Rhode Island tops in first-time-buyer growth

HOME PRICES in the Providence-Warwick-Fall River metropolitan area and in Rhode Island rose 6.3 percent and 6.5 percent, respectively, over the year in February, CoreLogic said this week. / BLOOMBERG FILE PHOTO
HOME PRICES in the Providence-Warwick-Fall River metropolitan area and in Rhode Island rose 6.3 percent and 6.5 percent, respectively, over the year in February, CoreLogic said this week. / BLOOMBERG FILE PHOTO

PROVIDENCE – First-time home buyers are plunging into the Rhode Island market in increasing numbers. The state had the largest amount of growth in first-time home buyers between 2003 and 2013, up by 97 percent, according to data published by GoBankingRates.com, based on National Association of Realtors information.
The state had a wide gap between the typical mortgage payment, of $1,030, and the average rental, at $1,400, according to the website. The median sale price of a house was $217,625.
The website cited the state’s FirstHome lending program as a contributing factor. It provides assistance with closing costs and can qualify home buyers for tax credits, as well.
Other New England states that had large increases in first-time buyers over the ten-year span included Massachusetts, Vermont and New Hampshire.

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