Mortgage payment estimates, closing cost breakdowns, and homebuying data for Warwick, Rhode Island.
Median Home Price
$345K
Population
83K
Avg Monthly Rent
$1,450
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 Warwick.
Warwick vs Rhode Island Median
The median home price in Warwick is $345,000, which is 19% below the Rhode Island state median of $425,000.
Mortgage Calculator — Warwick, RI
Pre-filled with Warwick median home price and Rhode Island tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $345K home using Rhode Island's 1.53% tax rate and $2,200/yr insurance.
5% Down
$2,886/mo
Down: $17,250
Loan: $328K
P&I: $2,072
Tax: $440
Insurance: $183
PMI: $191
10% Down
$2,767/mo
Down: $34,500
Loan: $311K
P&I: $1,963
Tax: $440
Insurance: $183
PMI: $181
20% Down (No PMI)
$2,368/mo
Down: $69,000
Loan: $276K
P&I: $1,745
Tax: $440
Insurance: $183
Income needed (28% rule): $101K/year with 20% down, $119K/year with 10% down.
Rent vs Buy in Warwick
Rent
$1,450/mo
vs
Buy (10% down)
$2,767/mo
Price-to-rent ratio: 19.8 — A ratio between 15-20 means the rent vs buy decision in Warwick 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 Warwick is $345,000, 19% below the Rhode Island state median of $425,000. With a population of 82,823, Warwick 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 $345,000 home in Warwick would carry roughly $440/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 Warwick is $1,450/month. The price-to-rent ratio in Warwick is moderate, meaning the buy-vs-rent decision depends heavily on how long you plan to stay.
Warwick presents moderate affordability. The $345K 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 Warwick.