Average Rent in Westerly, RI↑ Rents rising 6.4% YoY

Westerly, RI has rental prices ranging from $1,391/month to $2,758/month in 2027, depending on unit size. The typical 1-bedroom apartment rents for $1,400/month, near the national average. With a median household income of $85,646/year, spending $1,400/month on a 1-bedroom represents 20% of gross income — within the recommended 30% threshold.

How Westerly Compares

With an average 2-bedroom rent of $1,832/month, Westerly ranks #2 most expensive of the 2 cities tracked in Rhode Island — pricier than 95% of all US cities in our data.

The Westerly Rental Market

The Westerly, RI area has a population of about 1,673,807 and 37% of households renting rather than owning. That is close to the US average renter share of ~34%.

Rent Trends

2-bedroom rents in Westerly, RI have risen by $111/month (6.4%) over the past year, from $1,721 to $1,832. This modest growth is consistent with broader inflationary trends seen across US rental markets.

Affordability

To afford a 1-bedroom apartment in Westerly, RI without exceeding the 30% housing cost guideline, a renter needs an annual income of approximately $56,000. The local median household income of $85,646 exceeds that threshold by $29,646, making Westerly relatively accessible compared to local wages.

Rent vs. Buy

The median home value in Westerly, RI is $634,210, giving a price-to-rent ratio of 28.8. With a break-even horizon of approximately 29 years, renting is likely the more financially prudent option for most residents unless they plan to stay long-term.

Is Westerly, RI Affordable?

Income needed to rent or buy, price history, and how this city compares to nearby metros.

Rent or Buy in Westerly?

Break-even analysis and mortgage estimates based on local market data.

Living in Westerly

Cost of living, job market, crime rates, and moving cost estimates.