Providence, RI—02908
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 $404,000, with a year-over-year change of 1.9%. This indicates that home prices in Providence, RI are increasing. According to Zillow, the 1-year price projection is 2.5%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $404,000 | 1.9% |
| Single Family | $408,000 | 1.5% |
| Condos | $349,000 | 5.1% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $366,000 | 1.9% |
3 Bed | $403,000 | 1.3% |
4 Bed | $442,000 | 2.1% |
| 5 Bed | $499,000 | 1.6% |
% of Housing Stock
Rental Trends — Providence, RI
As of July '25, Rentcast reports the average rent in Providence, RI is $2,460, with a year-over-year rent change of 11.3%. Per bedroom, the median rent as of July '25 in Providence, RI is studios: $1,900, 1-bedrooms: $1,570, 2-bedrooms: $2,050, 3-bedrooms: $2,610, 4-bedrooms: $2,930. The most common rental property sizes in Providence, RI are 2-bedroom and 3-bedroom, accounting for 49.8% and 26.4% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $2,260 | $2,460 |
| Studio Rent | $1,900 | $1,900 |
| 1 Bed Rent | $1,500 | $1,570 |
| 2 Bed Rent | $2,000 | $2,050 |
| 3 Bed Rent | $2,400 | $2,610 |
| 4 Bed Rent | $3,000 | $2,930 |
% 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 33. This is a increase of 26.0% 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 20.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $417,000 | 0.0% |
Listing Count | 49 | -20.0% |
| Listings as % of Homes | 0.2% | -20.0% |
Days on Market | 33 | 26.0% |
Demographics — Providence, RI
As of the latest ACS Survey released in 2023, Providence, RI has a population of 39,700, which has increased by 5.6% over the past 5 years. Providence, RI is a moderately popular place for families, as children make up 21.5% of the population. The area has a moderately educated workforce, with 28.6% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 11.8% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 39,700 | 5.6% |
% Under 18 | 21.5% | -7.7% |
% Seniors | 11.3% | 20.2% |
% WFH | 11.8% | 131.4% |
% w/ College Degree | 28.6% | 3.6% |
As of the latest ACS Survey released in 2023, Providence, RI is a predominantly hispanic area, with 43.3% of the population identifying as hispanic. The hispanic population has grown by 9.3% in the last 5 years. The second most common race or ethnicity in Providence, RI is white, making up 33.4% of the population. Foreign-born residents account for 33.1% of the population in Providence, RI, and this percentage has increased by 37.3% 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 | 33.4% | -11.4% |
% Black | 17.3% | 0.0% |
% Hispanic | 43.3% | 9.3% |
% Asian | 3.8% | 8.6% |
% Foreign Born | 33.1% | 37.3% |
Mortgage and Risk — Providence, RI
According to HUD data as of 2023, there were 524 mortgage originations in Providence, RI, of which 72.0% of loans were conventional mortgages. The average loan-to-value was 63.0%, with 31.0% 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. 12.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 524 |
% Conventional Loans | 72.0% |
% Government Loans | 28.0% |
% Investor Loans | 5.0% |
% Second Loans | 1.0% |
% 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 8.3%. This is considered low, suggesting that the neighborhood is sparsely 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 | 1,264 |
Total Units Section 8 | 602 |
% Rentals under Section 8 | 8.3% |
% Occupied Section 8 | 88.2% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$190 | $1,500 | $1,310 |
| 2 Bedroom | -$400 | $2,000 | $1,600 |
| 3 Bedroom | -$470 | $2,400 | $1,930 |
| 4 Bedroom | -$660 | $3,000 | $2,340 |
Affordability — Providence, RI
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 4.6 |
| Median Home Price | $404,000 |
| Median Household Income | $74,300 |