West Warwick, RI—02893
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — West Warwick, RI
As of Oct '25, the median home price in West Warwick, RI is $385,000, with a year-over-year change of 2.3%. This indicates that home prices in West Warwick, RI are increasing. According to Zillow, the 1-year price projection is 2.7%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $385,000 | 2.3% |
| Single Family | $394,000 | 1.8% |
| Condos | $324,000 | 1.9% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $213,000 | 0.9% |
2 Bed | $335,000 | 1.5% |
3 Bed | $401,000 | 2.0% |
4 Bed | $433,000 | 2.4% |
| 5 Bed | $454,000 | 2.9% |
% of Housing Stock
Rental Trends — West Warwick, RI
As of July '25, Rentcast reports the average rent in West Warwick, RI is $1,940, with a year-over-year rent change of 3.2%. Per bedroom, the median rent as of July '25 in West Warwick, RI is studios: $1,800, 1-bedrooms: $1,510, 2-bedrooms: $1,820, 3-bedrooms: $2,090, 4-bedrooms: $2,440. The most common rental property sizes in West Warwick, RI are 2-bedroom and 1-bedroom, accounting for 37.4% and 35.5% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,850 | $1,940 |
| Studio Rent | $1,200 | $1,800 |
| 1 Bed Rent | $1,350 | $1,510 |
| 2 Bed Rent | $1,700 | $1,820 |
| 3 Bed Rent | $2,050 | $2,090 |
| 4 Bed Rent | $2,400 | $2,440 |
% of Rental Stock
Property Listings — West Warwick, RI
As of Oct '25, Realtor.com reports that the median days on market for a home in West Warwick, RI is 30. This is a decrease of -18.0% from last year, suggesting that homes are sitting on the market shorter than last year. The percentage of listed homes with a reduced price is 23.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $397,000 | 3.0% |
Listing Count | 78 | -29.0% |
| Listings as % of Homes | 0.5% | -29.0% |
Days on Market | 30 | -18.0% |
Demographics — West Warwick, RI
As of the latest ACS Survey released in 2023, West Warwick, RI has a population of 31,000, which has increased by 6.4% over the past 5 years. West Warwick, RI is a moderately popular place for families, as children make up 15.7% of the population. The area has a moderately educated workforce, with 25.3% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 7.4% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 31,000 | 6.4% |
% Under 18 | 15.7% | -17.8% |
% Seniors | 18.9% | 13.9% |
% WFH | 7.4% | 208.3% |
% w/ College Degree | 25.3% | 13.5% |
As of the latest ACS Survey released in 2023, West Warwick, RI is a predominantly white area, with 81.0% of the population identifying as white. The white population has shrunk by 6.9% in the last 5 years. The second most common race or ethnicity in West Warwick, RI is hispanic, making up 10.7% of the population. Foreign-born residents account for 7.6% of the population in West Warwick, RI, and this percentage has increased by 28.8% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 81.0% | -6.9% |
% Black | 2.1% | -32.3% |
% Hispanic | 10.7% | 109.8% |
% Asian | 2.5% | -13.8% |
% Foreign Born | 7.6% | 28.8% |
Mortgage and Risk — West Warwick, RI
According to HUD data as of 2023, there were 598 mortgage originations in West Warwick, RI, of which 75.0% of loans were conventional mortgages. The average loan-to-value was 61.0%, with 30.0% above 90% LTV (very high). This implies large mortgage risk in West Warwick, RI. Investor activity is low, as 3.0% of loans were by investors. 12.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 598 |
% Conventional Loans | 75.0% |
% Government Loans | 25.0% |
% Investor Loans | 3.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 12.0% |
Loan Activity
Rentals and Section 8 — West Warwick, RI
As of 2024, the percent of homes in West Warwick, RI under the Section 8 program is 11.3%. This is considered low, suggesting that the neighborhood is sparsely composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. In West Warwick, RI, none of the tracked home sizes currently have HUD payment amounts above market rent, suggesting limited Section 8 opportunity.
Section 8 Market Size
Total Units under HUD | 1,091 |
Total Units Section 8 | 738 |
% Rentals under Section 8 | 11.3% |
% Occupied Section 8 | 93.1% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$40 | $1,350 | $1,310 |
| 2 Bedroom | -$100 | $1,700 | $1,600 |
| 3 Bedroom | -$120 | $2,050 | $1,930 |
| 4 Bedroom | -$60 | $2,400 | $2,340 |
Affordability — West Warwick, RI
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 4.5 |
| Median Home Price | $385,000 |
| Median Household Income | $73,900 |