Mortgage payment estimates, closing cost breakdowns, and homebuying data for Cranston, Rhode Island.
Median Home Price
$365K
Population
83K
Avg Monthly Rent
$1,520
Property Tax Rate
1.53% *
* Property tax shown is the Rhode Island state average effective rate. Actual rates vary by county, city, and school district — check with your local assessor for exact rates in Cranston.
Cranston vs Rhode Island Median
The median home price in Cranston is $365,000, which is 14% below the Rhode Island state median of $425,000.
Mortgage Calculator — Cranston, RI
Pre-filled with Cranston median home price and Rhode Island tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $365K home using Rhode Island's 1.53% tax rate and $2,200/yr insurance.
5% Down
$3,043/mo
Down: $18,250
Loan: $347K
P&I: $2,192
Tax: $465
Insurance: $183
PMI: $202
10% Down
$2,917/mo
Down: $36,500
Loan: $329K
P&I: $2,076
Tax: $465
Insurance: $183
PMI: $192
20% Down (No PMI)
$2,494/mo
Down: $73,000
Loan: $292K
P&I: $1,846
Tax: $465
Insurance: $183
Income needed (28% rule): $107K/year with 20% down, $125K/year with 10% down.
Rent vs Buy in Cranston
Rent
$1,520/mo
vs
Buy (10% down)
$2,917/mo
Price-to-rent ratio: 20.0 — A ratio between 15-20 means the rent vs buy decision in Cranston depends heavily on your timeline. If you plan to stay 5+ years, buying likely wins. For shorter stays, renting preserves flexibility.
The median home price in Cranston is $365,000, 14% below the Rhode Island state median of $425,000. With a population of 82,934, Cranston is a smaller market where home prices tend to be more accessible than in many parts of Rhode Island.
Property taxes in Rhode Island average 1.53% annually. This higher-than-average tax rate means a $365,000 home in Cranston would carry roughly $465/month in property taxes alone — plan accordingly. Homeowners insurance in Rhode Island runs approximately $2,200 per year. This is within the normal range nationally.
Average rent in Cranston is $1,520/month. With a price-to-rent ratio above 20, renting could be more economical in the short term — use our Rent vs Buy calculator to model your specific timeline.
Cranston presents moderate affordability. The $365K median puts homeownership within reach for median-income households, though down payment savings and closing costs require planning.
Run a Rent vs Buy analysis
Compare total costs of renting vs buying in Cranston.