Is housing still affordable in Rhode Island? If you’ve been wondering, the latest Realtor.com 2025 Housing Affordability Report Card gives a pretty stark answer: Rhode Island received a final grade of F, ranking dead last in the country.

Let’s unpack what’s happening — and what it means if you're buying or selling a home in Warwick, East Greenwich, Cranston, Coventry, North Kingstown, Providence, or anywhere across Central Rhode Island.

Inventory Crisis or Access Crisis?

While national headlines talk about a "housing shortage," experts like Ivy Zelman and Logan Mohtashami see it differently:

• Ivy Zelman (who predicted the 2008 crash) argues the real crisis is accessibility. It's not how many homes are listed — it's whether buyers can afford them.

• Logan Mohtashami emphasizes that affordability has always been tough during inflationary periods. Waiting for a crash? Not likely. Buyers succeed by adjusting expectations, exploring broader areas, and teaming up financially.

In short: It’s not just about how many homes exist — it's whether people can realistically buy them.

Rhode Island’s 2025 Housing Report Card

Here’s what Realtor.com’s research shows about Rhode Island:

• Final Grade: F

• Total Score: 12.2 out of 100

• Affordability Score: 16.0

• Homebuilding Score: 8.4

• REALTORS® Affordability Score: 0.47 on a scale from 0 to 2 (the lower the score, the less affordable)

• Median Listing Price (2024): $537,521

• Median Household Income (2024 estimate): $80,791

• Share of U.S. 2024 Building Permits: 0.1%

• Share of U.S. Population: 0.3%

• New Construction Premium: 43.8% higher than existing home prices

In plain English:

• Home prices are extremely high relative to income.

• New home construction is very limited.

• When new homes are built, they’re priced significantly above older homes.

Rhode Island trails every other state, including traditionally expensive markets like California, Hawaii, and New York​Affordability and Homeb….

How Rhode Island Stacks Up Nationally

• Only 18 states meet the basic "affordable" benchmark, where the average home costs no more than 30% of the median household’s income.

• Rhode Island is not among them. We rank 51st out of 51.

• The Northeast overall struggles, with Rhode Island, Massachusetts, New York, and Connecticut all earning failing grades.

• Meanwhile, states like South Carolina (A) and Iowa (A-) are leading the nation by offering better affordability and building more homes.

What Housing Affordability Looks Like in Our Local Market

Statewide averages paint a grim picture, but on the ground, there are still paths to success:

• First-time buyers are finding some opportunities in Warwick, West Warwick, and select areas of Cranston, where homes under $400,000 sometimes become available.

• Newer, smaller homes in Coventry and parts of Central Rhode Island are being offered at slightly more accessible prices compared to luxury markets like East Greenwich.

• RI Housing down payment assistance programs and mortgage buydown incentives continue to help buyers bridge the gap.

• Smarter financing strategies — like adjustable-rate mortgages or creative loan programs — are making homeownership possible for flexible buyers.

The Good News: You Can Still Win

Despite the tough grading, homeownership is absolutely still achievable — especially when you have the right guidance. Here’s how buyers across Warwick, East Greenwich, Cranston, and North Kingstown are making it happen:

• They’re getting pre-approved early, so they know their exact buying power before touring homes.

• They’re exploring flexible financing options, such as first-time buyer grants, ARMs, and temporary rate buydowns.

• They’re staying open-minded, widening their search areas and adjusting feature wishlists to match budget realities.

• They’re working with experts — agents who understand local pockets of opportunity and can act fast when a great property becomes available.

📞 Thinking About Buying or Selling in 2025?

In a market like Rhode Island’s, where affordability is a major hurdle, working with an experienced, trusted real estate team makes all the difference. Whether you're buying your first home, moving up, or investing, Nick Slocum and the Slocum Home Team are here to guide you — and help you win, even in the nation's most competitive environment.