Mortgage payment estimates, closing cost breakdowns, and homebuying data for Newport, Rhode Island.
Median Home Price
$625K
Population
25K
Avg Monthly Rent
$2,050
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 Newport.
Newport vs Rhode Island Median
The median home price in Newport is $625,000, which is 47% above the Rhode Island state median of $425,000.
Mortgage Calculator — Newport, RI
Pre-filled with Newport median home price and Rhode Island tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $625K home using Rhode Island's 1.53% tax rate and $2,200/yr insurance.
5% Down
$5,079/mo
Down: $31,250
Loan: $594K
P&I: $3,753
Tax: $797
Insurance: $183
PMI: $346
10% Down
$4,864/mo
Down: $62,500
Loan: $563K
P&I: $3,555
Tax: $797
Insurance: $183
PMI: $328
20% Down (No PMI)
$4,141/mo
Down: $125,000
Loan: $500K
P&I: $3,160
Tax: $797
Insurance: $183
Income needed (28% rule): $177K/year with 20% down, $208K/year with 10% down.
Rent vs Buy in Newport
Rent
$2,050/mo
vs
Buy (10% down)
$4,864/mo
Price-to-rent ratio: 25.4 — At a ratio above 20, renting may be more economical in Newport for shorter stays. Buying costs $2,814 more per month than renting, and it typically takes 5-7 years to break even on the transaction costs of buying.
The median home price in Newport is $625,000, 47% above the Rhode Island state median of $425,000. With a population of 25,163, Newport is a smaller market where home prices reflect strong demand and local economic factors.
Property taxes in Rhode Island average 1.53% annually. This higher-than-average tax rate means a $625,000 home in Newport would carry roughly $797/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 Newport is $2,050/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.
Newport is a higher-cost market. At $625K median, buyers need significant savings or strong income. Down payment assistance through Rhode Island's RIHousing First Homes program becomes especially important.
Run a Rent vs Buy analysis
Compare total costs of renting vs buying in Newport.