Analytics built by: Location, Inc.
Raw data sources: American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
With 35,263 people, 13,276 houses or apartments, and a median cost of homes of $313,189, Cumberland real estate prices are well above average cost compared to national prices.
Single-family detached homes are the single most common housing type in Cumberland, accounting for 67.23% of the town's housing units. Other types of housing that are prevalent in Cumberland include duplexes, homes converted to apartments or other small apartment buildings ( 14.29%), large apartment complexes or high rise apartments ( 13.70%), and a few row houses and other attached homes ( 4.44%).
Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Cumberland. Owner-occupied housing accounts for 76.22% of Cumberland's homes, and 60.76% have either three or four bedrooms, which is average sized relative to America.
At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Cumberland's housing was primarily built during this period, from the '40s through the '60s. A full 38.27% of the town's housing hails from this era. Other housing ages represented in Cumberland include homes built between 1970-1999 ( 35.59%) and housing constructed before 1939 ( 15.08%). There's also some housing in Cumberland built between 2000 and later ( 11.06%).
Real estate appreciation rates in Cumberland's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 2.99% during the period.
Appreciation rates are so strong in Cumberland that despite a nationwide downturn in the housing market, Cumberland real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Cumberland appreciation rates continue to be some of the highest in America, at 8.33%, which is higher than appreciation rates in 77.85% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Cumberland. Cumberland appreciation rates in the latest quarter were at 2.35%, which equates to an annual appreciation rate of 9.75%.
Relative to Rhode Island, our data show that Cumberland's latest annual appreciation rate is higher than 50% of the other cities and towns in Rhode Island.
One very important thing to keep in mind is that these are average appreciation rates for the town. Individual neighborhoods within Cumberland differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Cumberland - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Cumberland real estate investment or home purchase decisions.