WOONSOCKET – A national website that evaluated communities within 15 expensive metro areas found Woonsocket was a good buy.
The analysis by personal finance website GOBankingRates determined that while Providence had higher increases in home values compared to many other cities in its study, more than 9% of the city’s mortgages were underwater and property crime was the highest in the metro area at 33.5 incidents per 1,000 residents.
Rhode Island's Market Has Changed. Developers, Builders, Investors and Sellers Must Change With It.
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The analysis found Woonsocket is a better alternative to Providence for homebuyers who want to see the value of their homes improve more quickly. By comparison, Woonsocket had a smaller percentage of underwater mortgages, along with home values that increased 62.2% over five years.
For the full analysis, click here.
Mary MacDonald is a staff writer for the PBN. Contact her at macdonald@pbn.com.
