02898, Wyoming, RI

The 2898 zip code of Wyoming, RI is located in the southeastern corner of the state and includes a mix of rural and suburban areas. Home prices in this zip code have increased significantly over the past few years, reaching a median price of $269,000 in 2017. The average home value in this area has also grown steadily, reaching $294,000 by 2018.

One reason for the high home values in this area is the strong economy. The unemployment rate was 3.8% as of December 2018, well below the national average of 4.1%. Additionally, Wyoming has a low population density and limited housing stock relative to other areas of Rhode Island, which contributes to its high home values.

Another factor contributing to the increase in home values is low interest rates. The Federal Reserve's target rate for short-term borrowing is currently at 0%. This means that many people are able to borrow money cheaply to purchase homes or invest in other assets such as stocks or bonds. Low interest rates tend to increase demand for assets such as homes and drive up prices.

Despite these positive factors, there are some risks associated with buying a home in Wyoming. One potential issue is that the area may experience an economic slowdown down the line; if this happens, buyers who have already purchased homes may find themselves struggling to sell them at a fair price. Additionally, although Wyoming has a low population density relative to other parts of Rhode Island, it does have a relatively large number of single-family homes compared to multi-unit buildings (which can be more susceptible to fire damage). So while overall property crime rates are relatively low in Wyoming compared to other parts of Rhode Island (and nationwide), there is still potential for theft or vandalism if you live there alone or with only your family members nearby