Providence, RI—02907
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 $384,000, with a year-over-year change of 1.0%. This indicates that home prices in Providence, RI are increasing. According to Zillow, the 1-year price projection is 2.4%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $384,000 | 1.0% |
| Single Family | $389,000 | 0.5% |
| Condos | $289,000 | 4.0% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $323,000 | 0.9% |
3 Bed | $362,000 | 1.1% |
4 Bed | $391,000 | -0.3% |
| 5 Bed | $511,000 | 2.4% |
% of Housing Stock
Rental Trends — Providence, RI
As of July '25, Rentcast reports the average rent in Providence, RI is $2,140, with a year-over-year rent change of 13.2%. Per bedroom, the median rent as of July '25 in Providence, RI is studios: $1,440, 1-bedrooms: $2,000, 2-bedrooms: $2,010, 3-bedrooms: $2,460, 4-bedrooms: $2,800. The most common rental property sizes in Providence, RI are 3-bedroom and 2-bedroom, accounting for 31.9% and 28.6% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $2,050 | $2,140 |
| Studio Rent | $1,550 | $1,440 |
| 1 Bed Rent | $1,950 | $2,000 |
| 2 Bed Rent | $1,850 | $2,010 |
| 3 Bed Rent | $2,350 | $2,460 |
| 4 Bed Rent | $2,800 | $2,800 |
% 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 47. This is a increase of 22.0% 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 21.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $380,000 | 5.0% |
Listing Count | 19 | -22.0% |
| Listings as % of Homes | 0.1% | -22.0% |
Days on Market | 47 | 22.0% |
Demographics — Providence, RI
As of the latest ACS Survey released in 2023, Providence, RI has a population of 31,400, which has increased by 2.1% over the past 5 years. Providence, RI is a moderately popular place for families, as children make up 24.9% of the population. The area has a poorly educated workforce, with 19.8% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 4.2% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 31,400 | 2.1% |
% Under 18 | 24.9% | -10.4% |
% Seniors | 10.7% | 16.3% |
% WFH | 4.2% | -22.2% |
% w/ College Degree | 19.8% | 44.5% |
As of the latest ACS Survey released in 2023, Providence, RI is a predominantly hispanic area, with 70.1% of the population identifying as hispanic. The hispanic population has grown by 14.2% in the last 5 years. The second most common race or ethnicity in Providence, RI is black, making up 11.5% of the population. Foreign-born residents account for 55.4% of the population in Providence, RI, and this percentage has increased by 26.8% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 9.8% | -15.5% |
% Black | 11.5% | -45.5% |
% Hispanic | 70.1% | 14.2% |
% Asian | 5.5% | -12.7% |
% Foreign Born | 55.4% | 26.8% |
Mortgage and Risk — Providence, RI
According to HUD data as of 2023, there were 219 mortgage originations in Providence, RI, of which 62.0% of loans were conventional mortgages. The average loan-to-value was 65.0%, with 37.0% above 90% LTV (very high). This implies large mortgage risk in Providence, RI. Investor activity is low, as 5.0% of loans were by investors. 13.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 219 |
% Conventional Loans | 62.0% |
% Government Loans | 38.0% |
% Investor Loans | 5.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 13.0% |
Loan Activity
Rentals and Section 8 — Providence, RI
As of 2024, the percent of homes in Providence, RI under the Section 8 program is 26.5%. 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 | 2,059 |
Total Units Section 8 | 1,796 |
% Rentals under Section 8 | 26.5% |
% Occupied Section 8 | 93.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$690 | $1,950 | $1,260 |
| 2 Bedroom | -$320 | $1,850 | $1,530 |
| 3 Bedroom | -$500 | $2,350 | $1,850 |
| 4 Bedroom | -$510 | $2,800 | $2,290 |
Affordability — Providence, RI
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 6.5 |
| Median Home Price | $384,000 |
| Median Household Income | $49,600 |