Should You Rent or Buy in Rhode Island Right Now?
Are you wondering whether it makes more sense to rent or buy a home in Rhode Island right now? You’re not alone. It’s one of the most common and important questions we hear from people considering a move to Warwick, East Greenwich, Providence, Cranston, Coventry, North Kingstown—or anywhere across the Ocean State.
With rising home prices, fluctuating interest rates, and evolving life priorities, many Rhode Islanders are asking: Is now the right time to buy a home—or should I keep renting for a bit longer? In this guide, we’ll break down the pros and cons of renting vs. buying in today’s market, with a clear focus on what’s happening right here in Central Rhode Island.
The State of the Rhode Island Housing Market in 2025
Before we compare renting and buying, let’s look at the numbers:
Median home price (Single Family, RI 2024): $475,000
Average days on market in Warwick: 26 days
Median rent in Rhode Island (2-bedroom): ~$2,200/month (as of early 2025)
Interest rates: Hovering around 6.75%–7.25% depending on loan type and credit
According to the RI Statewide MLS, Rhode Island’s housing market remains competitive but is showing signs of gradual balance. Inventory is improving, but demand—especially from first-time buyers—remains strong【19†source】.
Why You Might Consider Buying a Home in Rhode Island Now
1. You’re Tired of Rising Rents
Rents across Rhode Island have increased significantly over the past five years. In places like Providence, Cranston, and Warwick, many renters are now paying as much—or more—than they would for a mortgage.
When you buy, your monthly payment is generally more predictable, especially if you secure a fixed-rate mortgage.
2. You Want to Build Equity
Homeownership allows you to build equity over time. Instead of paying your landlord’s mortgage, you’re investing in your own future. Over the past 20 years, home values in Rhode Island have more than doubled【21†source】.
3. You Want Control Over Your Space
No more asking permission to paint a wall or get a pet. Buying means freedom to personalize your home—and stability you can count on.
4. There Are Local and National Incentives
If you’re a first-time buyer in Rhode Island, you may qualify for programs that reduce your upfront costs, including:
RIHousing First-Time Homebuyer Program
Down payment and closing cost assistance
FHA and VA loan programs
Working with a local REALTOR® like Nick Slocum or one of the top agents at the Slocum Home Team ensures you’re connected with these options.
Why You Might Consider Renting for Now
1. You’re Planning a Short-Term Stay
If you don’t plan to stay in the same area for at least 3–5 years, renting may be the safer choice. Buying comes with closing costs, and it takes time to build equity.
2. You’re Still Saving for a Down Payment
Even with assistance programs, you’ll likely need funds for inspections, appraisals, and moving expenses. Renting allows you to continue saving while keeping your options open.
3. You’re Unsure About Your Job or Life Changes
If your job or family situation might change in the near future, renting offers more flexibility.
4. The Market Feels Too Competitive
Although inventory is improving in Rhode Island, multiple offer situations still happen—especially for well-priced homes in Warwick, East Greenwich, and North Kingstown. If you’re feeling overwhelmed, it’s okay to rent and wait.
What Does the Math Say? A Local Comparison
Let’s run a basic side-by-side for Warwick:
Renting a 2-bedroom apartment: $2,200/month = $26,400/year
Buying a $400,000 home with 5% down, 6.9% interest, ~$9,500 in taxes/insurance:
Mortgage + taxes/insurance: ~$2,850/month = $34,200/year
Equity gain (first year): ~$7,200
Tax benefits: Potential deductions
Depending on your financial goals and lifestyle, the added cost of owning might be justified by the long-term return. A local mortgage advisor or REALTOR® can help you analyze this in detail.
Local Market Realities: Warwick and Beyond
In 2025, we’re seeing a steady return to pre-pandemic buying timelines. Warwick remains one of the most desirable—and affordable—cities in Central RI. Cranston and Coventry follow close behind for price-conscious buyers, while East Greenwich and North Kingstown are favorites for school-focused families.
The Slocum Home Team has helped hundreds of buyers weigh the rent vs. buy equation—and make confident decisions based on real data, not guesswork.
So, Should You Rent or Buy Right Now?
Ask yourself:
Do you plan to stay in Rhode Island for at least 3–5 years?
Do you have a stable income and good credit?
Are you ready to take on home maintenance?
Are you more interested in long-term growth or short-term flexibility?
If your answers lean toward stability, equity, and personalization, buying could be a strong move. If you need flexibility and lower upfront costs, renting may still be right for now.
And remember: the “right time” isn’t a date on the calendar. It’s when the right home lines up with your life goals.
Let’s Talk Through Your Next Move
If you're on the fence about whether to rent or buy in Warwick, Cranston, East Greenwich, or anywhere in Rhode Island, the Slocum Home Team is here to help.
We don’t just sell homes—we provide honest guidance, local expertise, and tailored strategies to help you make the smartest move.
Reach out to Nick Slocum or one of our top REALTORS® today to schedule your no-pressure buyer consultation.
