Providence, RI—02904
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 $393,000, with a year-over-year change of 2.7%. This indicates that home prices in Providence, RI are increasing. According to Zillow, the 1-year price projection is 2.7%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $393,000 | 2.7% |
| Single Family | $419,000 | 2.2% |
| Condos | $291,000 | 3.6% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $179,000 | 3.5% |
2 Bed | $349,000 | 2.3% |
3 Bed | $422,000 | 2.2% |
4 Bed | $470,000 | 3.5% |
| 5 Bed | $528,000 | 3.5% |
% of Housing Stock
Rental Trends — Providence, RI
As of July '25, Rentcast reports the average rent in Providence, RI is $2,000, with a year-over-year rent change of -3.8%. Per bedroom, the median rent as of July '25 in Providence, RI is studios: $1,760, 1-bedrooms: $1,690, 2-bedrooms: $2,240, 3-bedrooms: $2,400, 4-bedrooms: $2,920. The most common rental property sizes in Providence, RI are 2-bedroom and 1-bedroom, accounting for 39.6% and 36.9% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,890 | $2,000 |
| Studio Rent | $1,650 | $1,760 |
| 1 Bed Rent | $1,810 | $1,690 |
| 2 Bed Rent | $2,250 | $2,240 |
| 3 Bed Rent | $2,200 | $2,400 |
| 4 Bed Rent | $2,650 | $2,920 |
% 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 32. This is a increase of 3.0% 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 16.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $395,000 | 7.0% |
Listing Count | 98 | 6.0% |
| Listings as % of Homes | 0.3% | 6.0% |
Days on Market | 32 | 3.0% |
Demographics — Providence, RI
As of the latest ACS Survey released in 2023, Providence, RI has a population of 32,500, which has increased by 6.4% over the past 5 years. Providence, RI is a moderately popular place for families, as children make up 22.7% of the population. The area has a moderately educated workforce, with 32.1% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 13.6% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 32,500 | 6.4% |
% Under 18 | 22.7% | 7.1% |
% Seniors | 18.2% | 4.0% |
% WFH | 13.6% | 312.1% |
% w/ College Degree | 32.1% | 27.9% |
As of the latest ACS Survey released in 2023, Providence, RI is a predominantly white area, with 50.5% of the population identifying as white. The white population has shrunk by 7.3% in the last 5 years. The second most common race or ethnicity in Providence, RI is hispanic, making up 27.1% of the population. Foreign-born residents account for 17.7% of the population in Providence, RI, and this percentage has decreased by 2.7% 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 | 50.5% | -7.3% |
% Black | 9.6% | -43.2% |
% Hispanic | 27.1% | 19.4% |
% Asian | 5.3% | 152.4% |
% Foreign Born | 17.7% | -2.7% |
Mortgage and Risk — Providence, RI
According to HUD data as of 2023, there were 571 mortgage originations in Providence, RI, of which 74.0% of loans were conventional mortgages. The average loan-to-value was 60.0%, with 29.0% above 90% LTV (very high). This implies large mortgage risk in Providence, RI. Investor activity is low, as 3.0% of loans were by investors. 12.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 571 |
% Conventional Loans | 74.0% |
% Government Loans | 26.0% |
% Investor Loans | 3.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 12.0% |
Loan Activity
Rentals and Section 8 — Providence, RI
As of 2024, the percent of homes in Providence, RI under the Section 8 program is 33.4%. 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. In Providence, RI, none of the tracked home sizes currently have HUD payment amounts above market rent, suggesting limited Section 8 opportunity.
Section 8 Market Size
Total Units under HUD | 2,538 |
Total Units Section 8 | 2,326 |
% Rentals under Section 8 | 33.4% |
% Occupied Section 8 | 93.4% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$490 | $1,810 | $1,320 |
| 2 Bedroom | -$640 | $2,250 | $1,610 |
| 3 Bedroom | -$260 | $2,200 | $1,940 |
| 4 Bedroom | -$300 | $2,650 | $2,350 |
Affordability — Providence, RI
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 5.1 |
| Median Home Price | $393,000 |
| Median Household Income | $64,600 |