Side-by-side comparison of mortgage costs, property taxes, closing costs, and homeowners insurance between Maryland and Rhode Island. Updated for 2026.
Maryland and Rhode Island are evenly matched across major housing cost categories. Your decision may come down to other factors like job market, climate, or lifestyle preferences. Use the calculators below to model your specific scenario.
Estimated PITI payments assuming 10% down, 6.5% rate, 30-year fixed mortgage with PMI.
The monthly payment difference is $232/month — that’s $2,784/year or $84K over the life of a 30-year loan. Buying in Maryland is the more affordable option based on median home prices with identical loan terms.
Based on the 28% debt-to-income rule — your monthly housing payment should not exceed 28% of gross monthly income.
To afford the median home in Rhode Island, you need a household income of approximately $142K/year. In Maryland, you need $132K/year — less by $10K/year. The $10K difference is meaningful but manageable for dual-income households.
Home prices in Maryland and Rhode Island are relatively close, with only a 1% difference ($5K). At similar price points, your decision should focus on the other cost factors: property taxes, insurance, closing costs, and the overall quality of life each state offers. Small percentage differences in tax rates compound over decades of homeownership.
Maryland has a moderate property tax advantage at 1.09% versus Rhode Island's 1.53%. While the rate gap of 0.44% may seem small, it translates to an annual difference of approximately $1,924 when applied to each state's median home price. Over a typical homeownership period of 7-10 years, that adds up to $15K in savings.
Closing costs are a one-time but significant expense. Maryland averages $11K in closing costs (2.5% of purchase price) while Rhode Island averages $7K (1.7%). Much of Maryland's higher costs come from its 1.5% transfer tax, which adds $6K to the median home purchase. Budget for these upfront costs — they affect how much cash you need on hand at closing.
Both states offer down payment assistance for first-time buyers. Maryland's MD Mortgage Program provides Up to $25,000 DPA, while Rhode Island's RIHousing First Homes offers 10K DPA forgivable. These programs can significantly reduce your upfront costs and make homeownership accessible even if you haven't saved a full 20% down payment. Check eligibility requirements on each state's housing finance agency website — income limits and purchase price caps apply.
The bottom line: Maryland and Rhode Island are broadly similar in housing costs, with only $232/month separating them in total PITI payments. In cases like this, your decision should be driven by lifestyle preferences — job opportunities, climate, proximity to family, and quality of life — rather than pure cost savings. Either state offers a reasonable path to homeownership.