Cumberland, RI
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Cumberland, RI Real Estate Data

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q2 2018. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2016 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Cumberland Housing Market Information

With 34,694 people, 13,535 houses or apartments, and a median cost of homes of $301,540, Cumberland real estate prices are well above average cost compared to national prices.

Single-family detached homes are the single most common housing type in Cumberland, accounting for 66.16% of the town's housing units. Other types of housing that are prevalent in Cumberland include large apartment complexes or high rise apartments ( 15.89%), duplexes, homes converted to apartments or other small apartment buildings ( 13.79%), and a few row houses and other attached homes ( 4.01%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Cumberland. Owner-occupied housing accounts for 72.49% of Cumberland's homes, and 60.95% have either three or four bedrooms, which is average sized relative to America.

There is a lot of housing in Cumberland built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Cumberland built between 1940-1969 ( 34.95%). A lesser amount of the housing stock also hails from before 1939 ( 19.22%). There's also some housing in Cumberland built between 2000 and later ( 9.29%).

Cumberland Home Appreciation Rates

Real estate appreciation rates in Cumberland's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 0.16% during the period.

NeighborhoodScout's data show that during the latest twelve months, Cumberland's appreciation rate, at 6.21%, has been at or slightly above the national average. In the latest quarter, Cumberland's appreciation rate has been 2.10%, which annualizes to a rate of 8.68%.

Relative to Rhode Island, our data show that Cumberland's latest annual appreciation rate is lower than 50% of the other cities and towns in Rhode Island.

One very important thing to keep in mind is that these are average appreciation rates for the town. Individual neighborhoods within Cumberland differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Cumberland - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Cumberland real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$301,540

Cumberland, RI HOME PRICES

Value Range
> $1,222,000 0.1
$917,001 - $1,222,000 0.4
$611,001 - $917,000 3.3
$489,001 - $611,000 7.8
$367,001 - $489,000 19.5
$244,001 - $367,000 41.4
$122,001 - $244,000 24.0
$61,001 - $122,000 1.1
$0 - $61,000 2.3

Low for RI
Very High for Nation

Value Relative to Nation Value Relative to State
18.5109489051095 69.2307692307692

Number Of Homes And Apartments:
13,535

Cumberland Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
America*
Latest Quarter:
2018 Q1 - 2018 Q2
Last 12 Months:
2017 Q2 - 2018 Q2
Last 2 Years:
2016 Q2 - 2018 Q2
Last 5 Years:
2013 Q2 - 2018 Q2
Last 10 Years:
2008 Q2 - 2018 Q2
Since 2000:
2000 Q1 - 2018 Q2
62.64% 2.66%
6
* 10 is highest


Rent & Ownership

 

Average Market Rent:
$1,326 / per month

Homeownership Rate

Homeownership
Owners 72.49
Renters 27.51
Vacant 5.49

Housing Market Details

 

Age of Homes

AGE OF Cumberland HOMES
2000 or Newer 9.3
1970 - 1999 36.5
1940 - 1969 34.9
1939 or Older 19.2

Types of Homes

TYPE OF Cumberland HOMES
Single-Family 66.2
Townhomes 4.0
Small Apt. Buildings 13.8
Apt. Complexes 15.9
Mobile Homes 0.2
Other 0.0

Home Size

SIZE OF Cumberland HOMES
No Bedroom 3.44
1 Bedroom 8.97
2 Bedrooms 24.55
3 Bedrooms 44.69
4 Bedrooms 16.26
5 or more bedrooms 2.09