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Hope Valley, RI Profile: Facts & Data

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Hope Valley, Rhode Island - Basic Facts

The Hope Valley Census Designated Place had a population of 1,660 as of July 1, 2020. Hope Valley ranks in the lower quartile for Diversity Index when compared to the other cities, towns and Census Designated Places (CDPs) in Rhode Island. See peer rankings below.

The primary coordinate point for Hope Valley is located at latitude 41.5076 and longitude -71.7162 in Washington County. The formal boundaries for the Hope Valley Census Designated Place encompass a land area of 3.32 sq. miles and a water area of 0.2 sq. miles. Washington County is in the Eastern time zone (GMT -5). The elevation is 82 feet.

The Hope Valley Census Designated Place (GNIS ID: 2378107) has a U1 Census Class Code which indicates a census designated place with an official federally recognized name. It also has a Functional Status Code of "S" which identifies a statistical entity.

The Hope Valley Census Designated Place is located within Town of Hopkinton, a minor civil division (MCD) of Washington County.


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Hope Valley, RI Data & Demographics (As of July 1, 2020)

POPULATION

Total Population 1,660 (100%)
Population in Households 1,654 (99.6%)
Population in Families 1,381 (83.2%)
Population in Group Quarters1 6 ( 0.4%)
Population Density 500
Diversity Index2 12
 
 

INCOME

Median Household Income $86,235
Average Household Income $116,810
% of Income for Mortgage4 13%
Per Capita Income $45,776
Wealth Index5 161
 

HOUSING

Total HU (Housing Units) 748 (100%)
Owner Occupied HU 538 (71.9%)
Renter Occupied HU 126 (16.8%)
Vacant Housing Units 84 (11.2%)
Median Home Value $272,710
Average Home Value $280,354
Housing Affordability Index3 178
 

HOUSEHOLDS

Total Households 664
Average Household Size 2.49
Family Households 462
Average Family Size 3
NOTES
  1. Group Quarters - a place where people live or stay in a group living arrangement. Includes college residents halls, nursing facilities, military barracks, and correctional facilities.
  2. The Diversity Index is a scale of 0 to 100 that represents the likelihood that two persons, chosen at random from the same area, belong to different races or ethnic groups. If an area's entire population belongs to one race AND one ethnic group, then the area has zero diversity. An area's diversity index increases to 100 when the population is evenly divided into two or more race/ethnic groups.
  3. The Housing Affordability Index base is 100 and represents a balance point where a resident with a median household income can normally qualify to purchase a median price home. Values above 100 indicate increased affordability, while values below 100 indicate decreased affordability.
  4. The % of Income for Mortgage quantifies the percentage of median household income dedicated to mortgage payments on a home priced at the median value (assuming a 30-year mortgage and a 20% down payment).
  5. The Wealth Index is based on a number of indicators of affluence including average household income and average net worth, but it also includes the value of material possessions and resources. It represents the wealth of the area relative to the national level. Values above or below 100 represent above-average wealth or below-average wealth compared to the national level.

GROWTH RATE / YEAR

 2010-2020 2020-2025
Population 0.29% 0.35%
Households 0.45% 0.42%
Families 0.54% 0.39%
Median Household Income   2.65%
Per Capita Income   2.6%
Owner Occupied HU   0.44%

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Hope Valley, RI - Peer Comparisons by Rank and Percentile

The table below compares Hope Valley to the other 36 incorporated cities, towns and CDPs in Rhode Island by rank and percentile using July 1, 2020 data. The location Ranked # 1 has the highest value. A location that ranks higher than 75% of its peers would be in the 75th percentile of the peer group.

Variable Description Rank Percentile
Total Population # 22 42nd
Population Density # 24 36th
Median Household Income # 13 67th
Housing Affordability Index # 31 86th
Per Capita Income # 8 81st
Diversity Index # 30 22nd

Additional comparisons and rankings can be made with a VERY EASY TO USE Rhode Island Census Data Comparison Tool.

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