Quick facts: Carolina, RI

Quick Facts

113.8
Cost of Living
above US average
1,165
Population
8.58
Crime Rate per 1000
below US average
$92,419
Median Income
above US average
$450,000
Median House Price
above US average
$2097
Average Rent
above US average
4%
Poverty Rate
below US average
5.1%
Unemployment Rate
above US average

πŸ’΅ Affordability Calculator

Based on the 28/36 rule: housing costs should not exceed 28% of your gross income. Compared against local median income of $92,419.

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Income Needed to Buy

βœ— Stretch
$141k/year
Based on $450,000 median home price
Assumes 30-year mortgage at 7% with 20% down payment
⚠️ Requires $141k vs median $92,419
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Income Needed to Rent

βœ“ Affordable
$90k/year
Based on $2097/month average rent
Annual income where rent = 28% of gross
πŸ“Š Median income ($92,419) exceeds requirement
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Carolina, RI

Carolina is a quaint village located within the town of Richmond in Washington County, Rhode Island. Nestled in the picturesque New England landscape, it offers a charming small-town atmosphere characterized by its natural beauty and serene environment. The village is primarily rural, making it an ideal spot for those who enjoy outdoor recreational activities, such as hiking, fishing, and exploring nearby parks and rivers. One of the notable features of Carolina is the historic Carolina Grange Hall, which serves as a community center and hosts various local events. The area also boasts a rich history, reflected in its well-preserved architecture and local landmarks. The nearby Wood River offers scenic views and opportunities for kayaking and canoeing, while the surrounding forests provide ample walking and biking trails. Residents and visitors can experience the peaceful lifestyle that Rhode Island is known for, along with proximity to larger towns and cities for shopping and dining. The community is tight-knit, often coming together for local festivals and gatherings that celebrate the area's heritage. Overall, Carolina, RI, is a hidden gem that embodies the charm and tranquility of rural Rhode Island.

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