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Rhode Island real estate

Rhode Island – A Little State with a Big Hill to Climb

Even before the recession officially began, Rhode Island had some economic problems to worry about. Specifically, its unemployment rate was a full percentage point higher than the national average (5.8%, compared to 4.7% in November 2007).

Today, Rhode Island’s jobs picture is a whole lot bleaker – with more than 10% of residents in the Ocean State out of work. Even worse, experts say they don’t expect the state’s unemployment rate to dip below 10% until 2015.

As you can imagine, it’s had a devastating effect on the local housing market!

Between 2007 and 2012, home prices here fell more than 25%, and some realtors in Rhode Island say they don’t expect prices to make huge increases for the foreseeable future.

The good news? Prices seem to be holding steady. By the end of 2012, the Rhode Island Association of Realtors even reported a 1% increase in the median sales price for single-family homes.

When it comes to condos, though, the story is totally different. For some reason, buyers are willing to spend much more on condos. As a result, the median sales price for a condo in Rhode Island had jumped a whopping 25% by the end of 2012!

The one thing that both homeowners and condo owners are seeing is an increase in demand. Despite the state’s unemployment problem, realtors in Rhode Island ended 2012 on a busy note. That’s because the number of single-family home sales jumped 43% when compared to the previous year – while the number of condo sales saw a 375 increase.

However, realtors in Rhode Island are keeping a sharp eye on Washington D.C. That’s because a decision Congress makes could have a strong impact on housing in the Ocean State.

If lawmakers decide to do away with the home mortgage interest deduction on second homes (an issue they will have to tackle at some point during 2013), it could do serious damage to the housing market in Rhode Island. Not only are vacation homes a big commodity here, but the tourism they attract is a big player in the local economy. If those vacation homes aren’t as appealing to buyers, it could cause a ripple effect.

In 2013, Rhode Island has got to do something to encourage people to move here. Since 2004, more than 24,000 people have moved out of the state altogether. In fact, they’re one of only two states (Vermont is the other) to experience a population decrease during that time.

One thing that will help convince to people to stick around? Affordable housing. Whether you’re a homeowner looking to sell or a landlord with apartments to rent, be prepared to offer a good deal.

Living in Rhode Island

Looking for a place to live that has gorgeous ocean views, a rich history, and unique foods? Rhode Island’s got it all!

Despite the word “island”, Rhode Island is on the mainland. It does overlook several bays, though, including scenic Narragansett Bay – which has more than 30 islands inside of it! Rhode Island isn’t very topical, though. The summers are usually warm, but the winters tend to be very chilly.

Here are some of this state’s fast facts:

  • What is the population of Rhode Island?
  • The population of Rhode Island is 1,050,292
  • What is the capital of Rhode Island?
  • The capital of Rhode Island is Providence
  • What is the largest city in Rhode Island?
  • The largest city in Rhode Island is Providence

As one of the first of 13 colonies to assert independence from the British in 1776, Rhode Island enjoys a rich history. In fact, one of the largest collections of surviving colonial homes in the nation can be found in the Newport Historic District.

If you like unique foods, Rhode Islanders have their share of treats. Johnny Cakes, for example, date back to colonial times. This pan-fried delight is made with corn meal and water and is still popular today at local festivals.

Hot Wieners (known as “gaggers”) are also popular. Similar to small hot dogs, they’re dressed with meat sauce, onions, mustard, and celery salt. Many restaurants in Rhode Island serve Snail Salad, made with more than five pounds of snails!

Tourism is one of Rhode Island’s strongest industries, along with health services and manufacturing. Industrial outputs include fabricated metal products, electrical equipment, shipbuilding and boatbuilding.

