Rent vs buy in Pawtucket, RI

In Pawtucket, Rhode Island, the typical rent is $1,866 /mo and the typical home value is $399,302.

Rent

Over 7 years, renting comes out $21k ahead

Using 20% down and today's mortgage rate, with Pawtucket's typical rent and home value. Break-even occurs in year 10.

Our clearly labeled opinion shows the math. These figures are estimates, not quotes. If you change a number, the stamp changes too.

Renting's lead: $21k
Point where costs match: year 10
Actual cost of owning: $3,612 monthly

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The stamp relies on the typical rent and home value in Pawtucket's market. The stamp can flip when your rent, price or years change.

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In Pawtucket, is it cheaper to rent or buy?

If you include the money you get back when you sell, renting costs $20,788 less over 7 years. For the first 9 years, renting costs less. By year 10, owning has caught up.

Renting. Cost of owning. Net cost through each year.

Comparing average rent with mortgage payment in Pawtucket

At Pawtucket's typical price, rent and mortgage payments don't tell the whole story. Here are all monthly costs during year 1.

Each month, year 1	Amount	What it is
Rent	$1,866	All of it, every month
Mortgage payment	$2,177	$1,919 of it is interest in year 1
Property tax	$419	1.26% of the value a year
Insurance	$126	Census median for the city
Upkeep	$333	1% of the value a year
Owning, cash out	$3,055	$258 of it builds equity
Lost return on the down payment	$649	The cash would earn this amount at 8.3% a year
Buying costs, spread out	$166	3.5% of the price over 7 years
True cost of owning	$3,612	Cash paid out, minus the equity amount, plus both entries mentioned previously

The Pawtucket verdict, explained through its numbers

Typical home valueZillow ZHVI, September 2026: $399,302
Typical rentZillow ZORI, September 2026: $1,866 /mo
Down payment20% avoids private mortgage insurance, which the engine does not model: 20%
Mortgage rateFreddie Mac Primary Mortgage Market Survey (FRED MORTGAGE30US): 7.24%
Home price growthFHFA house price index, Rhode Island, 1995 to 2025: 5% a year
Rent growthCPI rent of primary residence, yearly growth 2006 to 2026: 3.5% a year
Return on savings60% S&P 500 with dividends and 40% 10-year Treasuries, rebalanced yearly, 1928 to 2025: 8.3% a year
Property taxCensus ACS 2020-2024, Pawtucket: 1.26% of value
Home insuranceCensus ACS 2020-2024, Pawtucket: $126 /mo
MaintenanceFannie Mae, low end of 1% to 4%: 1% of value a year
Buying costsFreddie Mac, middle of 2% to 5%: 3.5% of price
Selling costsAgent commission plus closing costs: 6% of price

What in Pawtucket would flip it?

With everything else fixed, each line marks where Pawtucket's 7-year verdict would switch.

When renting wins

Growth in home prices stays under 5.6% a year (5% is what we use, Rhode Island's long-run rate).
A mortgage rate above 6.32% remains in place.
A home like this has a monthly rent below $2,090; the typical figure here is $1,866.
You move before year 10 begins.

When buying wins

Home prices grow at a rate above 5.6% a year.
The rate you lock is below 6.32%, while today's rate is 7.24%.
The same home would cost more than $2,090 each month to rent.
You remain in the home for 10 years or more.

How Pawtucket compares with the other 812 cities

Measure	Pawtucket	Median city
Typical home value	$399,302	$422,451
Typical rent	$1,866 /mo	$1,837 /mo
Price-to-rent ratio	17.8 (#440 of 813)	18.5
Home prices, last 10 years	8.2% a year	6.2% a year
Rents, last 5 years	6.9% a year	4% a year
Property tax	1.26%	0.87%
Households that rent	50%	42%

Sources: Zillow ZHVI and ZORI, Census ACS 2020-2024.

More cities across Rhode Island

Rent. Renting wins by $6k in Providence, RI.
Rent. Renting wins by $29k in Cranston, RI.
Warwick is a toss-up. Warwick, RI favors buying by $3k overall.

Rent vs buy in Rhode Island: the state's numbers