The median home value in ZIP Code 02840 (Newport, RI) is $448,800. Approximately 42.6% of homes in this region are owner-occupied units, and the estimated homeowner vacancy rate is currently 3.5%.
The average occupancy of owner-occupied units in ZIP Code 02840 is 2.14 occupants, while owner-occupied units have an aggregate average size of 2.47 bedrooms per housing unit.
In the 02840 ZIP Code, an estimated 57.4% of all housing units are occupied by renters. This ZIP-defined region has is an estimated rental vacany rate of 11.0%.
Among renter-occupied units in this ZIP, the average occupancy is 2.07 occupants, while renters in this Newport County region spend an average of 0% of their income on housing rental costs.
See the table below for a regional snapshot of data related to both owner-occupied housing and rentals in ZIP Code 02840.
| ZIP 02840 | Rhode Island | U.S. | |
|---|---|---|---|
| Median Home Value | $448,800 | $484,787 | $364,385 |
| Owner-Occupied Housing Units | 42.6% | 60.8% | 64.0% |
| Homeowner Vacancy Rate | 3.5% | 1.7% | 1.6% |
| Average Size of Owner-Occupied Unit | 2.14 | 2.63 | 2.70 |
| Average # of Bedrooms Per Unit | 2.47 | 2.55 | 2.75 |
| Median Housing Rent | $0 | $1,004 | $1,062 |
| Renter-Occupied Housing Units | 57.4% | 39.2% | 36.0% |
| Rental Vacancy Rate | 11.0% | 5.7% | 6.0% |
| Average Size of Renter-Occupied Unit | 2.07 | 2.23 | 2.49 |
| Percent of Income Spent on Rent | 0% | 29.52% | 29.83% |
The median home value in ZIP Code 02840 is $448,800. That median value is about 71% higher than the median home value of $261,900 in Rhode Island overall, and is 106% higher than the $217,500 the median home value in the entire U.S. In ZIP Code 02840, approximately 35.2% of homes are valued $300,000 to $499,999. That is 28% higher than in Rhode Island, in which 27.5% of homes are valued at $300,000 to $499,999, and is about 82% higher than in the U.S. overall (19.3% of homes valued at $300,000 to $499,999). The home value range that the smallest portion of ZIP Code 02840 homes fall into is $50,000 to $99,999 (1.2% of homes).
This chart visualizes the breakdown of home values in ZIP Code 02840, Rhode Island, and also in the U.S. overall.
See the table below for a regional comparison of home values in ZIP Code 02840.
| Home Value | ZIP 02840 | Rhode Island | U.S. |
|---|---|---|---|
| Less than $50,000 | 2.0% | 2.3% | 6.9% |
| $50,000 to $99,999 | 1.2% | 2.0% | 12.0% |
| $100,000 to $149,999 | 2.3% | 7.0% | 13.3% |
| $150,000 to $199,999 | 4.5% | 16.6% | 14.0% |
| $200,000 to $299,999 | 11.7% | 33.2% | 19.6% |
| $300,000 to $499,999 | 35.2% | 27.5% | 19.3% |
| $500,000 to $999,999 | 29.2% | 9.5% | 11.4% |
| $1,000,000 or more | 13.8% | 2.0% | 3.4% |
Approximately 54.0% of homes in this Newport, RI region were built in 1939 or earlier. This amount of homes built in 1939 or earlier in ZIP Code 02840 is about 78% higher than percentage of homes built in this time period in Rhode Island overall (30.4% of homes), and is 329% higher the percentage (12.6% of homes) in the U.S. as a whole. Additionally, an esimated 8.0% of local homes were built in 1950 to 1959. On the other end of the scale, just 0.5% of homes in this Newport County ZIP Code were built in 2014 or later in ZIP Code 02840. In comparison, 0.7% of homes in Rhode Island overall were built in 2014 or later, while 2.5% of all U.S. homes were built in this time period.
A detailed regional comparison of home ages in ZIP Code 02840.
| Year Built | ZIP 02840 | Rhode Island | U.S. |
|---|---|---|---|
| 2014 or later | 0.5% | 0.7% | 2.5% |
| 2010 to 2013 | 0.6% | 0.9% | 2.7% |
| 2000 to 2009 | 4.6% | 6.1% | 14.0% |
| 1990 to 1999 | 4.9% | 7.6% | 13.9% |
| 1980 to 1989 | 7.2% | 11.3% | 13.4% |
| 1970 to 1979 | 7.5% | 12.1% | 15.2% |
| 1960 to 1969 | 7.2% | 11.6% | 10.6% |
| 1950 to 1959 | 8.0% | 12.3% | 10.3% |
| 1940 to 1949 | 5.4% | 7.1% | 4.9% |
| 1939 or earlier | 54.0% | 30.4% | 12.6% |
See the chart below for details on the age of homes in ZIP Code 02840, Rhode Island, and also in the U.S. overall. Data here refers to years that homes were built.
Frequently asked questions about housing in this Newport, RI ZIP Code. Answers to questions about both owner-occupied housing and rental housing in 02840.
