Report: Warwick most affordable place to live in R.I.

SMARTASSET said Warwick is the most affordable place to live in Rhode Island based on average closing costs, annual property taxes, homeowner's insurance expenses, the average annual mortgage payment and median income. / COURTESY SMARTASSET
SMARTASSET said Warwick is the most affordable place to live in Rhode Island based on average closing costs, annual property taxes, homeowner's insurance expenses, the average annual mortgage payment and median income. / COURTESY SMARTASSET

WARWICK – Warwick is the most affordable place to live in Rhode Island, according to a SmartAsset study.
That’s based on such factors as average closing costs, annual property taxes, the annual cost of homeowner’s insurance, average annual mortgage payments and median income.
SmartAsset, a financial technology company, looked at those costs over five years to rank the top 10 most affordable communities in the Ocean State. Communities with a population more than 5,000 were considered.
The most affordable cities and counties were those in which total housing costs on an average house accounted for the smallest proportion of the median income, SmartAsset said.
After Warwick, those communities, in order, are: Tiverton, the Greenville section of Smithfield, Cranston, East Providence, Westerly, the Kingston section of South Kingstown, Pawtucket, Woonsocket and Providence.
Warwick topped the list for average closing costs of $3,889, annual property taxes of $3,472, annual homeowner’s insurance of $1,015, average annual mortgage payments of $9,172 and median income of $62,803.
In comparison, tenth-ranked Providence has average closing costs of $3,789, annual property taxes of $3,322, annual homeowner’s insurance of $953, average annual mortgage payments of $8,466 and median income of $37,514.

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