Real Estate Investing in Westerly, Rhode Island (02891)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 02891 (Westerly, RI)? Our answer, based on the numbers below.
Proceed carefully. Weak appreciation or affordability makes this a harder case for most buyers.
A middle-of-the-road market. Workable, but the best opportunities may be nearby ZIPs rather than this one.
- High vacancy: 22.8% of homes vacant — above national norms.
- High price-to-rent: Price-to-rent ratio 26.1 — hard to cash-flow at these prices.
What’s happening in Westerly, RI (02891)?
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Market Analysis: 02891 Westerly
ZIP 02891 inside Washington County looks affordable on the surface — median value of $636K — but the discount exists for reasons that a careful buyer should understand before committing.
Distressed markets are won on execution, not on spreadsheets. ZIP 02891 stands at the profile where tenant screening, deferred maintenance, and local relationships determine the outcome.
Statewide comparisons place 02891 among RI's softer markets. That context does not make the ZIP uninvestable, but it does raise the bar for due diligence.
Employment concentration in 02891 leans toward sectors with higher volatility. The demographic consequence is income fluctuation that investors need to factor into their pro forma.
The 02891 ZIP fits a narrow investor profile — hands-on, patient, and willing to accept that the cap rate on paper is not the cap rate in reality.
Here's what matters if you're considering buying a home in Westerly:
Property Strategy for 02891
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 1BR | $344,119 | $1,410 | 3.0% | +7.9% | $344,119 |
| 2BR | $463,409 | $1,780 | 2.8% | +8.4% | $231,705 |
| 3BR | $571,978 | $2,220 | 2.8% | +8.9% | $190,659 |
| 4BR | $790,683 | $2,410 | 2.2% | +9.6% | $197,671 |
| 5BR | $2,480,984 | — | — | +11.1% | $496,197 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 02891 Compare?
| Metric | 02891 | Westerly | Rhode Island |
|---|---|---|---|
| Home Value | $636,313 | $636,313 | $487,363 |
| 5-Year CAGR | 7.0% | 7.0% | 8.8% |
| Avg Rent | $2,033 | $2,033 | - |
| Cap Rate | 2.5% | 2.5% | - |
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 02891 (Westerly, RI). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $636,313 |
| Monthly Rent | $2,033 |
| Price-to-Rent | 26.1:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 3.8% |
| Cap Rate | 2.5% |
| 5-Year IRR | 9.5% |
📈 Home Appreciation
| 1-Year | +9.1% ▲ |
| 3-Year CAGR | +6.3% ▲ |
| 5-Year CAGR | +7.0% ▲ |
| 10-Year CAGR | +7.3% ▲ |
🏠 Rent Trends
| 1-Year | +1.5% ▲ |
| 3-Year CAGR | +5.7% ▲ |
| 5-Year CAGR | N/A |
The current 30-yr mortgage rate (6.8%) exceeds the estimated cap rate (2.5%). 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 02891
Population: 21,698
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 02891
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 rents currently stand in Westerly, RI?
Rental rates in Westerly, RI average $2,033/mo. Tenant demand and $636K home values make the yield look reasonable by investor standards.
What are home prices like in Westerly, RI?
Westerly, RI home values average about $636K. That price point suits investors targeting rentals with $2,033/mo in monthly income.
Is Westerly in RI worth investing in?
Yes - Westerly, RI a 3.0/5 investability score. With $636K home prices against $2,033/mo monthly rent, the market delivers a reasonable entry point for new investors.
Which investment style suits Westerly, RI?
The best-fit strategy in Westerly, RI is careful cash-flow rentals with hands-on management. That approach the rent and price profile of the market.
What kind of tenants rent in Westerly, RI?
Westerly, RI draws a consistent base of working renters. Demand at the $2,033/mo rent level is reasonable for standard single-family and small multi rentals.
You know 02891 now. You don’t know where it ranks.
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How 02891 ranks in Providence-Warwick, RI-MA
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