News Summary
Rhode Island ranks 22nd in per-capita income but experiences significant wealth disparity. An analysis uncovers the 20 most expensive ZIP codes, highlighting alarming trends in income and home values, with Block Island leading at over $1.7 million. These findings raise concerns about economic inequality in the state.
Rhode Island’s Wealth Disparity Revealed: Top 20 Most Expensive ZIP Codes for 2025
Rhode Island has been ranked 22nd in the United States in terms of per-capita income, with a significant figure of $69,936. However, the financial landscape in the state reveals a stark disparity in wealth distribution. An analysis of Rhode Island’s most affluent areas has uncovered critical insights regarding home values in the state’s 20 wealthiest ZIP codes, highlighting a trend of increasing economic inequality.
This analysis draws upon data from Zillow and the Census Bureau, focusing on the latest monthly home values available as of December 2024 and calculating averages based on the past 12 months. Out of the 69 ZIP codes tracked by Zillow in Rhode Island, the study concentrated on the 15 most expensive ones, showcasing remarkable property value increases that reflect the growing wealth among certain demographics.
Overview of Wealthiest ZIP Codes
The ZIP code 02807, covering Block Island, holds the title of the most expensive in Rhode Island, featuring a median home value of over $1.7 million as of December 2024. This represents an astounding 86.7% increase from a median home value of $911,482 in December 2019. In just one year, home values in Block Island have increased by 6.3%.
Following closely is ZIP code 02835, which encompasses Jamestown and Conanicut Island. Here, the median home value rose from $641,615 in December 2019 to over $1.045 million by the end of 2024. Approximately 33.9% of households in Jamestown report annual incomes of $200,000 or more, with a median household income of $141,442 and an average household income of $182,060.
Little Compton’s ZIP code 02837 ranks as the third most expensive, showcasing a median home value increase of 73.9% from $527,064 in December 2019 to $916,531 in December 2024. Notably, over 25% of households in this area earn $200,000 or more each year, with a median household income of $129,750 and an average household income of $209,440.
Additional Costly Areas
Newport’s southwestern ZIP code 02840 is the fourth most expensive, where median home values surged from $547,602 to $866,061, amounting to a 58.2% increase over the same period. The fifth position belongs to ZIP code 02882, covering Narragansett, which saw home values climb from $474,217 to $802,727, a robust 69.3% increase. In Narragansett, the median household income stands at $95,794, with an average income of $116,579.
Wealth Distribution and Economic Disparities
The rising property values within these affluent ZIP codes indicate a growing concentration of wealth in the state, painting a picture of economic disparity. As home values escalate, they signify not only increased wealth for residents in these areas but also the widening gap in income among Rhode Islanders.
While Rhode Island boasts a relatively high per-capita income, the pronounced differences in home values among its regions suggest that not all residents share equally in the state’s economic prosperity. The continuing growth in the real estate market for the wealthiest ZIP codes underscores the challenges faced by those in lower-income neighborhoods.
Conclusion
In summary, the analysis of Rhode Island’s affluent ZIP codes highlights dramatic increases in home values and significant disparities in income distribution. These trends signal crucial shifts in the economic landscape, calling attention to the state’s wealth concentration and the implications for residents across various socio-economic strata.
Deeper Dive: News & Info About This Topic
- Forbes: Most Expensive ZIP Codes in Rhode Island
- Wikipedia: ZIP Code
- Stacker: Highest Earning ZIP Codes in Providence
- Google Search: Wealth Disparity Rhode Island
- Business Insider: Richest ZIP Codes in the US
- Encyclopedia Britannica: Wealth Disparity
- CNBC: Most Expensive ZIP Code in Every US State
- Google News: Rhode Island Housing Market
Author: STAFF HERE PROVIDENCE WRITER
PROVIDENCE STAFF WRITER The PROVIDENCE STAFF WRITER represents the experienced team at HEREProvidence.com, your go-to source for actionable local news and information in Providence, Providence County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as WaterFire, Rhode Island International Film Festival, and Rhode Island Comic Con. Our coverage extends to key organizations like the Greater Providence Chamber of Commerce and Providence Warwick Convention & Visitors Bureau, plus leading businesses in finance and manufacturing that power the local economy such as Citizens Financial Group and Textron. As part of the broader HERE network, we provide comprehensive, credible insights into Rhode Island's dynamic landscape.
