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.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
With a population of 35,263, 13,510 total housing units (homes and apartments), and a median house value of $303,239, 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 66.44% of the town's housing units. Other types of housing that are prevalent in Cumberland include duplexes, homes converted to apartments or other small apartment buildings ( 15.05%), large apartment complexes or high rise apartments ( 14.71%), and a few row houses and other attached homes ( 3.66%).
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 73.99% of Cumberland's homes, and 60.85% 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 ( 35.92%). A lesser amount of the housing stock also hails from before 1939 ( 16.05%). There's also some housing in Cumberland built between 2000 and later ( 9.99%).
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 2.20% during the period.
NeighborhoodScout's data show that during the latest twelve months, Cumberland's appreciation rate, at 3.93%, has been at or slightly above the national average. In the latest quarter, Cumberland's appreciation rate has been 1.48%, which annualizes to a rate of 6.04%.
Relative to Rhode Island, our data show that Cumberland's latest annual appreciation rate is lower than 80% 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.