Rhode Island Mortgage – What to Expect When Buying a Home in Rhode Island
Maybe youre buying your first home in Rhode Island, or perhaps youre relocating to Rhode Island from another state. Either way, its important that you educate yourself on Rhode Island home loans before shopping for a home and mortgage. This article explains what youll need to know before buying a home in Rhode Island:
The median price of a home in Rhode Island is $133,400. Recently, homes in Rhode Island have been appreciating at rates above the national average — Rhode Island has the highest appreciation rates in New England. However, in some parts of Rhode Island, appreciation rates are at an all time high. In fact, home prices are rising four times as rapidly as personal incomes. As a result, income levels in many parts of Rhode Island are too low to purchase a median-priced home with a conventional loan.
Home prices in Rhode Island can vary greatly between zip codes. For example, while the median home value for the state of Rhode Island is $133,400, the median home value in the summer of 2005 for Providence, Rhode Island, was $520,000. Recently, Rhode Island average...
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