Building Costs Per Square Foot in the State of Rhode Island, USA

Spread the love

Rhode Island 482 Louise Street Woonsocket RI-02895 - 4 Beds and 3 Baths with 2 Attached Garages on Gross Floor Area 2,100 sqft - Built in 2022 - Price $589,900 (4)

Newly Built House in Rhode Island 482 Louise Street Woonsocket RI-02895 – 4 Beds and 3 Baths with 2 Attached Garages on Gross Floor Area 2,100 sqft – Built in 2022 – Price $589,900 (4)

Residential Construction Market Analysis in the State of Rhode Island, USA

Building costs are 5% above the national average in the state of Rhode Island, equivalent to the state of Texas and closer to the states of Illinois, North Dakota and New York by a deviation of 1%. Rhode Island has always been a state where the real estate market has excelled, either because of its quality of properties for sale or because of the ambition of buyers, it always finds a way to stay afloat in the face of crises. In fact, after the crisis in 2008, the Rhode Island real estate market was the one that showed that it was possible to get ahead, and was one of the first to notice improvements.

The crisis that the United States is seeing in its real estate market today is not the same as that of 2008, and some experts say it is much less worrisome. Still, there are times when it’s good to play it safe, which makes Rhode Island an ideal place to invest.

With a wide variety of properties available to buy, prices that vary depending on where you are, and a lot on offer, it is a paradise for investors. For buyers, it is also a good place, although they must be prepared to roll up their sleeves and fight for a good price.

See also  Building Costs Per Square Metre in the Philippines & Disaster-Proof Building Methods

In this article, we will focus exclusively on the real estate market in Rhode Island, focusing mainly on the residential market, including home construction. Get ready to read about the state of the market, what’s expected to happen, and what construction is like in Rhode Island, among other things.

Rhode Island Construction Outlook

Rhode Island is a state that has it all: portable homes, high-rise buildings, and upscale residential neighborhoods. This variety gives you the possibility to play with what you want to do if you are looking to invest and to be able to get a house that suits what you are looking for if you want to buy.

In Providence you will find the tallest and most modern buildings in this state, with rooftops that give a panoramic view of the entire city, leaving its inhabitants with their mouths open.

In university neighborhoods there are usually more multi-family houses or condominiums prepared to accommodate many students who live together there, making it a paradise for investors who are interested in the world of rentals.

Rhode Island Housing Market Analysis and Forecast

The real estate market in Rhode Island is historically one of the best in all of the United States. There is always supply and demand, the values ​​​​usually increase but at a stable rate (during the 2010s they increased by only 5% year after year at most), and there are different payment programs that attract people from other states.

Speaking of the real estate market in general, that is, the number of houses that are sold, the number of houses that enter the list, and the movements that arise from other parts such as rent, Rhode Island is one of the most prosperous. It is even expected to grow by 9.5% by 2022.

See also  Building Costs Per Square Foot in the City of Phoenix (AZ), USA

Something that makes this state so good is that year after year new people come looking to live here. For example, Providence, this bustling city that is also the capital of Rhode Island is home to notable universities such as the Ivy League Brown University, RI School of Design, and Providence College. The many students that Providence attracts each year directly impact the real estate market. As of this year, home values ​​have risen 15.7% since 2021, and are expected to rise another 12% through at least 2022.

Rhode Island Average House Price (Median Home Price)

Median home values ​​in Rhode Island reached a decade high in May 2022. The value reached $400,000, and remember that it refers to single-family homes with 3 bedrooms, 2 bathrooms, a kitchen, a living room, a garage, and a small garden.

Considering its location as a northern state, close to New York City, it is not surprising that its prices are higher than in other parts of the country. In any case, there are still other states with more expensive median values ​​such as California or Hawaii.

If you are looking for cheaper prices within Rhode Island, some towns outside of Providence may be a good option. For example, Warwick is an affordable alternative where you can find houses by the sea for an average value of $260,000. In other neighborhoods like Pascoag and Cranston, you can find properties for a median value of less than $270,000.

Another more expensive area is Newport, with an average price of $490,500, which is expected to exceed $500,000 in the coming months. In downtown Providence, the average is $400,000.

See also  Building Costs Per Square Foot in the State of West Virginia, USA

However, don’t let these numbers discourage you. This is an average number obtained from the sum of the value of properties throughout the state, so in reality, it is possible that you will find houses that fit your budget.

Proposed Residential Building Projects in Rhode Island

Currently, in Warwick, there are several construction companies that are investing in residential neighborhoods, with houses that have the same aesthetic, more than two stories, and more than 3 rooms prepared to receive families. That’s because families gravitate to this thriving community due to the low crime rates (69% lower than the national average) and the highly-rated elementary and high schools in the area.

There are also some multi-family housing projects here and in Burrillville, though in the latter case they are geared toward housing college students. There is Bryant University, which has a beautiful campus but not always enough space to house its students, so living in multi-family housing is a good idea.

