The typical owner-occupied home in Chepachet is worth about $279,400, 31% below the Rhode Island median of $404,200 and 16% below the national median of $332,700. Owners pay a median $3,284 a year in property taxes, about 1.18% of their home's value, close to the Rhode Island rate of 1.21%. The median household earns $92,971 a year, so the median home costs 3.0 times the median income (4.6 times for Rhode Island). 88% of occupied homes here are lived in by their owners, and 53% of those owners still have a mortgage.
Chepachet at a glance
| Chepachet | Rhode Island | U.S. | |
|---|---|---|---|
| Median home value | $279,400 | $404,200 | $332,700 |
| Median property tax paid per year | $3,284 | $4,900 | $3,119 |
| Property tax as a share of value | 1.18% | 1.21% | 0.94% |
| Median household income | $92,971 | $87,796 | $80,734 |
| Homes lived in by their owners | 88% | 64% | 65% |
| Owner homes with a mortgage | 53% | 67% | 61% |
| Median monthly costs, owners with a mortgage | $2,017 | $2,234 | $1,963 |
| Those costs as a share of the owners' income | 20.0% | 22.1% | 21.0% |
| Median rent | $936 | $1,342 | $1,413 |
| Rent as a share of renters' income | 44.2% | 29.2% | 30.6% |
| Median year homes were built | 1977 | 1962 | 1980 |
| Vacant homes | 0.0% | 9.1% | 10.1% |
| Population | 1,923 | 1,101,801 | 334,922,499 |
What a typical home costs per month in Chepachet
At this week's average 30-year rate of 7.11%, buying the median Chepachet home of $279,400 with 20% down costs about $1,895 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $2,360, because the loan is bigger and FHA adds mortgage insurance.
Lenders usually want housing costs under about 28% of gross income, which means an income of roughly $81,205 for the 20%-down payment. That payment is 24% of the median Chepachet household income of $92,971; at that income and 20% down, the 28% guideline points to a home of about $320,000.
The median rent here is $936 a month, so owning the median home costs about $959 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $55,880 |
|---|---|
| Loan amount | $223,520 |
| Principal and interest | $1,504 |
| Property taxes (1.18% a year) | $275 |
| Homeowners insurance (our estimate, 0.5% a year) | $116 |
| PMI | $0 |
| Total per month | $1,895 |
Change the numbers in the calculator
| Down payment | $9,779 |
|---|---|
| Loan amount | $274,339 |
| Principal and interest | $1,846 |
| Property taxes (1.18% a year) | $275 |
| Homeowners insurance (our estimate, 0.5% a year) | $116 |
| FHA mortgage insurance | $124 |
| Total per month | $2,360 |
Change the numbers in the calculator
Questions about home buying in Chepachet
What is the median home value in Chepachet?
About $279,400 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Chepachet?
Homeowners pay a median $3,284 a year, which is about 1.18% of the median home value. Your bill depends on your home's assessed value and local rates.
What income do you need to buy a home in Chepachet?
For the median home with 20% down at 7.11%, the payment is about $1,895 a month. Keeping that under 28% of gross income takes about $81,205 a year.
More about Chepachet
- Mortgage Refinance in Chepachet
- Debt Relief in Chepachet
- Home Equity Loans in Chepachet
- Guides and quotes for mortgage refinance on our sister site, MortgageRefinance.com
Sources: U.S. Census Bureau, American Community Survey 2020–2024 5-year estimates; Freddie Mac Primary Mortgage Market Survey, week of November 12, 2026. Estimates for small places have wide margins of error. About our data