Land Market Insights and Pricing in Rhode Island

Rhode Island's 400 miles of coastline and extensive bays and inlets cover 14% of its area, offering unparalleled access to coastal living and water-based activities. The state's distinct natural regions, from the lowlands of Narragansett Bay to the New England upland in the west, provide varied landscapes for potential land buyers. With over 30 islands in Narragansett Bay and Block Island off the southern coast, Rhode Island presents unique opportunities for island living and investment. Providence County stands out for residential properties, boasting median worker earnings of $45,718 and a strong 65.4% labor force participation. The county's median household price of $339,100 is significantly below the national average, offering excellent value for home buyers. Nature enthusiasts can explore the Blackstone and Woonasquatucket rivers or seek properties near Jerimoth Hill, the state's highest point. Rhode Island's income tax rates are moderately favorable compared to nearby states, with a low 3.75% rate for the first bracket benefiting lower-income residents. However, the state's 1.32% effective property tax rate ranks 13th highest nationally, higher than some neighboring states. Despite its small size, Rhode Island's agricultural sector shows potential in niche markets, with hay production valued at $1.77 million and dairy generating $2.1 million in milk production. The state's economic prospects remain positive, bolstered by its strategic coastal location and diverse industries.