Mortgage payment estimates, closing cost breakdowns, and homebuying data for Westerly, Rhode Island.
Median Home Price
$465K
Population
23K
Avg Monthly Rent
$1,720
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 Westerly.
Westerly vs Rhode Island Median
The median home price in Westerly is $465,000, which is 9% above the Rhode Island state median of $425,000.
Mortgage Calculator — Westerly, RI
Pre-filled with Westerly median home price and Rhode Island tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $465K home using Rhode Island's 1.53% tax rate and $2,200/yr insurance.
5% Down
$3,826/mo
Down: $23,250
Loan: $442K
P&I: $2,792
Tax: $593
Insurance: $183
PMI: $258
10% Down
$3,666/mo
Down: $46,500
Loan: $419K
P&I: $2,645
Tax: $593
Insurance: $183
PMI: $244
20% Down (No PMI)
$3,128/mo
Down: $93,000
Loan: $372K
P&I: $2,351
Tax: $593
Insurance: $183
Income needed (28% rule): $134K/year with 20% down, $157K/year with 10% down.
Rent vs Buy in Westerly
Rent
$1,720/mo
vs
Buy (10% down)
$3,666/mo
Price-to-rent ratio: 22.5 — At a ratio above 20, renting may be more economical in Westerly for shorter stays. Buying costs $1,946 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 Westerly is $465,000, 9% above the Rhode Island state median of $425,000. With a population of 22,787, Westerly 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 $465,000 home in Westerly would carry roughly $593/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 Westerly is $1,720/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.
Westerly is a higher-cost market. At $465K 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 Westerly.