In Providence, there are some buildings under construction, of all sizes, although none is a super daring skyscraper. If they are modern constructions prepared to receive the younger population that is arriving in the city and wants to live in style at a good price.

Rhode Island 482 Louise Street Woonsocket RI-02895 - 4 Beds and 3 Baths with 2 Attached Garages on Gross Floor Area 2,100 sqft - Built in 2022 - Price $589,900 (3)

Newly Built House in Rhode Island 482 Louise Street Woonsocket RI-02895 – 4 Beds and 3 Baths with 2 Attached Garages on Gross Floor Area 2,100 sqft – Built in 2022 – Price $589,900 (3)

Building Costs Per Square Foot for Single Family Homes in the State of Rhode Island, USA (NATIONAL ESTIMATOR)

Building costs are 5% above the national average in the state of Rhode Island, equivalent to the state of Texas and closer to the states of Illinois, North Dakota and New York by a deviation of 1%.

Class 1 – Luxury Single Family Homes

The building cost per square foot for luxury private homes in Rhode Island ranges from $362.13 per sqft to $555.14 per sqft, with the average being $427.37 per sqft. As the bar chart shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 2 – Semi Luxury Single Family Homes

The building cost per square foot for semi-luxury private homes in Rhode Island ranges from $220.09 per sqft to $337.37 per sqft, with the average being $259.73 per sqft. As the bar chart shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 3 – Best Standard Single Family Homes

The building cost per square foot for best-standard private homes in Rhode Island ranges from $142.28 per sqft to $216.10 per sqft, with the average being $166.57 per sqft. As the bar chart shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 4 – Good Standard Single Family Homes

The building cost per square foot for good-standard private homes in Rhode Island ranges from $103.83 per sqft to $159.23 per sqft, with the average being $122.54 per sqft. As the bar graph shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 5 – Average Standard Single Family Homes

The building cost per square foot for average-standard private homes in Rhode Island ranges from $84.28 per sqft to $129.08 per sqft, with the average being $99.38 per sqft. As the bar graph shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 6 – Minimum Standard Single Family Homes

The building cost per square foot for minimum-standard private homes in Rhode Island ranges from $66.48 per sqft to $101.89 per sqft, with the average being $78.42 per sqft. As the bar graph shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

List of 8 Metropolitan Areas/Cities in Rhode Island – Percentage Deviation of the City/Town Building Cost from the National Average ($X), in Descending Order:

There are 39 municipalities and 86 special districts grouped into 5 counties in the state of Rhode Island. The bar chart below indicates that building costs vary in each metro city/town. The construction cost per square foot in each of these metropolitan cities varies from the state and national average by a certain percentage based on the location factor also known as the local modifier.

The percentage deviation of building costs from the National Average for each metropolitan area in Rhode Island is shown below.

If $X is the Average National Building Cost in the USA, then it will cost the following to build a residential property in each metro city/town in Rhode Island:

Rhode Island     5% (5% more than X)

  • Rhode Island Average 5%
  • Bristol 028 5%
  • Coventry 028 5%
  • Davisville 028 5%
  • Narragansett 028 5%
  • Newport 028 5%
  • Warwick 028 5%
  • Cranston 029 6%
  • Providence 029 6%

The Metropolitan Area List above as well as the Bar Graphs below shows that Bristol, Coventry, Davisville, Narragansett, Newport and Warwick are the cheapest cities to build a private home in the state of Rhode Island. Providence and Cranston are the most expensive cities to build a home. Building costs are 5% above the national average in Bristol, Coventry, Davisville, Narragansett, Newport and Warwick. Construction costs are 6% above the national average in Providence and Cranston.

Cheapest Places To Build in Rhode Island:

If anything below 5% is considered cheap, then there are no such places in the state of Rhode Island.

Expensive Places To Build in Rhode Island:

If anything between 5% and 10% is considered expensive, then there are 8 such cities in the state of Rhode Island. The following metropolitan cities fall under this category:

Building a house in Bristol, Coventry, Davisville, Narragansett, Newport and Warwick will cost you 5% above the national average. You will pay 6% more than the US average to build a dwelling in Providence and Cranston.

More Expensive Places To Build in Rhode Island:

If anything between 10% and 15% is considered more expensive, then there are no such places in the state of Rhode Island.

Very Expensive Places To Build in Rhode Island:

The most expensive places to build a house in Rhode Island are those 15% above the national average. There are no such places in Rhode Island.

Rhode Island State Average Costs:

Private home building costs in the state of Rhode Island are 5% higher than the national average. Building cost rates in the metropolitan areas of Providence and Cranston are closer to the Rhode Island state average by a deviation of 1%. Residential property development costs in Coventry, Davisville, Narragansett, Newport and Warwick are equivalent to the state average. Providence and Cranston are the most expensive cities to build a home in Rhode Island, and the state of Rhode Island is number 41 on the national ascending costs scale, which means it’s the 10th most expensive state to build a home in the USA.


Spread the love
Decoration sticker
Decoration sticker
Decoration sticker