459,000 far outpaces the median household income of $84,972.
Housing price level vs U.S. (RPP rents)
2008–2024BEA Regional Price Parities, housing services (SARPP line 3).
| Indicator | Rhode Island | U.S. |
|---|---|---|
| Housing price level vs U.S. (RPP rents)2024, BEA Regional Price Parities | 105.6 | 100 |
| Home value to income ratio | 5.4 | 4.7 |
- •Rhode Island's housing cost index of 127 is well above the national baseline of 100.
Vacancy Rate
Rhode Island's housing vacancy rate is about 6.4%, reflecting a relatively tight market with limited available units for buyers and renters.
Rental vacancy rate
1986–2025Census Housing Vacancy Survey, annual (FRED RIRVAC).
Homeowner vacancy rate
1986–2025Census Housing Vacancy Survey, annual (FRED RIHVAC).
| Indicator | Rhode Island | U.S. |
|---|---|---|
| Vacancy rate (%) | 6.4 | 10.5 |
- •Rhode Island's vacancy rate is lower than many neighboring Northeast states.