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Providence, RI—02904

Real Estate Data & Market Trends

Key Metrics at a Glance

Median Home Value
$402,000
1.5% YoY Growth
Household Income
$64,600
56.6% YoY Growth
Days on Market
29
18.0% Longer YoY
Home Price Forecast
1.0%
Median Rent
$1,890
3.8% YoY Growth
1-Bed Rent
$1,810
6.1% YoY Growth
2-Bed Rent
$2,250
1.3% YoY Growth
3-Bed Rent
$2,200
11.1% YoY Growth

Other Zip Codes in Providence, RI

029060290902903029080290502907
  • Home Price Trends
  • Rental Trends
  • Property Listings
  • Demographics
  • Mortgage and Risk

Home Price Trends — Providence, RI

As of May '26, the median home price in Providence, RI is $402,000, with a year-over-year change of 1.5%. This indicates that home prices in Providence, RI are increasing. According to Zillow, the 1-year price projection is 1.0%, suggesting a relatively flat housing market in the next year.

Cost per Home Type

Home TypeMedian Home ValueYoY % Change
All Homes
$402,0001.5%
Single Family $428,0001.4%
Condos $294,0000.7%

Cost per Home Size

Home SizeMedian Home ValueYoY % Change
1 Bed
  • Affordability
  • Rentals and Section 8
    • $181,000
    -2.7%
    2 Bed
    		$356,0001.1%
    3 Bed
    		$433,0001.6%
    4 Bed
    		$478,0001.7%
    5 Bed $549,6921.9%
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    % of Housing Stock

    Studio
    4.5%
    1 Bedroom
    21.5%
    2 Bedrooms
    34.9%
    3 Bedrooms
    30.2%
    4 Bedrooms
    5.9%
    5+ Bedrooms
    3.0%

    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.

    TypeMedian RentAverage 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
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    % of Rental Stock

    Studio
    9.3%
    1 Bedroom
    36.9%
    2 Bedrooms
    39.6%
    3 Bedrooms
    13.7%
    4 Bedrooms
    0.4%
    5+ Bedrooms
    0.1%

    Property Listings — Providence, RI

    As of May '26, Realtor.com reports that the median days on market for a home in Providence, RI is 29. This is a increase of 18.0% 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 17.0%, representing a small inventory and little supply pressure on home prices.

    MetricZip Code AverageYear over Year % Change
    Median Listing Price
    		$394,0000.0%
    Listing Count
    		927.0%
    Listings as % of Homes0.3%7.0%
    Days on Market
    		2918.0%
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    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.

    MetricLatest CensusYoY % Change
    Population
    		32,5006.4%
    % Under 18
    		22.7%7.1%
    % Seniors
    		18.2%4.0%
    % WFH
    		13.6%312.1%
    % w/ College Degree
    		32.1%27.9%
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    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

    MetricLatest Census5-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%
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    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

    MetricZip 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%
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    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 SizeHUD PremiumMarket RentMax 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

    MetricZip Code Average
    Home Price to Income Ratio5.2
    Median Home Price$402,000
    Median Household Income$64,600

    Providence, RI — ZIP Code Boundary Map

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    Nearby ZIP Codes

    Wanskuck

    02918

    Providence, RI

    02908

    North Providence, RI

    02911

    Providence, RI

    02909

    Pawtucket, RI

    02860

    Frequently Asked Questions