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Providence, RI—02905

Real Estate Data & Market Trends

Key Metrics at a Glance

Median Home Value
$425,000
1.9% YoY Growth
Household Income
$57,100
33.0% YoY Growth
Days on Market
29
47.0% Longer YoY
Home Price Forecast
1.2%
Median Rent
$1,800
18.9% YoY Growth
1-Bed Rent
$1,500
28.8% YoY Growth
2-Bed Rent
$1,600
13.0% YoY Growth
3-Bed Rent
$2,350
17.0% YoY Growth

Other Zip Codes in Providence, RI

029060290902903029080290402907
  • Home Price Trends
  • Rental Trends
  • Property Listings
  • Demographics
  • Mortgage and Risk

Home Price Trends — Providence, RI

As of May '25, the median home price in Providence, RI is $409,000, with a year-over-year change of 2.8%. This indicates that home prices in Providence, RI are increasing. According to Zillow, the 1-year price projection is 3.0%, suggesting an increase housing market in the next year.

Cost per Home Type

Home TypeMedian Home ValueYoY % Change
All Homes
$425,0001.9%
Single Family $428,0001.7%
Condos $353,0002.6%

Cost per Home Size

Home SizeMedian Home ValueYoY % Change
1 Bed
  • Affordability
  • Rentals and Section 8
    • N/A
    N/A
    2 Bed
    		$381,0001.6%
    3 Bed
    		$419,0001.5%
    4 Bed
    		$437,0001.2%
    5 Bed $556,5912.7%
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    % of Housing Stock

    Studio
    1.9%
    1 Bedroom
    16.5%
    2 Bedrooms
    32.8%
    3 Bedrooms
    31.4%
    4 Bedrooms
    14.1%
    5+ Bedrooms
    3.3%

    Rental Trends — Providence, RI

    As of July '25, Rentcast reports the average rent in Providence, RI is $1,890, with a year-over-year rent change of -18.9%. Per bedroom, the median rent as of July '25 in Providence, RI is 1-bedrooms: $1,520, 2-bedrooms: $1,810, 3-bedrooms: $2,300, 4-bedrooms: $2,950. The most common rental property sizes in Providence, RI are 2-bedroom and 1-bedroom, accounting for 45.0% and 29.4% of the rental stock.

    TypeMedian RentAverage Rent
    Average Rent$1,800$1,890
    Studio Rent N/AN/A
    1 Bed Rent $1,500$1,520
    2 Bed Rent $1,600$1,810
    3 Bed Rent $2,350$2,300
    4 Bed Rent $2,700$2,950
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    % of Rental Stock

    Studio
    3.2%
    1 Bedroom
    29.4%
    2 Bedrooms
    45.0%
    3 Bedrooms
    18.4%
    4 Bedrooms
    2.0%
    5+ Bedrooms
    2.0%

    Property Listings — Providence, RI

    As of May '25, Realtor.com reports that the median days on market for a home in Providence, RI is 40. This is a decrease of -18.0% from last year, suggesting that homes are sitting on the market shorter than last year. The percentage of listed homes with a reduced price is 26.0%, representing a large inventory and a lot of supply pressure on home prices.

    MetricZip Code AverageYear over Year % Change
    Median Listing Price
    		$440,000-7.0%
    Listing Count
    		40-2.0%
    Listings as % of Homes0.4%-2.0%
    Days on Market
    		2947.0%
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    Demographics — Providence, RI

    As of the latest ACS Survey released in 2023, Providence, RI has a population of 24,800, which has decreased by -2.8% over the past 5 years. Providence, RI is a moderately popular place for families, as children make up 21.6% of the population. The area has a moderately educated workforce, with 29.3% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 9.5% reporting working from home.

    MetricLatest CensusYoY % Change
    Population
    		24,800-2.8%
    % Under 18
    		21.6%-7.7%
    % Seniors
    		14.9%19.2%
    % WFH
    		9.5%102.1%
    % w/ College Degree
    		29.3%8.9%
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    As of the latest ACS Survey released in 2023, Providence, RI is a predominantly hispanic area, with 40.6% of the population identifying as hispanic. The hispanic population has shrunk by 7.7% in the last 5 years. The second most common race or ethnicity in Providence, RI is white, making up 37.6% of the population. Foreign-born residents account for 29.7% of the population in Providence, RI, and this percentage has increased by 8.4% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.

    Race and Ethnicity

    MetricLatest Census5-Year % Change
    % White
    		37.6%2.5%
    % Black
    		17.8%-0.6%
    % Hispanic
    		40.6%-7.7%
    % Asian
    		2.7%-27.0%
    % Foreign Born
    		29.7%8.4%
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    Mortgage and Risk — Providence, RI

    According to HUD data as of 2023, there were 411 mortgage originations in Providence, RI, of which 73.0% of loans were conventional mortgages. The average loan-to-value was 59.0%, with 28.0% 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. 13.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.

    Mortgages

    MetricZip Code Average
    Total Loan Originations
    		411
    % Conventional Loans
    		73.0%
    % Government Loans
    		27.0%
    % Investor Loans
    		3.0%
    % Second Loans
    		0.0%
    % Cash Out Refinance
    		13.0%
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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 22.3%. 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. 2-bedroom units appear to be good home sizes to consider for Section 8 housing in Providence, RI, because HUD payments exceed market rent, while 1-bedroom and 3-bedroom and 4-bedroom units do not.

    Section 8 Market Size

    Total Units under HUD
    		1,216
    Total Units Section 8
    		1,027
    % Rentals under Section 8
    		22.3%
    % Occupied Section 8
    		92.7%

    Section 8 Opportunity

    Home SizeHUD PremiumMarket RentMax HUD Rent
    1 Bedroom-$180$1,500$1,320
    2 Bedroom$20$1,600$1,620
    3 Bedroom-$400$2,350$1,950
    4 Bedroom-$330$2,700$2,370

    Affordability — Providence, RI

    Home Price to Income Ratio

    MetricZip Code Average
    Home Price to Income Ratio6.2
    Median Home Price$425,000
    Median Household Income$57,100

    Providence, RI — ZIP Code Boundary Map

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    Nearby ZIP Codes

    Providence, RI

    02907

    Providence, RI

    02903

    Cranston, RI

    02910

    Providence

    02912

    Warwick, RI

    02888

    Frequently Asked Questions