Quick facts: Wood river junction, RI

Quick Facts

113.8
Cost of Living
above US average
1,393
Population
17.95
Crime Rate per 1000
below US average
$65,000
Median Income
below US average
$550,000
Median House Price
above US average
$2097
Average Rent
above US average
7%
Poverty Rate
below US average
3.4%
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 $65,000.

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Income Needed to Buy

βœ— Stretch
$173k/year
Based on $550,000 median home price
Assumes 30-year mortgage at 7% with 20% down payment
⚠️ Requires $173k vs median $65,000
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Income Needed to Rent

⚠ Stretch
$90k/year
Based on $2097/month average rent
Annual income where rent = 28% of gross
⚠️ Requires $90k vs median $65,000
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Wood river junction, RI

Wood River Junction is a small, charming village located in the town of Richmond, Rhode Island. Nestled in the scenic landscapes of southern New England, this quaint community is characterized by its rural charm and natural beauty. The area is predominantly residential, featuring a mix of historic homes and newer developments surrounded by picturesque woodlands and rolling hills. A highlight of Wood River Junction is its proximity to nature. The village is near several parks and preserves, including the nearby Arcadia Management Area, which offers trails for hiking, biking, and horseback riding. The Wood River is a popular spot for fishing and kayaking, making it a favorite among outdoor enthusiasts. Transportation options in the area include easy access to Route 138, connecting residents to surrounding towns and larger cities in Rhode Island. While Wood River Junction maintains a peaceful atmosphere, it's just a short drive away from more urban amenities in places like Westerly and South Kingstown. Overall, Wood River Junction embodies the tranquil, picturesque qualities of a small New England village, ideal for those looking to escape the hustle and bustle of city life while still enjoying a sense of community.

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