DECEMBER 12TH, 2018

Rhode Island Mortgages

The small state of Rhode Island is often thought to be an island by those who don’t live there. This is not the case, and the name Rhode Island originally comes from one of the islands just off the coast of the state. While not an island, the state is still very small, although it maintains a robust economy for its size. The housing market in Rhode Island is small as well, and is often heavily influenced by the fluctuations caused by national trends. The 2002 census showed that there were 443,761 total housing units in the state. The home ownership rate listed in the 2000 census was 60%, which is lower than the national average that year, which was 66.2%. The lower home ownership rate might be explained by the higher than average cost of housing in Rhode Island. The 2000 US census data showed that the median value of an owner occupied housing unit in Rhode Island was $133,000. While not as large a variation from the national average as some other states displayed, it was still higher than the nationwide average median value of $119,600. This may have discouraged some buyers, yet it is not uncommon for home prices in east coast states to be higher than the national average.

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As commonly argued topic amongst real estate agents and economists, a consensus regarding the Rhode Island housing market has recently emerged. After years of weakness, it appears that the market is finally witnessing some true strength in the housing sector. Not surprisingly, this is only logical as the Rhode Island economy has been doing so well that the market is finally returning to more traditional pattern of cyclical or recurrent economic activity.

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In January of 2006, the issuing of single-unit-housing permits, the typical measure of new home construction, rose by an incredible 61 percent from their level a year previous. In February, the annual improvement was 30 percent. It was around that time that the new consensus about housing was founded, with a new record for existing home sales and such amazing growth in new home construction, the housing market looks to have found a second wind. This is good news for those looking to buy a home or sell in Rhode Island, with investor confidence and appreciation looking to continue in the housing market for several years to come.

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