Homeownership is fundamental to the American dream. It offers wealth, security, community, and countless other benefits. Yet for many Rhode Island residents, the dream feels increasingly out of reach—even as incomes rise and mortgage rates fall. Near-record prices have made homes hard to come by and often even harder to afford, leaving buyers and sellers stuck and younger generations priced out.
But affordable pockets still exist. In cities across the state, residents can comfortably spend around 30% of their income or less on housing, which is widely considered the affordable threshold.
To find out where these cities are, Redfin Real Estate ranked the most affordable cities in Rhode Island, based on their local payment to income ratios. All data is an average for the January-October 2025 period. To see the most affordable cities in the country, read this recent Redfin article.
#1. Cumberland Hill, Rhode Island
– Payment to income ratio: 32.0%
– Median sale price: $546,437
– Median household income: $131,006
– Income needed to buy: $139,540
– Median monthly mortgage payment: $3,488
– See homes for sale in Cumberland Hill on Redfin.com
#2. Pascoag, Rhode Island
– Payment to income ratio: 34.1%
– Median sale price: $451,329
– Median household income: $101,359
– Income needed to buy: $115,253
– Median monthly mortgage payment: $2,881
– See homes for sale in Pascoag on Redfin.com
#3. Warwick, Rhode Island
– Payment to income ratio: 37.8%
– Median sale price: $431,722
– Median household income: $87,536
– Income needed to buy: $110,246
– Median monthly mortgage payment: $2,756
– See homes for sale in Warwick on Redfin.com
#4. Valley Falls, Rhode Island
– Payment to income ratio: 38.7%
– Median sale price: $473,416
– Median household income: $93,653
– Income needed to buy: $120,893
– Median monthly mortgage payment: $3,022
– See homes for sale in Valley Falls on Redfin.com
#5. Tiverton, Rhode Island
– Payment to income ratio: 39.8%
– Median sale price: $475,757
– Median household income: $91,493
– Income needed to buy: $121,491
– Median monthly mortgage payment: $3,037
– See homes for sale in Tiverton on Redfin.com
#6. Cranston, Rhode Island
– Payment to income ratio: 39.9%
– Median sale price: $456,940
– Median household income: $87,716
– Income needed to buy: $116,685
– Median monthly mortgage payment: $2,917
– See homes for sale in Cranston on Redfin.com
#7. Wakefield-Peacedale, Rhode Island
– Payment to income ratio: 40.4%
– Median sale price: $586,711
– Median household income: $111,200
– Income needed to buy: $149,824
– Median monthly mortgage payment: $3,746
– See homes for sale in Wakefield-Peacedale on Redfin.com
#8. East Providence, Rhode Island
– Payment to income ratio: 41.5%
– Median sale price: $431,075
– Median household income: $79,660
– Income needed to buy: $110,081
– Median monthly mortgage payment: $2,752
– See homes for sale in East Providence on Redfin.com
#9. Greenville, Rhode Island
– Payment to income ratio: 45.4%
– Median sale price: $560,949
– Median household income: $94,567
– Income needed to buy: $143,246
– Median monthly mortgage payment: $3,581
– See homes for sale in Greenville on Redfin.com
#10. Pawtucket, Rhode Island
– Payment to income ratio: 46.1%
– Median sale price: $405,973
– Median household income: $67,436
– Income needed to buy: $103,670
– Median monthly mortgage payment: $2,592
– See homes for sale in Pawtucket on Redfin.com
#11. Westerly, Rhode Island
– Payment to income ratio: 48.9%
– Median sale price: $525,802
– Median household income: $82,333
– Income needed to buy: $134,270
– Median monthly mortgage payment: $3,357
– See homes for sale in Westerly on Redfin.com
#12. Newport East, Rhode Island
– Payment to income ratio: 72.2%
– Median sale price: $813,602
– Median household income: $86,310
– Income needed to buy: $207,764
– Median monthly mortgage payment: $5,194
– See homes for sale in Newport East on Redfin.com
#13. Narragansett Pier, Rhode Island
– Payment to income ratio: 150.1%
– Median sale price: $1,561,703
– Median household income: $79,683
– Income needed to buy: $398,801
– Median monthly mortgage payment: $9,970
– See homes for sale in Narragansett Pier on Redfin.com
