Rent to own Homes in Newport, RI
Founded in 1639, Newport, Rhode Island was an important colonial port. Today, 24,000 people live in the city, although that number increases substantially during the summer months when tourists visit. With average highs ranging from 38 degrees Fahrenheit in July to 78 degrees in January, Newport offers a pleasant climate with a change of seasons for people who enjoy watching the leaves change color.
Newport, RI is a great place for affordable rent-to-own homes! With a median household income of over $68,201 and a median rent of $1,326, the Newport, RI rent-to-own market is more affordable than the traditional housing market which has shown tremendous growth across the U.S. and with it, aggressive competition for home purchases. With the current housing shortage trend it can make it harder to become a homeowner, including in Newport, RI. This means higher than average down payments for homes and higher qualification standards for conventional home loans. With a rent-to-own property, tenants are also buyers. You can live in the house for a set amount of time before you purchase it, meaning that you get to know the house, your neighbors, and your community before making the final purchase. This enables you and your family to make the right choice based on both information and experience. Rent-to-own is also a great alternative way to get into a home if you have bad credit or don't have enough saved for a down payment.
More Newport, RI Property Resources
Rent to own Homes in Cities Near Newport, RI
- Acushnet
- Acushnet Center
- Bliss Corner
- Central Falls
- Coventry
- Cranston
- East Freetown
- East Greenwich
- East Providence
- East Taunton
- Exeter
- Hope
- Johnston
- Kingston
- Lakeville
- Lincoln
- Little Compton
- Melville
- Narragansett
- Narragansett Pier
- New Bedford
- Newport
- Newport East
- North Attleboro
- North Dartmouth
- North Dighton
- North Kingstown
- North Lakeville
- North Providence
- North Scituate
- North Seekonk
- Ocean Grove
- Pawtucket
- Portsmouth
- Providence
- Raynham
- Raynham Center
- Rehoboth
- Riverside
- Rochester
- Slocum
- Smithfield
- Smith Mills
- South Dartmouth
- Tiverton
- Valley Falls
- Wakefield
- Wakefield-Peacedale
- Warwick
- West Greenwich
Neighborhoods in Newport, RI
Harbor Lower Thames rent to own homes Historic Hill rent to own homes Old Beach rent to own homes The Point rent to own homes Kay Catherine rent to own homes Long Wharf rent to own homes Downtown Newport rent to own homes Broadway rent to own homes Kerry Hill Van Zandt rent to own homes North End Commercial rent to own homesPopular Zip Codes in Newport, RI
02840 rent to own homesBuying a Home in Newport, RI
Newport, RI is seeing rapid growth and Newport, RI's' housing market remains not optimal with an average home price that is 128% above the 2024 national average. Newport, RI is part of Newport county and taxes are an important factor to consider when purchasing a home whether through rent to own or a traditional purchase. The average tax rate as of 2024 for county Newport is 0.98% which is below the national average, which is 0.99%.
Median Home Price in Newport, RI
Median Rent in Newport, RI
Top 5 Reasons to Live in Newport, Rhode Island
Water, water, everywhere! Newport is surrounded by water and offers plenty of opportunities for sailing, fishing, surfing and swimming. Charter a 70-foot yacht from 12 Meter Charters and enjoy a day on the open seas. Residents can brave the waves at several city beaches, including Easton's Beach, Bailey's Beach and Gooseberry Beach.
Beautiful old buildings! Newport has more colonial homes than any other place in the country. Visit the Newport Historic District, which covers 250 acres and is home to Trinity Church, the Old Colony House and countless private homes. Some of the area's most famous old mansions offer tours, including Rosecliff, Marble House and The Breakers, Commodore Cornelius Vanderbilt's lavish home.
Unique properties! With so many old homes, you won't find many cookie cutter houses in Newport. New residents who are interested purchasing a home or are considering rent to own homes will find no shortage of charm and architectural detail. Look for homes in downtown Newport, Bellevue and the Point. The median price for Newport homes is $317,000.
Food and drink! Whether you're looking for a quick meal after a day on the beach or a fine dining experience, you'll find just what you want at one of the city's many restaurants. The Ocean Breeze Cafe on Thames Street offers a large selection of sandwiches, soups and salads, while the Spiced Pear offers New England dishes with a French flair. Spiced Pear diners enjoy ocean views while dining on the restaurant's New England Tasting Menu, which features six or nine courses of New England favorites.
Diverse rental properties! Rentals range from grand old houses to small apartments above busy city stores. Renting can be a little pricey, particularly if you're looking for a rental property during the height of the tourist season, but reasonable prices can be found if you're willing to venture past the grand old homes in the center of town. Look for rentals in Kerry Hill, Thames Street and Van Zandt.