If you’re looking for outdoor activities, Rhode Island’s got plenty of opportunities. With more than 400 miles of picturesque coastline, you can hop onto the East Bay Bike Path which spans from Providence to Bristol along the Narragansett Bay shore or simply relax on one of the sandy beaches. Several options for whale watching excursions are also available. The Roger Williams Park & Zoo located in Providence is fun for people of all ages with its 430-acre Victorian park encompassing gardens, waterways Museum of Natural History as well as the zoo. If you’re a sailing enthusiast, Newport is known as the sailing capital of the world and hosted the America's Cup for many years.

This is the Census data for Rhode Island

Population

Total population estimate for Rhode Island (July 1) 2012
1,050,292
Total population change for Rhode Island- April 1, 2010 to July 1, 2012
-0.2%

Age

Percentage of the population that's under 5 years old in Rhode Island, 2011
5.3%
Percentage of the population that's under 18 years years old in Rhode Island, 2011
20.9%
Percentage of the population that's 65 years and over Rhode Island, 2011
14.7%

Gender

Percentage of the population that are females in Rhode Island, 2011
51.7%

Race breakdown for Rhode Island in percentages

White alone, 2011
86.3%
Black alone, 2011
7.2%
American Indian and Alaska Native alone,2011
0.9%
Asian alone, percent, 2011
3.1%
Native Hawaiian and Other Pacific Islander alone, 2011
0.2%
Two or more races, 2011
2.4%
Hispanic or Latino Origin, 2011
12.8%
Not Hispanic, White alone, 2011
76.5%

A little more about the residents of Rhode Island

Percentage of residents who lived in the same house 1 year ago, 2007-2011
86.6%
Percent of residents who are foreign born 2007-2011
12.9%
Percent speaking a language other than English at home, 2007-2011
21.0%

Education

Percent high school graduates or higher for residents 25 years old and over in Rhode Island, 2007-2011
84.3%
Percent with a bachelor's degree or higher for residents 25 years old and over in Rhode Island, 2007-2011
30.6%

Veterans

Total number of Veterans living in Rhode Island 2007-2011
76,775

Communting

The average travel time to work for workers in Rhode Island (16 years and over not working at home), 2007-2011
23.1 mins

Real estate stats in Rhode Island

Housing unit estimates, 2011
464,728
Owner-occupied housing units - percent of total occupied housing units, 2007-2011
62.1%
Housing units by units in structure - multi-dwelling structure, percent, 2007-2011
40.6%
Median value of specified owner-occupied housing units, 2007-2011
$270,600.00
Households, 2007-2011
410,475
Average household size, 2007-2011
2.46

Income

Per capita income for Rhode Island in the past 12 months (in 2011 inflation-adjusted dollars), 2007-2011
$29,685.00
Median household income in Rhode Island, 2007-2011
$55,975.00
Percentage of people living in poverty in Rhode Island 2007-2011
12.8%

Business and commerce info for Rhode Island

Private nonfarm establishments, 2010
28,521
Private nonfarm employment for pay period including March 12, 2010
399,000
Private nonfarm employment for pay period including March 12, 2010, percent change, 2000-2010
-3.9%
Total number of businesses in Rhode Island, 2007
96,822
Percentage of Black-owned businesses in Rhode Island, 2007
3.3%
Percentage of American Indian- and Alaska Native-owned businesses in Rhode Island , 2007
0.4%
Percentage of Asian-owned businesses in Rhode Island, 2007
2.1%
Percentage of Native Hawaiian- and Other Pacific Islander-owned businesses in Rhode Island, 2007
NA
Percentage of Hispanic-owned businesses in Rhode Island, 2007
6.0%
Percentage of Women-owned businesses in Rhode Island, 2007
27.3%

Land size and population

Size of Rhode Island in Square Miles, 2010
1,033.81 mi²
Population per square mile in Rhode Island, 2010
1018.1

Rhode Island real estate

[Not Specified]

Barrington

Bonnet Shores

Bristol

burrilville

Cumberland

east greenwich

East Greenwich

East Providence

Jamestown

Johnston

Little Compton

Middletown

Outside Area (Outside Ca)

Pawtucket

Providence

richmond

Saunderstown