Rhode Island · Providence-Warwick, RI-MA metro area

Buying a home in Cranston, Rhode Island

In Cranston, the median value of owner-occupied homes is $378,300, Providence County's effective property tax rate is 1.25%, a purchase mortgage carried a median $6,136 in total loan costs in 2025, and median gross rent is $1,375 a month.

Data as of : Census ACS 2020-2024, Census Vintage 2024, HMDA 2025, HUD FY 2027. Sources

Cranston home costs, fact by fact

About Cranston

Cranston is part of the Providence-Warwick, RI-MA metro area and counts 84,448 residents. The median home value of $378,300 is an owners' estimate, not a sale price, and 67.6% of homes are owner-occupied. HUD's Fair Market Rent for a two-bedroom is $1,879.

Reading the Cranston figures

Cranston's owner-estimated median of $378,300 is below Rhode Island's $478,700 but above Providence, where owners report $362,200. Cranston renters pay a median of $1,375 monthly, under HUD's Fair Market Rent of $1,879 for the Providence area, which is a benchmark and not a market median. Yearly taxes in Providence County run to a median of $4,683 for a county value of $373,600, an effective rate of 1.25%. Of 4,646 loans recorded in 2025, the midpoint closing cost was $6,136, and the central range ran from $4,411 to $12,816. Owners occupy 67.6% of homes, well beyond Providence's 41.4%, where renters pay $1,408.

Calculate for Rhode Island

If you buy

Rhode Island state transfer tax

Real estate conveyance tax (R.I. Gen. Laws 44-25-1): $3.75 for each $500 of price or fractional part of $500; residential property adds a second $3.75 per $500 on the part above $800,000 (threshold indexed to inflation from 2026).

Price$478,700
State transfer taxnot computed
Who paysThe seller

Default price: the Rhode Island median value of owner-occupied homes, $478,700 (Census ACS 2025). Not computed: Basic tax = $3.75 x number of $500 blocks (fraction rounds up) on the whole price, including any lien that stays on the property; applies to deeds for more than $100. For residential property, add a second tax of $3.75 per $500 block on the part of the price above $800,000. The statute adjusts the $800,000 threshold with CPI-U from tax years beginning January 1, 2026 and the adjusted figure is not in the statute; check with the Division of Taxation. Example at $900,000 with an $800,000 threshold: $6,750 + $750 = $7,500. Who pays: By law, in the absence of an agreement to the contrary, the seller (grantor) pays (44-25-1(a)); the purchase contract can shift the cost. Not included: county and city transfer taxes, recording fees, title insurance and lender charges. Rhode Island transfer tax guide · all 50 states.

If you sell

Capital gain and the federal tax on it

Same federal rule in every state: Section 121 of the Internal Revenue Code excludes up to $250,000 of gain on a main home ($500,000 for a married couple filing jointly).

Capital gain$350,000
Section 121 exclusion$250,000 (limit $250,000)
Taxable gain$100,000
Type of gainLong-term (owned over 1 year), 15% chosen
Federal tax on the gain$15,000

Section 121 excludes $250,000; the rest is taxable.

Gain = sale price minus your adjusted basis (purchase price, buying costs and improvements); selling expenses reduce it (IRS Publication 523). Long-term rates for sales in 2026, by taxable income including the gain (IRS Rev. Proc. 2025-32, section 4.03): 0% up to $49,450 single or $98,900 married filing jointly, 15% up to $545,500 single or $613,700 jointly, 20% above. Not included: Rhode Island state income tax on the gain (not computed), the net investment income tax, depreciation recapture on a rental or home office, and the reduced exclusion for an early sale. Agent commissions are negotiated and never set by law. Capital gains on a home sale.

Questions about buying a home in Cranston

How much is property tax in Cranston?

Homeowners in Providence County pay a median $4,683 a year in property tax, 1.25% of the county median home value of $373,600 (Census ACS 2020-2024). Your bill depends on your assessed value and local rates.

What are closing costs on a mortgage in Cranston?

Home-purchase mortgages in Providence County carried median total loan costs of $6,136 in 2025; half of the 4,646 loans fell between $4,411 and $12,816 (HMDA). Total loan costs are the lender and settlement-service charges of the Closing Disclosure; transfer taxes and prepaid items come on top.

Is there a transfer tax when you buy a home in Cranston?

Rhode Island taxes real estate sales through its conveyance tax of $3.75 for each $500 of the price, or part of it, which is $3,000 on a $400,000 home. Unless the parties agree otherwise the seller pays, and residential sales above $800,000 owe a second layer.

Is it cheaper to rent or buy in Cranston?

It depends on your mortgage rate, down payment and how long you stay. As a benchmark, the median value of owner-occupied homes in Cranston ($378,300) equals 22.9 years of the median gross rent ($1,375 a month), both from Census ACS 2020-2024.

Run your own numbers: rent vs buy calculator · closing costs calculator.

Rhode Island rules that apply in Cranston

Other large cities in Rhode Island

  • Providence (main city of Rhode Island on Payotte)

Who licenses each trade in Rhode Island · All covered cities

Sources

Rhode Island · All states · Federal guides