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Little Rhody means big opportunities for Rent to Own buyers. Home to inexpensive housing options, a slowly recovering market, and a wide variety of different cities and towns to perfectly match your needs, Rhode Island has everything you need in a lease option climate. Many cities in Rhody were hit hard in the housing crash, and a high rate of negative equity in homes offers intrepid Rent to Own hunters to find a willing lease-option seller in an up-and-coming neighborhood.
Welcome to the Ocean StateRhode Island is a state defined by its big character. The smallest state in the nation, it's however home to everything from romantic rocky coastlines to farmland to historic cities. Situated along the 95 corridor between Boston and New York, it's a arts and culture hub of the Northeast and home to several prestigious colleges and universities. Rhode Island is home to several major companies across a variety of sectors, from the pharmacy giant CVS to toy-maker Hasbro and global financial firm Mercer. Currently, the unemployment rate in the state is 6.3 percent according to the Bureau of Labor Statistics.
Housing Market in Rhode Island
According to Zillow, the average home price in Rhode Island hovers around $221,500 and growing at an estimated rate of 1.9 percent annually. The state has recovered very slowly from the aftermath of the housing crash, making it a great place to purchase a home at a budget-friendly price. Housing prices in Providence, the capitol and largest city in Rhode Island, are priced to buy at a median value of $154,900, but growing quickly (a 6.2 percent jump this year, with an estimated 3.6 jump in the coming one). Other significant cities and towns include Pawtucket, Warwick, Narragansett, and Newport.
For a state with so little landmass, Rhode Island is home to some of the world's finest universities. The city of Providence alone is home to an Ivy League school, Brown University; the nation's finest art college, RISD; and a world class culinary school, Johnson and Wales. The state is also home to several state universities, University of Rhode Island and Rhode Island College, as well as private universities like Salve Regina, a Catholic school and Roger Williams, a liberal arts institution.
Providence, RI. Via WikipediaSafety
In terms of annual crime, violent crime rates are above the 2.57 per 1,000 residents, national average at 3.8 while property crime is 24.42 per 1,000 residents and is lower than the 27.3 national average.
Culture and Entertainment
There's something for everyone in Rhode Island. For the sports fan, the MiLB's Pawtucket Red Sox offer big league style excitement at a family friendly price in Pawtucket. Music fans from across the country flock to the famed Newport Folk Festival, where the best in folk, roots, and alternative country artists perform every summer for thousands of fans. And for the history buff in your family, there's everything from walking tours of Providence's East Side to the Newport Mansions to highlight the incredible history of the state.