Quick facts: Newport, RI

Quick Facts

113.8
Cost of Living
above US average
24,684
Population
18.27
Crime Rate per 1000
below US average
$81,330
Median Income
above US average
$1,222,000
Median House Price
above US average
$8340.66
Average Rent
above US average
10%
Poverty Rate
below US average
3.2%
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 $81,330.

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Income Needed to Buy

βœ— Stretch
$383k/year
Based on $1,222,000 median home price
Assumes 30-year mortgage at 7% with 20% down payment
⚠️ Requires $383k vs median $81,330
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Income Needed to Rent

⚠ Stretch
$357k/year
Based on $8340.66/month average rent
Annual income where rent = 28% of gross
⚠️ Requires $357k vs median $81,330
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Newport, RI

Newport, Rhode Island, is a picturesque coastal city renowned for its rich history, stunning architecture, and vibrant maritime culture. Situated on Aquidneck Island, Newport is famous for its historic mansions, many of which were built during the Gilded Age by America’s wealthiest families. The iconic Cliff Walk offers breathtaking ocean views while connecting many of these grand estates. The city is also a hub for sailing and boating, hosting the prestigious America's Cup and numerous regattas. Newport's harbor is lively with colorful yachts and fishing boats, reflecting its deep maritime roots. A charming downtown area features quaint shops, restaurants, and art galleries, making it a perfect spot for visitors. The city's cultural scene includes festivals, music events, and historical tours, showcasing its colonial past and significant naval history. Year-round, Newport attracts tourists for its beaches, scenic parks, and outdoor activities. With a vibrant mix of history, natural beauty, and modern attractions, Newport, RI, offers a unique experience for both residents and visitors alike.

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