Rhode Island First-Time Homebuyer Guide
Everything you need to know about buying your first home in Rhode Island — from property taxes and insurance costs to down payment assistance programs that can save you thousands.
Key homebuying statistics for Rhode Island
Property Tax Rate
1.23%
Above national avg (1.10%)
Avg. Annual Insurance
$1,700
At national avg ($1,700)
Closing Cost Estimate
3.00%
At national avg (3.00%)
Data last verified: February 2026. Found incorrect data? Email us .
What These Numbers Mean for You
On a $350,000 home in Rhode Island:
Annual property taxes
~$4,305
~$359/month
Annual homeowner's insurance
~$1,700
~$142/month
Estimated closing costs
~$10,500
Due at closing
These are estimates. Actual costs depend on your specific property, lender, and county. Use our calculators below for personalized estimates.
Buying a Home in Rhode Island
Rhode Island offers unique opportunities and challenges for first-time homebuyers. Understanding local costs is essential before you start house hunting, because property taxes, insurance, and closing costs vary significantly from state to state and can add hundreds of dollars to your monthly payment.
Keep in mind that Rhode Island's property tax rate of 1.23% is above the national average of 1.10%. Factor this into your monthly budget when determining how much home you can afford. Insurance costs in Rhode Island are right around the national average at $1,700/year.
As a first-time buyer, you likely qualify for one or more down payment assistance programs specific to Rhode Island. These programs can significantly reduce the upfront cash you need to purchase a home. Check the programs listed below and reach out to a local HUD-approved housing counselor for personalized guidance.
Rhode Island Down Payment Assistance Programs
RIHousing First Down Program
Down payment assistance of up to $17,500 as a forgivable loan for income-qualifying first-time buyers.
RIHousing 10kDPA
Up to $10,000 in down payment assistance as a second mortgage for first-time and repeat homebuyers.
Program details and eligibility requirements change. Visit each program's website for the most current information.
Try Our Calculators with Rhode Island Data
Mortgage Payment Calculator
Estimate your monthly payment including principal, interest, taxes, and insurance.
Affordability Calculator
Find out how much home you can afford based on your income and debts.
Down Payment Calculator
Explore down payment options and understand PMI costs.
Closing Costs Estimator
Get a breakdown of expected closing costs for your purchase.
Amortization Schedule
See how your loan balance decreases over time with each payment.