Why So Many Massachusetts Residents Are Moving to Rhode Island

Once pitched to potential tourists as the "biggest little state in the union," Rhode Island is increasingly drawing people who wish to stay.

Providence-based WPRI 12 reports out-of-state residents are buying one in four homes sold in Rhode Island.

With the average price of a single-family home in Massachusetts selling for around $600,000 according to recent Warren Report data, many Massachusetts residents are attracted to Rhode Island home prices: about $455,000 on average, some $150,000 to $200,000 lower than in the Commonwealth.

WPRI cited data from the Rhode Island Association of Realtors, "The share of Rhode Island homes purchased by out-of-state residents rose from 15% in 2016 to over 25% by 2022, and as of last year stood at 23.4%."

GoLocalProv.com reported that, "Buying in Rhode Island is a bargain in comparison, thus driving thousands and thousands of Commonwealth residents to shop for homes at what they see as a good buy."

"The number of Rhode Island homes purchased by Rhode Island residents fell from 12,517 in 2016, to 8,389 in 2024, the data shows, a drop of 33%," according to WPRI. Higher prices and interest rates are blamed for the decline.

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Lower property taxes and a lower cost of living make Rhode Island an attractive alternative for many Massachusetts residents, and it's so close by. The drive from Providence to New Bedford is under a half hour and about 50 minutes to Boston.

International pop sensation Taylor Swift and comedians Matt Rife and Jay Leno all own homes in Rhode Island.