Providence, RI—02903
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Providence, RI
As of Oct '25, the median home price in Providence, RI is $440,000, with a year-over-year change of 0.9%. This indicates that home prices in Providence, RI are flat. According to Zillow, the 1-year price projection is 1.8%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $440,000 | 0.9% |
| Single Family | $442,000 | -2.4% |
| Condos | $439,000 | 2.3% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $361,000 | 0.8% |
2 Bed | $532,000 | 2.3% |
3 Bed | $599,000 | 2.0% |
4 Bed | N/A | N/A |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — Providence, RI
As of July '25, Rentcast reports the average rent in Providence, RI is $2,680, with a year-over-year rent change of -7.9%. Per bedroom, the median rent as of July '25 in Providence, RI is studios: $2,010, 1-bedrooms: $2,470, 2-bedrooms: $3,100, 3-bedrooms: $2,810, 4-bedrooms: $3,330. The most common rental property sizes in Providence, RI are 1-bedroom and studio, accounting for 45.5% and 25.3% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $2,680 | $2,680 |
| Studio Rent | $2,100 | $2,010 |
| 1 Bed Rent | $2,660 | $2,470 |
| 2 Bed Rent | $3,200 | $3,100 |
| 3 Bed Rent | $2,600 | $2,810 |
| 4 Bed Rent | $3,300 | $3,330 |
% of Rental Stock
Property Listings — Providence, RI
As of Oct '25, Realtor.com reports that the median days on market for a home in Providence, RI is 60. This is a increase of 65.0% from last year, suggesting that homes are sitting on the market longer than last year. The percentage of listed homes with a reduced price is 7.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $504,000 | -1.0% |
Listing Count | 30 | -23.0% |
| Listings as % of Homes | 0.4% | -23.0% |
Days on Market | 60 | 65.0% |
Demographics — Providence, RI
As of the latest ACS Survey released in 2023, Providence, RI has a population of 12,300, which has increased by 16.8% over the past 5 years. Providence, RI is a less popular place for families, as children make up 2.3% of the population. The area has a highly educated workforce, with 53.2% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 17.5% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 12,300 | 16.8% |
% Under 18 | 2.3% | -60.3% |
% Seniors | 20.4% | 39.7% |
% WFH | 17.5% | 59.1% |
% w/ College Degree | 53.2% | 7.7% |
As of the latest ACS Survey released in 2023, Providence, RI is a predominantly white area, with 62.5% of the population identifying as white. The white population has grown by 19.7% in the last 5 years. The second most common race or ethnicity in Providence, RI is hispanic, making up 13.6% of the population. Foreign-born residents account for 21.0% of the population in Providence, RI, and this percentage has decreased by 13.9% as of the ACS Survey 5 years prior, suggesting fewer immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 62.5% | 19.7% |
% Black | 9.0% | 1.1% |
% Hispanic | 13.6% | -35.8% |
% Asian | 13.3% | -2.2% |
% Foreign Born | 21.0% | -13.9% |
Mortgage and Risk — Providence, RI
According to HUD data as of 2023, there were 59 mortgage originations in Providence, RI, of which 93.0% of loans were conventional mortgages. The average loan-to-value was 62.0%, with 19.0% above 90% LTV (elevated). This implies medium mortgage risk in Providence, RI. Investor activity is low, as 5.0% of loans were by investors. 10.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 59 |
% Conventional Loans | 93.0% |
% Government Loans | 7.0% |
% Investor Loans | 5.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 10.0% |
Loan Activity
Rentals and Section 8 — Providence, RI
As of 2024, the percent of homes in Providence, RI under the Section 8 program is 16.1%. This is considered high, suggesting that the neighborhood is heavily composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. 3-bedroom and 4-bedroom units appear to be good home sizes to consider for Section 8 housing in Providence, RI, because HUD payments exceed market rent, while 1-bedroom and 2-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 1,323 |
Total Units Section 8 | 812 |
% Rentals under Section 8 | 16.1% |
% Occupied Section 8 | 96.8% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$800 | $2,660 | $1,860 |
| 2 Bedroom | -$930 | $3,200 | $2,270 |
| 3 Bedroom | $130 | $2,600 | $2,730 |
| 4 Bedroom | $20 | $3,300 | $3,320 |
Affordability — Providence, RI
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 6.1 |
| Median Home Price | $440,000 |
| Median Household Income | $63,000 |