Total monthly cost of ownership
Cost to Own a Home in Newport, Rhode Island
A $670,000 home here costs
$5,056per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $3,444. The real number is $1,612 higher every month — 47% 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.
Newport against Newport County and Rhode Island
| Measure | Newport | Newport County |
|---|---|---|
| Median home value | $669,500 | $559,700 |
| Median property tax | $5,272 | $5,345 |
| Effective tax rate | 0.787% | 0.955% |
| Median gross rent | $1,612 | $1,652 |
| Population | 25,029 | 85,095 |
The weather behind that power bill
Newport sits in Newport County, which averages a high of 79.6°F in its hottest month and a low of 24.1°F in its coldest, with 42.18" of precipitation a year and 27% of it in a single three-month stretch. That climate drives 574 cooling and 5,520 heating degree days, which is what sets the $265 electricity line above.
See the full climate breakdown for Newport County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Newport County
Full Newport County cost breakdown · Every county in Rhode Island
Common questions
How much does it cost to own a home in Newport?
A $670,000 home in Newport, Rhode Island costs approximately $5,056 per month with 20% down at 6.66%. That is $3,444 principal and interest, $439 property tax, $281 homeowners insurance, $333 utilities and $558 set aside for maintenance.
What is the property tax rate in Newport?
Newport has an effective property tax rate of 0.787%, based on a median home value of $669,500 and median real estate taxes of $5,272. That is lower than the Newport County average of 0.955%.
What is the average home price in Newport?
The median owner-occupied home value in Newport, Rhode Island is $669,500, against $559,700 across Newport County.
Is it cheaper to rent or buy in Newport?
Median gross rent in Newport is $1,612 a month, against $5,056 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 Newport — 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.