Total monthly cost of ownership
Cost to Own a Home in Hope Valley, Rhode Island
A $424,000 home here costs
$3,573per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $2,180. The real number is $1,394 higher every month — 64% more than the payment most buyers budget for.
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Hope Valley against Washington County and Rhode Island
| Measure | Hope Valley | Washington County |
|---|---|---|
| Median home value | $424,100 | $469,800 |
| Median property tax | $6,354 | $4,954 |
| Effective tax rate | 1.498% | 1.054% |
| Median gross rent | $1,393 | $1,303 |
| Population | 2,147 | 130,073 |
The weather behind that power bill
Hope Valley sits in Washington County, which averages a high of 80.3°F in its hottest month and a low of 19.3°F in its coldest, with 51.57" of precipitation a year and 27% of it in a single three-month stretch. That climate drives 442 cooling and 6,173 heating degree days, which is what sets the $265 electricity line above.
See the full climate breakdown for Washington County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Washington County
Full Washington County cost breakdown · Every county in Rhode Island
Common questions
How much does it cost to own a home in Hope Valley?
A $424,000 home in Hope Valley, Rhode Island costs approximately $3,573 per month with 20% down at 6.66%. That is $2,180 principal and interest, $529 property tax, $178 homeowners insurance, $333 utilities and $353 set aside for maintenance.
What is the property tax rate in Hope Valley?
Hope Valley has an effective property tax rate of 1.498%, based on a median home value of $424,100 and median real estate taxes of $6,354. That is higher than the Washington County average of 1.054%.
What is the average home price in Hope Valley?
The median owner-occupied home value in Hope Valley, Rhode Island is $424,100, against $469,800 across Washington County.
Is it cheaper to rent or buy in Hope Valley?
Median gross rent in Hope Valley is $1,393 a month, against $3,573 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Hope Valley — US Census Bureau, American Community Survey ACS 2023 5-Year, place-level tables.
- Homeowners insurance — NAIC average premium for Rhode Island.
- Electricity price — EIA Electric Power Monthly Table 5.6.A.
- Mortgage rate — Freddie Mac PMMS, refreshed weekly.
- Maintenance (1%/yr) and water and sewer ($68/mo) are national estimates. Every assumption above is editable.