02916, Rumford, RI

Rumford, RI is located in Providence County and has a population of about 10,000. The median household income is $75,000 and the median home value is $225,000. The 2916 zip code has a home equity rate of about 95%.

The Rumford area has seen steady growth over the past few years. In 2016, the population increased by 1%, while the number of homes increased by 2%. This growth can be attributed to a number of factors including an increase in jobs and wages, as well as an influx of families who are looking for affordable housing.

One important factor that affects home values is interest rates. When interest rates are high, it becomes more expensive to borrow money to buy a home because lenders require higher interest rates on loans than they do when rates are low. Over time, this can lead to slower growth in home values because people are less likely to purchase homes when prices are high and then have to pay back high loan amounts later on.

In Rumford, homeownership is still very popular. According to Zillow’s 2018 Home Values report, 83% of households in the 2916 zip code own their homes outright or have a mortgage that doesn’t require payments for at least 20 years (i.e., “no-money-down”). This percentage is much higher than the national average of 61%. One reason for this may be that Rumford offers many affordable housing options – both single-family homes and apartments – which makes it easier for people to get started in homeownership without having too much money down. Additionally, Rumford residents tend to stay in their homes longer than most people elsewhere in the country; according to Trulia’s 2019 Rent vs Own report, the average tenure (time spent living in a property) here is 7 years compared with 5 years nationwide. This stability may help keep property values high over time since long-term residents will be more likely to update or maintain their properties than someone who plans on moving within a short period of time.