Real Estate Investing in Warwick, Rhode Island (02889)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 02889 (Warwick, RI)? Our answer, based on the numbers below.
Solid choice — values are growing steadily and the market is stable enough to buy with confidence.
A middle-of-the-road market. Workable, but the best opportunities may be nearby ZIPs rather than this one.
No major risk flags on the data we track.
What’s happening in Warwick, RI (02889)?
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Market Analysis: 02889 Warwick
ZIP 02889 inside Kent County looks affordable on the surface — median value of $422K — but the discount exists for reasons that a careful buyer should understand before committing.
The investment case in 02889 is resilient only for operators who understand what they are buying. A $422K median suggests accessibility, but management intensity, vacancy drift, and capex surprises are real.
Statewide comparisons place 02889 among RI's softer markets. That context does not make the ZIP uninvestable, but it does raise the bar for due diligence.
Demographically, 02889 is a market where tenant selection matters more than unit finishes. Operators who understand that tend to do fine; those who do not tend to learn why the ZIP trades at a discount.
Experienced landlords with local relationships tend to find 02889 workable. Turnkey investors from out of state usually find the numbers do not hold up in practice.
Here's what matters if you're considering buying a home in Warwick:
Property Strategy for 02889
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 1BR | $272,131 | $1,490 | 3.9% | +10.2% | $272,131 |
| 2BR | $344,176 | $1,840 | 3.8% | +9.4% | $172,088 |
| 3BR | $405,600 | $2,220 | 3.9% | +9.0% | $135,200 |
| 4BR | $451,682 | $2,640 | 4.2% | +9.0% | $112,920 |
| 5BR | $534,542 | — | — | +8.6% | $106,908 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 02889 Compare?
| Metric | 02889 | Warwick | Rhode Island |
|---|---|---|---|
| Home Value | $422,167 | $425,151 | $487,363 |
| 5-Year CAGR | 7.2% | 7.0% | 8.8% |
| Avg Rent | $2,125 | $2,062 | - |
| Cap Rate | 3.9% | 3.8% | - |
Similar ZIPs Within 25 Miles
Compare other nearby markets to see if a neighbor offers a better fit.
Landlord Ground Truth
Real numbers from people who own or manage rentals in ZIP 02889 (Warwick, RI). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $422,167 |
| Monthly Rent | $2,125 |
| Price-to-Rent | 16.6:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 6.0% |
| Cap Rate | 3.9% |
| 5-Year IRR | 11.1% |
📈 Home Appreciation
| 1-Year | +8.4% ▲ |
| 3-Year CAGR | +7.0% ▲ |
| 5-Year CAGR | +7.2% ▲ |
| 10-Year CAGR | +8.5% ▲ |
🏠 Rent Trends
| 1-Year | N/A |
| 3-Year CAGR | N/A |
| 5-Year CAGR | N/A |
The current 30-yr mortgage rate (6.8%) exceeds the estimated cap rate (3.9%). Financing reduces your cash-on-cash return below the cap rate. Markets like this may still make sense as IRR plays — factoring in appreciation, depreciation, and a future refinance when rates drop.
Run an IRR Analysis →⚠️ Risk Signals
Composite view of factors that can impact a ZIP's stability and your downside risk.
Demographics in 02889
Population: 27,533
Crime & Safety
Crime & Safety Data Coming Soon
We're integrating comprehensive crime statistics including violent crime rates, property crime, and safety scores to help you make informed investment decisions.
Expected: Q1 2025
🎓 Schools in 02889
Schools in This ZIP Code
About Repit School Scores
Traditional school ratings rely heavily on standardized test scores, which often reflect family income more than school quality. Repit takes a different approach.
We evaluate schools based on factors that research shows actually impact educational outcomes:
- Class Size — Smaller classes mean more individual attention
- School Funding — Resources available for programs, staff, and facilities
- Community Factors — Neighborhood characteristics that influence student success
- School Environment — Size, type, and structure
Scores are updated annually using federal education data.
🎓 Nearby Colleges & Universities
Frequently Asked Questions
Where do home prices stand in Warwick, RI?
Warwick, RI home values average about $422K. That price point suits investors targeting rentals with $2,125/mo in monthly income.
What do landlords charge for rent in Warwick, RI?
Expect rents around $2,125/mo per month in Warwick, RI. With home values at $422K, the yield math works out to reasonable levels for rental investors.
How strong is tenant demand in Warwick, RI?
Working renters make up the core of the Warwick, RI tenant base. The pool is reasonable for investors targeting long-term holds.
What is the smart move for investors in Warwick, RI?
In Warwick, RI the resilient play is typically careful cash-flow rentals with hands-on management. The combination of $422K prices and $2,125/mo rents suits that approach.
What is the investability score for Warwick, RI?
Warwick, RI registers an investability rating of 3.0/5, with median home values near $422K and average rents around $2,125/mo. That combination puts it in the resilient tier for investor interest.
You know 02889 now. You don’t know where it ranks.
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How 02889 ranks in Providence-Warwick, RI-MA
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