The typical owner-occupied home in Westerly is worth about $448,800, 11% above the Rhode Island median of $404,200 and 35% above the national median of $332,700. Owners pay a median $3,784 a year in property taxes, about 0.84% of their home's value, lower than the Rhode Island rate of 1.21%. The median household earns $95,207 a year, so the median home costs 4.7 times the median income (4.6 times for Rhode Island). 71% of occupied homes here are lived in by their owners, and 67% of those owners still have a mortgage.
Westerly at a glance
| Westerly | Rhode Island | U.S. | |
|---|---|---|---|
| Median home value | $448,800 | $404,200 | $332,700 |
| Median property tax paid per year | $3,784 | $4,900 | $3,119 |
| Property tax as a share of value | 0.84% | 1.21% | 0.94% |
| Median household income | $95,207 | $87,796 | $80,734 |
| Homes lived in by their owners | 71% | 64% | 65% |
| Owner homes with a mortgage | 67% | 67% | 61% |
| Median monthly costs, owners with a mortgage | $2,120 | $2,234 | $1,963 |
| Those costs as a share of the owners' income | 21.7% | 22.1% | 21.0% |
| Median rent | $1,260 | $1,342 | $1,413 |
| Rent as a share of renters' income | 28.6% | 29.2% | 30.6% |
| Median year homes were built | 1972 | 1962 | 1980 |
| Vacant homes | 8.3% | 9.1% | 10.1% |
| Population | 18,411 | 1,101,801 | 334,922,499 |
What a typical home costs per month in Westerly
At this week's average 30-year rate of 7.11%, buying the median Westerly home of $448,800 with 20% down costs about $2,916 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $3,664, 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 $124,991 for the 20%-down payment. That payment is 37% of the median Westerly household income of $95,207; at that income and 20% down, the 28% guideline points to a home of about $342,000.
The median rent here is $1,260 a month, so owning the median home costs about $1,656 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $89,760 |
|---|---|
| Loan amount | $359,040 |
| Principal and interest | $2,415 |
| Property taxes (0.84% a year) | $314 |
| Homeowners insurance (our estimate, 0.5% a year) | $187 |
| PMI | $0 |
| Total per month | $2,916 |
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| Down payment | $15,708 |
|---|---|
| Loan amount | $440,671 |
| Principal and interest | $2,964 |
| Property taxes (0.84% a year) | $314 |
| Homeowners insurance (our estimate, 0.5% a year) | $187 |
| FHA mortgage insurance | $198 |
| Total per month | $3,664 |
Change the numbers in the calculator
Questions about home buying in Westerly
What is the median home value in Westerly?
About $448,800 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Westerly?
Homeowners pay a median $3,784 a year, which is about 0.84% 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 Westerly?
For the median home with 20% down at 7.11%, the payment is about $2,916 a month. Keeping that under 28% of gross income takes about $124,991 a year.
More about Westerly
- Mortgage Refinance in Westerly
- Debt Relief in Westerly
- Home Equity Loans in Westerly
- 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