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.
