Quick facts: Hope valley, RI

Quick Facts

113.8
Cost of Living
above US average
2,209
Population
12.68
Crime Rate per 1000
below US average
$93,888
Median Income
above US average
$525,000
Median House Price
above US average
$2000.0
Average Rent
above US average
11%
Poverty Rate
above US average
3.1%
Unemployment Rate
below 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 $93,888.

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Income Needed to Buy

βœ— Stretch
$165k/year
Based on $525,000 median home price
Assumes 30-year mortgage at 7% with 20% down payment
⚠️ Requires $165k vs median $93,888
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Income Needed to Rent

βœ“ Affordable
$86k/year
Based on $2000.0/month average rent
Annual income where rent = 28% of gross
πŸ“Š Median income ($93,888) exceeds requirement
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Hope valley, RI

Hope Valley is a quaint village located within the town of Richmond in Washington County, Rhode Island. Nestled in the picturesque landscapes of Southern Rhode Island, this small community offers a charming blend of rural life and scenic beauty. Hope Valley is known for its historical significance and features several sites that date back to the 18th century. The region is characterized by lush forests, sparkling rivers, and peaceful countryside, making it popular for outdoor enthusiasts. Opportunities for hiking, fishing, and exploring nature are abundant, with nearby parks and recreational areas. The village maintains a close-knit community atmosphere, with local events and farmers’ markets fostering a sense of belonging among residents. Hope Valley’s location provides easy access to larger towns and cities, allowing residents to enjoy a quiet lifestyle while being close to urban amenities. Its proximity to Narragansett Bay and the Atlantic Ocean offers residents delightful options for coastal activities. Overall, Hope Valley exemplifies the charm of New England's rural towns, perfect for those seeking tranquility and nature.

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