In advance of the 4th of July, the Rhode Island Office of the State Fire Marshal is providing important tips and reminders for fire safety.
Rhode Island
GoLocalProv | Business | Wealth Gap – Rhode Island Ranks 46th for Homeownership
Monday, Could 16, 2022
A brand new examine reveals that Rhode Island is ranked on the backside of states for homeownership.
The info launched by Wall Road 24/7 finds that Rhode Island ranks final in New England and forty sixth total.
Solely New York, California, Nevada and Hawaii have decrease homeownership charges.
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“There’s a direct correlation between wealth and homeownership. For most individuals a house is the most important asset an individual will ever have. A purchaser places down a small quantity of their very own cash (5-20%) of the acquisition value, borrow the remainder from the financial institution and benefit from the safety of a roof over their head whereas watching their asset respect every year,” mentioned Sally Lapides the President and CEO of Residential Properties.
“Relying on when they’re able to promote their dwelling, they’re more likely to see an enormous return on their funding which then permits them to purchase one other dwelling of higher price,” added Lapides, whose agency did in extra of $1.3 billion in gross sales in 2021 — a RI document.
“The one alternative a renter has to construct wealth is to avoid wasting their cash. For most individuals that could be a very exhausting factor to do. Due to this fact, they’re unable to exponentially improve their web price in an appreciating housing market,” mentioned Lapides.
“Nationally, a house owner who bought a typical single-family present dwelling 10 years in the past on the median gross sales value of $162,600 is more likely to have amassed $229,400 in housing wealth. Of this wealth achieve, 86% could be attributed to cost appreciation, with the median single-family existing-home gross sales value rising at an annual tempo of 8.3% from the fourth quarter of 2011 by means of the fourth quarter of 2021,” in line with a March report launched by the Nationwide Affiliation of Realtors.
In accordance with the Wall Road 24/7 examine, Rhode Island’s ranked as follows:
> Homeownership price: 61.6%
> Median dwelling worth: $276,600 (14th highest)
> Median month-to-month housing prices (w/a mortgage): $1,879 (eleventh highest)
> Median month-to-month housing prices (no mortgage): $745 (sixth highest)
> Median family earnings: $70,305 (fifteenth highest)
Altering Market
With rates of interest now rising — growing from 3% to greater than 5% prior to now yr for a 30-year fastened mortgage, and rates of interest are more likely to hit 6% and even more durable — the affect is that purchasing a house will probably be dearer. It will likely be more durable to purchase for some and “much less home” for others.
The March examine revealed by Realtors discovered that “homeownership brings super wealth beneficial properties. Whole housing wealth rose $8.2 trillion from 2010 by means of 2020, with 6.3 million extra new house owner households. A house owner who bought a typical single-family present dwelling 10 years in the past on the median gross sales value of $162,600 is more likely to have amassed $229,400 in housing wealth.”
“The mixture worth of housing wealth rose throughout all earnings teams, however these within the high-income group gained 71% of the rise in housing wealth,” in line with the examine.
Homeownership for Blacks was on the similar degree as earlier than the federal Civic Rights Act handed, redlining was commonplace and housing rights legal guidelines had been non-existent.
“Actually, prior to now 15 years, Black homeownership has seen essentially the most dramatic drop of any racial or ethnic group, and the Black homeownership price in 2019 had descended to just about as little as it was when discrimination was authorized,” in line with the Nationwide Group Reinvestment Coalition (NCRC).
“I’ve by no means seen a wildly rich particular person lease for a lifetime in Rhode Island. They personal a number of homes throughout their lifetimes. I see folks over 65 cut back their actual property portfolio and transfer to a rental as a second or third residence to simplify their lives. Nevertheless, they usually retain their Winter and summer time residences,” mentioned Lapides.
“One change we have now seen available in the market is that scholar debt is crushing younger adults in order that homeownership is more durable to attain for a lot of first-time patrons on this market. Within the increased finish of the market, many patrons have seen the switch of wealth over the past 5 years having inherited cash from their dad and mom in order that the following technology can purchase rather more costly first and second residences utilizing money,” mentioned Lapides.
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Rhode Island
7 Adorable Small Towns in Rhode Island to Visit in 2024
If beauty is controlled for size — and all the states put on a scale — Rhode Island would stand shoulder to shoulder with some of the most beautiful states in the nation. For starters, a significant portion of the state is made up of pretty beaches, complete with tasty waterfront views and an awe-inspiring coastline. Want to explore Rhode Island? Slide into your flip-flops and set base in some adorable small town. For specific suggestions, discover below these seven charming small towns in Rhode Island.
Charlestown
If words have any meaning, Charlestown should be the perfect description of “adorable.” People travel from across the nation to walk on its golden sands, wander through the tree-dappled ridges that fill the Charlestown Moraine Preserve, wind down and decompress at the Tucker Woods Preserve, and enjoy top-notch retail therapy at the Fantastic Umbrella Factory, an old farm and temperance hall that today features features eye-catching sculptures, a petting zoo, and a hippy-bazaar. That said, Charlestown is mostly known for its beaches, including stand-outs such as Blue Shutters Beach, Charlestown Town Beach, and East Beach, a 3-mile-long barrier beach known for its windsurfing attributes.
