Total monthly cost of ownership
Cost to Own a Home in Westerly, Rhode Island
A $400,000 home here costs
$3,188per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $2,056. The real number is $1,131 higher every month — 55% 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.
Westerly against Washington County and Rhode Island
| Measure | Westerly | Washington County |
|---|---|---|
| Median home value | $400,200 | $469,800 |
| Median property tax | $3,566 | $4,954 |
| Effective tax rate | 0.891% | 1.054% |
| Median gross rent | $1,243 | $1,303 |
| Population | 18,528 | 130,073 |
The weather behind that power bill
Westerly 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 Westerly?
A $400,000 home in Westerly, Rhode Island costs approximately $3,188 per month with 20% down at 6.66%. That is $2,056 principal and interest, $297 property tax, $168 homeowners insurance, $333 utilities and $333 set aside for maintenance.
What is the property tax rate in Westerly?
Westerly has an effective property tax rate of 0.891%, based on a median home value of $400,200 and median real estate taxes of $3,566. That is lower than the Washington County average of 1.054%.
What is the average home price in Westerly?
The median owner-occupied home value in Westerly, Rhode Island is $400,200, against $469,800 across Washington County.
Is it cheaper to rent or buy in Westerly?
Median gross rent in Westerly is $1,243 a month, against $3,188 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 Westerly — 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.