While geographically Rhode Island represents a small sliver of a state compared to its neighbors, the state has a rich history and serves as one of the primary seafaring and fishing communities of the Northern Atlantic seaboard. With part of the state famously bought from natives for a trunk of trinkets by the first British explorers, Rhode Island today is in rank 2 as the most populated of the 50 states in the U.S. Most of the developed area of the state is near the coast with a high concentration of residents in the cities of Providence, Warwick, Cranston and Pawtucket. The major industries of the state include fishing, textiles, services, healthcare, education and manufacturing. The state also has a number of major financial corporations as well. However, federal and state governments make up the biggest employers in Rhode Island.
The Ocean State is the smallest American state, with a total area of just 1,214 square miles. It's home to over a million Americans, making it the 43rd most populous state. There are a number of Fortune 1000 companies located in RI, including CVS, FM Global, Textron, and Hasbro.
As of this writing, the average Rhode Island home is worth around $215,000, a nearly 5% year over year increase. The most expensive areas in the state are Newport and Barrington, where the median home sales price is anywhere from $850,000 to over $1.3 million. Less expensive areas include Woonshocket and Johnston, where you can buy a home for $200,000 or less.
Providence, founded in 1636, is one of the historic American cities. Its metro area, which includes parts of Massachusetts, is home to over 1.5 million. The top employers in the Creative Capital are Brown University, Bank of American, and Citizens Bank, which has its headquarters in the city.
Warwick is another historical city, with roots dating back to the 1640s. The TF Green Airport is located in the city, and the United States army is a major employer.
Cranston, RI's third largest city, is technically a suburb of Providence. It's a bit younger than the previous two cities, having been founded in 1754. Major employers include Alex & Ani and Coastway Community Bank.
No matter where you live, finding the right bank or financial institution is a key decision. Whether you're new to Rhode Island or have been living there for a long time, we can help you find the right bank. Your first option is a community bank, an institution that focuses on residents of a specific town or neighborhood. Once nice feature about these banks is that they often keep the mortgage loans that they originate, meaning that they can be more flexible in who they approve. Of course, you can also work with a big bank. As we mentioned earlier, Citizens Bank is headquartered in the state, and Bank of America also has a large presence.
Local and community banks:
Biggest RI credit unions:
Ready to compare interest rates? Using RateZip.com's financial search engine you can compare auto loans, certificates of deposit, savings accounts, and more. Make the banks compete for your business!
If a home near the ocean is on the ticket, Rhode Island may be the prime location. If so, take a look at RateZip.com before settling on a home loan. Additionally, you can learn the basics of how mortgages work and better prepare yourself for the home buying or refinancing process.
The major distinction that you should know about is the difference between fixed rate and adjustable rate mortgages (ARMs). With a fixed rate home loan, both the interest rate and monthly payment stay the same for the life of the loan. ARMs are the opposite - after an initial period with a set rate, they adjust according to a market index every year.