Jamestown
Incorporated more than three centuries ago, when this slice of Rhode Island was still part of the Massachusetts Bay Colony, Jamestown has today transformed itself from a marshy and humid backwater into a peaceful coastal gem with awe-inspiring parks, historic farms, and casual restaurants. An adorable main street adds a layer of charm to an otherwise beautiful spot — and is one of the town’s noticeable features. Jamestown Archaeological District is home to New England’s largest documented Indian cemetery and was added to the National Register of Historic Places in 1989. A meal at the Zeek’s Creek Bait & Tackle Inc. often sees patrons licking their fingers — before exploring outdoor attractions such as Beavertail Lighthouse Museum, the panoramic Fort Wetherill, and the shell-laden Sunset Beach.
Little Compton
Although “little” is part of its name, this adorable Rhode Island stunner is easy on the eyes and filled with delightful spots and attractions. One will want to amble through the only town commons in the state of Rhode Island and marvel at the variety of Greek Revival and Victorian buildings, including the iconic United Congregational Church, that rises over downtown with its hulking steeple. Aside from the landmark church, a first-time visitor will relish the old-world feel here and relish its charming ambiance. Little Compton was once called the stonewall capital of the world. Even today, stonewalls line the roads and encircle the open fields. Pop inside Gray’s General Store, arguably the oldest operating general store in America. It opens between June to October and from Wednesday to Sunday. Alternatively, launch out to the nearby Goosewing Beach, a rocky but scenic expanse that plays host to thousands of migrating birds. Do not miss the Sakonnet Garden either — if just to stroll along its wooden walkways and marvel at its amazing collection of plants and trees.
Newport
Fondly called The City by the Sea, Newport has been a vacationer’s favorite for many years. A first-time visitor will enjoy shopping along Thames Street and the Brick Market Place, an all-year destination with over 25 unique shops and eateries. This 4-acre shopping paradise was designed by one of America’s finest architects and features shops such as the House of Windsor, which hosts one of the largest selections of Antique and Estate jewelry in one place. Of course, Newport is world-famous for its Gilded Age Mansions, including The Beakers, associated with the Vanderbilts, once the wealthiest family in the United States. Step out along the 3.5-mile Cliff Walk and appreciate natural beauty at its most pristine. Wine connoisseurs should work their way to Newport Vineyards, arguably the largest grower of grapes in New England.
Westerly
Although there is no ugly part of Rhode Island, some areas are more beautiful than others. One such area is where the town of Westerly occupies. As the name suggests, Westerly is Rhode Island’s westernmost town and is nestled along the Pawcatuck River, which forms part of the boundary between Connecticut and Rhode Island. Once known for shipbuilding, Westerly is today mostly famous for its vacation attributes. Drive through Watch Hill, which features a quaint coastal village with three sandy beaches. Pop inside The Malted Barley, known for its melt-in-the-mouth pretzels and rotating craft brews. Alternatively, grab some wood-fired pizza at Grey Sail — and wash it down with locally made beer of exceptional quality. Just a hair out of town, Wahaneeta Preserve features scenic trails and rolling woods. One will feel like she is thousands of miles away from America.
Woonsocket
Rhode Island’s northernmost city was once an industrial hub. Today, however, Woonsocket is adorable and eccentric in almost equal measure. For example, if a first-time visitor asks for dynamite here — or mentions it in a conversation — locals know she is talking about a delicious sandwich, not an explosive. Talking of sandwiches, J’s Deli serves some of the freshest deli sandwiches in the area. Other options include D’Angelo Grilled Sandwiches as well as New York Lunch, world-famous for its hot wieners. A plaque at the entrance to the city hall honors Abraham Lincoln, the 16th president of the United States. Make your way to the train station and catch a glimpse of the bronze statue of the dog Hachiko. Digging up Hachiko’s story, one understands why dogs are man’s best friend. Museum of Work & Culture tells the story of the Industrial Revolution via fascinating displays and exhibits — and will leave any lover of history impressed.
Bristol
Bristol is an adorable seaside community that boasts sweeping views of Narragansett Bay, a storied history that goes back more than 270 years, and the oldest, continuous Independence Day celebration in America. Audubon Society of Rhode Island Nature, one of Bristol’s sought-after attractions, features a lovely boardwalk perfect for an afternoon stroll, an aquarium, nearly 30 miles of scenic trails, lovely views of the bay, and interactive wildlife models. The nearby Colt State Park spans more than 460 acres, features a gasp-inducing shoreline, and is home to miles of scenic trails. If your heart is susceptible to the grip of history, the go-to spots here include Coggshall Farm Museum, Blithewold Mansion, Gardens & Arboretum, and the Bristol Art Museum. What’s more? If one times her visit well, she can participate in the oldest, continuous Independence Day celebration in America.
The Takeaway
The smallest state in America is easy to explore. A trip from the beach to a chic boutique to an inland forest is typically a matter of minutes, not days. But what should one expect? Plenty. White-sand beaches, a rugged coastline, hulking bluffs and cliffs, and nautical charm. As to charming small towns, lace up for gems such as Charlestown, Jamestown, Little Compton, and Newport. The latter is particularly world-famous for its Gilded Age mansions.
Rhode Island
Taylor Swift won't celebrate the Fourth in Rhode Island this year | ABC6
WESTERLY, R.I. (WLNE) — America’s favorite popstar won’t be making her annual trip to Rhode Island this year.
After all, she’s finishing up her worldwide tour.
Taylor Swift, who owns a house on Watch Hill, throws an iconic Fourth of July party at her home every year.
Last year, Rhode Island saw Selena Gomez and the HAIM sisters, who attended her party.
However, Swift will be in the Netherlands for her “Eras” Tour until Saturday, July 6, according to her tour schedule.
Just this past weekend, Westerly was also the location for model Olivia Culpo, and NFL star Christian McCaffrey’s wedding.
Rhode Island
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