Providence, RI—02909
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 $373,000, with a year-over-year change of 0.4%. This indicates that home prices in Providence, RI are flat. 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 | $373,000 | 0.4% |
| Single Family | $382,000 | -0.3% |
| Condos | $312,000 | 2.3% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $302,000 | 2.0% |
2 Bed | $334,000 | -0.3% |
3 Bed | $374,000 | -0.3% |
4 Bed | $399,000 | -0.2% |
| 5 Bed | $497,000 | 2.1% |
% of Housing Stock
Rental Trends — Providence, RI
As of July '25, Rentcast reports the average rent in Providence, RI is $2,030, with a year-over-year rent change of 3.6%. Per bedroom, the median rent as of July '25 in Providence, RI is studios: $1,600, 1-bedrooms: $1,830, 2-bedrooms: $2,080, 3-bedrooms: $2,250, 4-bedrooms: $2,460. The most common rental property sizes in Providence, RI are 2-bedroom and 3-bedroom, accounting for 40.1% and 25.1% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $2,020 | $2,030 |
| Studio Rent | $1,780 | $1,600 |
| 1 Bed Rent | $1,830 | $1,830 |
| 2 Bed Rent | $2,100 | $2,080 |
| 3 Bed Rent | $2,300 | $2,250 |
| 4 Bed Rent | $2,400 | $2,460 |
% 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 35. This is a increase of 24.0% 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 23.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $375,000 | 1.0% |
Listing Count | 43 | -8.0% |
| Listings as % of Homes | 0.2% | -8.0% |
Days on Market | 35 | 24.0% |
Demographics — Providence, RI
As of the latest ACS Survey released in 2023, Providence, RI has a population of 44,400, which has increased by 9.5% over the past 5 years. Providence, RI is a popular place for families, as children make up 27.2% of the population. The area has a poorly educated workforce, with 23.5% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 10.5% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 44,400 | 9.5% |
% Under 18 | 27.2% | 2.3% |
% Seniors | 7.8% | -8.2% |
% WFH | 10.5% | 183.8% |
% w/ College Degree | 23.5% | 64.3% |
As of the latest ACS Survey released in 2023, Providence, RI is a predominantly hispanic area, with 60.3% of the population identifying as hispanic. The hispanic population has remained stable in the last 5 years. The second most common race or ethnicity in Providence, RI is white, making up 21.8% of the population. Foreign-born residents account for 35.1% of the population in Providence, RI, and this percentage has increased by 8.0% 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 | 21.8% | 2.8% |
% Black | 14.7% | 7.3% |
% Hispanic | 60.3% | 0.0% |
% Asian | 2.6% | -39.5% |
% Foreign Born | 35.1% | 8.0% |
Mortgage and Risk — Providence, RI
According to HUD data as of 2023, there were 372 mortgage originations in Providence, RI, of which 68.0% of loans were conventional mortgages. The average loan-to-value was 62.0%, with 36.0% 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. 14.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 372 |
% Conventional Loans | 68.0% |
% Government Loans | 32.0% |
% Investor Loans | 5.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 14.0% |
Loan Activity
Rentals and Section 8 — Providence, RI
As of 2024, the percent of homes in Providence, RI under the Section 8 program is 18.5%. 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 | 3,011 |
Total Units Section 8 | 1,758 |
% Rentals under Section 8 | 18.5% |
% Occupied Section 8 | 94.1% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$570 | $1,830 | $1,260 |
| 2 Bedroom | -$570 | $2,100 | $1,530 |
| 3 Bedroom | -$450 | $2,300 | $1,850 |
| 4 Bedroom | -$110 | $2,400 | $2,290 |
Affordability — Providence, RI
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 4.9 |
| Median Home Price | $373,000 |
| Median Household Income | $64,000 |