The typical owner-occupied home in Charlestown is worth about $583,200, 44% above the Rhode Island median of $404,200 and 75% above the national median of $332,700. Owners pay a median $4,142 a year in property taxes, about 0.71% of their home's value, lower than the Rhode Island rate of 1.21%. The median household earns $108,563 a year, so the median home costs 5.4 times the median income (4.6 times for Rhode Island). 88% of occupied homes here are lived in by their owners, and 58% of those owners still have a mortgage.
Charlestown at a glance
| Charlestown | Rhode Island | U.S. | |
|---|---|---|---|
| Median home value | $583,200 | $404,200 | $332,700 |
| Median property tax paid per year | $4,142 | $4,900 | $3,119 |
| Property tax as a share of value | 0.71% | 1.21% | 0.94% |
| Median household income | $108,563 | $87,796 | $80,734 |
| Homes lived in by their owners | 88% | 64% | 65% |
| Owner homes with a mortgage | 58% | 67% | 61% |
| Median monthly costs, owners with a mortgage | $1,972 | $2,234 | $1,963 |
| Those costs as a share of the owners' income | 25.8% | 22.1% | 21.0% |
| Median rent | $1,159 | $1,342 | $1,413 |
| Rent as a share of renters' income | 49.4% | 29.2% | 30.6% |
| Median year homes were built | 1978 | 1962 | 1980 |
| Vacant homes | 53.8% | 9.1% | 10.1% |
| Population | 1,499 | 1,101,801 | 334,922,499 |
What a typical home costs per month in Charlestown
At this week's average 30-year rate of 7.11%, buying the median Charlestown home of $583,200 with 20% down costs about $3,727 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $4,698, 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 $159,713 for the 20%-down payment. That payment is 41% of the median Charlestown household income of $108,563; at that income and 20% down, the 28% guideline points to a home of about $396,000.
The median rent here is $1,159 a month, so owning the median home costs about $2,568 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $116,640 |
|---|---|
| Loan amount | $466,560 |
| Principal and interest | $3,139 |
| Property taxes (0.71% a year) | $345 |
| Homeowners insurance (our estimate, 0.5% a year) | $243 |
| PMI | $0 |
| Total per month | $3,727 |
Change the numbers in the calculator
| Down payment | $20,412 |
|---|---|
| Loan amount | $572,637 |
| Principal and interest | $3,852 |
| Property taxes (0.71% a year) | $345 |
| Homeowners insurance (our estimate, 0.5% a year) | $243 |
| FHA mortgage insurance | $258 |
| Total per month | $4,698 |
Change the numbers in the calculator
Questions about home buying in Charlestown
What is the median home value in Charlestown?
About $583,200 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Charlestown?
Homeowners pay a median $4,142 a year, which is about 0.71% 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 Charlestown?
For the median home with 20% down at 7.11%, the payment is about $3,727 a month. Keeping that under 28% of gross income takes about $159,713 a year.
More about Charlestown
- Mortgage Refinance in Charlestown
- Debt Relief in Charlestown
- Home Equity Loans in Charlestown
- 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