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There's a the age old question everyone thinks about when they decide to move to a city in Rhode Island:
Should I buy a place or rent? Well, we aren't here today to solve that problem for you exactly. We are just assuming you'll do the right thing and a buy a place. And while we are happy to tell you the best place to live in Rhode Island, this analysis is going to tackle the question of the best place to buy a house as an investor. That is we are going to try and determine the up and coming cities in the Ocean State.
To do that we are going to look at places in Rhode Island that are growing faster than average, but where home prices are below average. In every day terms, the "deals". The best deal in Rhode Island at the moment? That would be Narragansett Pier according to our analysis.
Here's a look at the top ten places to buy a home in rhode island for 2020:
- Narragansett Pier (Photos | Homes For Sale)
- Pascoag (Photos | Homes For Sale)
- Kingston (Photos | Homes For Sale)
- Tiverton (Photos | Homes For Sale)
- Cumberland Hill (Photos | Homes For Sale)
- Greenville (Photos | Homes For Sale)
- Newport East (Photos | Homes For Sale)
- Valley Falls (Photos | Homes For Sale)
- Westerly (Photos | Homes For Sale)
- Central Falls (Photos | Homes For Sale)
What's the best place to buy a home in Rhode Island for 2020? According to our analysis, would the the ideal place to buy a home looking into the future.
The methodology that wen't into this can be a bit complicated, so we'll break it down for you in as much detail as we can below. If you're not worried about finding a deal on good places to live, check out the most expensive places to live in rhode island and, for those of you on a budget, the cheapest places to live in rhode island.
For more Rhode Island reading, check out:
- 10 Best Places To Raise A Family In Rhode Island
- These Are The 10 Best Places To Retire In Rhode Island
- These Are The 10 Richest Cities In Rhode Island
The 10 Best Cities To Buy A House In Rhode Island For 2020
The village was originally called Little Rest, but was renamed Kingston in 1826. It was the county seat for Washington County from 1752 until 1894, when a new courthouse was built in nearby West Kingston. West Kingston is also the site of the historic Kingston Railroad Station which opened in June, 1875. The station is served by Amtrak on its Northeast Corridor.
Tiverton was incorporated by English colonists in 1694 as part of the Province of Massachusetts Bay. In 1746, in the final settlement of a long colonial boundary dispute between Rhode Island and Massachusetts, Tiverton was annexed to Rhode Island by Royal Decree. Tiverton was incorporated as a town of Rhode Island in 1747. Until that year, Tiverton also controlled the area of East Freetown, Massachusetts, as an outpost. The boundary settlement of 1746 had put East Freetown in Massachusetts, and in 1747 it was purchased by Freetown.
Westerly's primary industries today are textiles and tourism, but the town was historically famous for its granite, quarried in at least two locations in Westerly: in Bradford and in Potter Hill.
Prior to the arrival of Europeans the area was home to Nipmuc, Wampanoag and Narragansett peoples.
How do you determine the best places to buy a home in rhode island for 2020?
We were in real estate for almost five years and have been working on this site for another three. Suffice is to say, we've put a lot of thought into what goes into finding a good place to buy a home.
So all that thinking has come to this moment where we get to spell out how we'd approach finding an up-and-coming place to live in Rhode Island. Put differently, the analysis will try to find places in Rhode Island with undervalued homes relative to pent up demand.
To do that we looked at the most recent American Community Survey Census data for 2014-2018 and compared it to the previous vintage (2012-2016). Specifically, we used the following criteria:
- Y-o-Y Change In Population (People want to live here)
- Y-o-Y Change In Median Home Prices (People are willing to pay for it)
- Home Prices Relative To The State Average (It's still kinda cheap)
We want places that are growing, have seen home prices increase in recent years, and are still "cheap" for Rhode Island with the following caveats:
- Home prices had to be within 20% of the state average (Much lower than that and you get to some of the more dangerous places)
- Home prices increased in the last year, and
- Above 5,000 people (Bigger cities have more data points)
So of the 0 cities and towns in Rhode Island, only 17 places made it through our initial filters to even be considered.
We then ranked each place from 1 to 17 for the criteria mentioned above with 1 being the best for that criteria. We averaged the rankings to create a "best place to buy" index with the place having the lowest index being the best. You can download the data here.
Turns out that Narragansett Pier is the best potential gem in the not-so-rough in the Ocean State.
Read on for more on these places.
There You Have It - The Best Places To Purchase A House In rhode island for 2020
There's our analysis of the best places to buy a house in Rhode Island. And, to be clear, we aren't necessarily saying these places are the best places to live, just that it looks like they might be in a couple of years based on the data.
In fact, every place in the following table meets our criteria, so even though it may not look super long, remember we started off with all 0 places in the state.
So if we'd could rent or buy in these cities, we'd definitely buy.
For more rhode island reading, check out:
Detailed List Of The Best Places To Buy A Home In Rhode Island