New York vs Rhode Island: Mortgage & Housing Costs
Side-by-side comparison of mortgage costs, property taxes, closing costs, and homeowners insurance between New York and Rhode Island. Updated for 2026.
Metric
New York
Rhode Island
Median Home Price
$430K
$425K
Property Tax Rate
1.72%
1.53%
Avg Closing Costs
$12K
$7K
Closing Cost %
2.8%
1.7%
Transfer Tax
0.8%
0.46%
Homeowners Insurance
$2,100/yr
$2,200/yr
First-Time Buyer Program
SONYMA Achieving the Dream
Up to $15,000 DPAL
RIHousing First Homes
10K DPA forgivable
Verdict
Rhode Island wins 5 of 6 cost categories, making it the more affordable state for homebuyers overall. With a median home price of $425K and lower overall costs, Rhode Island offers meaningful savings compared to New York. Both states offer first-time buyer programs — explore the state pages for full details.