Real Estate Relocation Guide To Rhode Island

Relocating from Chicago to Rhode Island is a major move. You’re crossing state lines and heading 950 miles to find a new home in a different community. By familiarizing yourself with the local real estate market, whether your destination is Providence or Warwick you can get a good idea of the Rhode Island landscape and locate the best area for you and your family.

We’ll start with the big picture… Rhode Island has an estimated population of 1 million* and around 1,000 square miles of land. The total number of housing units is 449,574, of which about 255,500 are owner-occupied and 150,100 are inhabited by renters. Roughly 44,000, or 9.8 percent, of the residences in the state are vacant. The median home value in Rhode Island is $295,700 and the median household income is $51,814. For an idea of how this sizes up with national averages – the median home value in the U.S. is $185,200 and the median household income is $48,451.

Statewide figures provide a good overview of Rhode Island, but when you’re planning to relocate to the region, knowing what types of housing are available is the most important thing. So here’s a breakdown of what Rhode Island real estate has to offer…

About 2,500 homes in Rhode Island are new construction, developed in 2005 or after (another 13,000 were put up between 2000 and 2004). Rhode Island has its share of vintage charm as well with 160,000 residences built prior to 1940. The total number of detached, single-family houses across the state is 249,600, and there’s also a good selection of multi-unit residences and condos. Most homes have 3 bedrooms, but size varies greatly depending on where you look. And, in case you’re wondering about how your budget will pan out in The Ocean State, monthly mortgage costs in [Alabama] generally hover between $700 and 2,000+.

Relocation Resources

American Homes & Commercial Real Estate
Serving Rhode Island with all your real estate needs.

*All statistics are from the 2006 American Community Survey as shown on the U.S. Census Bureau website.
Sources: factfinder.census.gov and www.city-data.com