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 81,004 people, 34,744 houses or apartments, and a median cost of homes of $254,778, Warwick real estate values are some of the lowest in Rhode Island, although compared to real estate around the nation, Warwick homes are still considered rather expensive.
Single-family detached homes are the single most common housing type in Warwick, accounting for 71.94% of the city's housing units. Other types of housing that are prevalent in Warwick include large apartment complexes or high rise apartments ( 17.48%), duplexes, homes converted to apartments or other small apartment buildings ( 7.50%), and a few row houses and other attached homes ( 2.73%).
Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Warwick. Owner-occupied housing accounts for 70.07% of Warwick's homes, and 51.57% have either three or four bedrooms, which is average sized relative to America.
At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Warwick's housing was primarily built during this period, from the '40s through the '60s. A full 44.96% of the city's housing hails from this era. Other housing ages represented in Warwick include homes built between 1970-1999 ( 30.00%) and housing constructed before 1939 ( 21.36%). There's also some housing in Warwick built between 2000 and later ( 3.68%).
Appreciation rates for homes in Warwick have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 30.11%, which ranks in the top 50% nationwide. This equates to an annual average Warwick house appreciation rate of 2.67%.
NeighborhoodScout's data show that during the latest twelve months, Warwick's appreciation rate, at 4.42%, has been at or slightly above the national average. In the latest quarter, Warwick's appreciation rate has been 1.49%, which annualizes to a rate of 6.10%.
Relative to Rhode Island, our data show that Warwick'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 city. Individual neighborhoods within Warwick differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Warwick - 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 Warwick real estate investment or home purchase decisions.