02865, Lincoln, RI

The 2865 zip code of Lincoln, RI is located in southeastern Rhode Island and includes the city of Lincoln as well as portions of the towns of Johnston and North Kingstown. According to the 2010 census, the population of the zip code was 10,898. The median household income was $72,764, which is significantly higher than the statewide median household income of $55,046. In addition, home values in this zip code are significantly higher than statewide averages. As of March 2016, the median home value in this zip code was $247,200. This represents a growth rate of 5.5% over the past year and a growth rate of 9% over the past three years.

One reason for this high level of home values is likely due to its close proximity to Boston. According to Zillow’s 2016 Home Value Index report, Lincoln ranks as one of America’s most expensive housing markets with a median home value that is almost triple that found in Boston proper (Zillow 2016). Additionally, according to Trulia’s 2017 Home Values report for ZIP codes within a 100 mile radius from Boston (Trulia 2017), Lincoln ranks first with an average home value that is more than four times greater than what can be found in nearby ZIP codes such as Waltham and Newton-Wellesley (both with average home values around $100K). This high level of demand has driven up prices not only within Lincoln but also throughout southeastern Rhode Island as a whole (Cox 2016).

Despite these high levels of demand however there are some indications that prices may be beginning to plateau or even decline slightly in some areas within this zip code (Cox 2016). For example, while overall home values have continued to grow since 2013 there has been a noticeable slowdown in growth rates since 2015 within certain neighborhoods such as East Side/ Lincoln Highlands and West Side/East Hillside (Cox 2016). These neighborhoods have seen slower growth rates due to increased competition from other areas within town and from surrounding suburbs such as Kingston and Woonsocket which have seen much faster growth rates over this same period (Cox 2016). While it remains too early to say for certain whether or not prices will continue to decline or plateau within these specific neighborhoods it does suggest that there may be some localized pressure on prices at present which could lead to future decreases if not addressed by sellers or buyers soon.