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  4. /Providence, RI - 02906

Providence, RI—02906

Real Estate Data & Market Trends

Key Metrics at a Glance

Median Home Value
$822,000
5.4% YoY Growth
Household Income
$103,000
25.8% YoY Growth
Days on Market
23
8.0% Longer YoY
Home Price Forecast
2.9%
Median Rent
$2,400
0.0% YoY Growth
1-Bed Rent
$1,900
12.8% YoY Growth
2-Bed Rent
$2,400
5.9% YoY Growth
3-Bed Rent
$2,850
2.0% YoY Growth

Other Zip Codes in Providence, RI

029090290302908029040290502907
  • 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 $822,000, with a year-over-year change of 5.4%. This indicates that home prices in Providence, RI are increasing. According to Zillow, the 1-year price projection is 2.9%, suggesting an increase housing market in the next year.

Cost per Home Type

Home TypeMedian Home ValueYoY % Change
All Homes
$822,0005.4%
Single Family $980,0005.4%
Condos $495,0004.4%

Cost per Home Size

Home SizeMedian Home ValueYoY % Change
1 Bed

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  • Affordability
  • Rentals and Section 8
    • $334,000
    3.1%
    2 Bed
    		$554,0005.1%
    3 Bed
    		$801,0005.3%
    4 Bed
    		$1,069,0005.6%
    5 Bed $1,443,1096.5%
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    % of Housing Stock

    Studio
    4.4%
    1 Bedroom
    15.3%
    2 Bedrooms
    32.7%
    3 Bedrooms
    25.9%
    4 Bedrooms
    11.6%
    5+ Bedrooms
    10.2%

    Rental Trends — Providence, RI

    As of July '25, Rentcast reports the average rent in Providence, RI is $2,550, with a year-over-year rent change of 0.0%. Per bedroom, the median rent as of July '25 in Providence, RI is studios: $1,530, 1-bedrooms: $1,940, 2-bedrooms: $2,500, 3-bedrooms: $2,920, 4-bedrooms: $3,380. The most common rental property sizes in Providence, RI are 2-bedroom and 1-bedroom, accounting for 41.9% and 25.5% of the rental stock.

    TypeMedian RentAverage Rent
    Average Rent$2,400$2,550
    Studio Rent $1,680$1,530
    1 Bed Rent $1,900$1,940
    2 Bed Rent $2,400$2,500
    3 Bed Rent $2,850$2,920
    4 Bed Rent $3,500$3,380
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    % of Rental Stock

    Studio
    6.4%
    1 Bedroom
    25.5%
    2 Bedrooms
    41.9%
    3 Bedrooms
    20.8%
    4 Bedrooms
    3.3%
    5+ Bedrooms
    2.1%

    Property Listings — Providence, RI

    As of May '26, Realtor.com reports that the median days on market for a home in Providence, RI is 23. This is a increase of 8.0% 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 11.0%, representing a small inventory and little supply pressure on home prices.

    MetricZip Code AverageYear over Year % Change
    Median Listing Price
    		$825,0009.0%
    Listing Count
    		74-12.0%
    Listings as % of Homes0.3%-12.0%
    Days on Market
    		238.0%
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    Demographics — Providence, RI

    As of the latest ACS Survey released in 2023, Providence, RI has a population of 26,300, which has decreased by -6.6% over the past 5 years. Providence, RI is a less popular place for families, as children make up 12.8% of the population. The area has a highly educated workforce, with 79.8% of adult residents holding a bachelor’s degree or higher. There are many residents working remotely, with 25.4% reporting working from home.

    MetricLatest CensusYoY % Change
    Population
    		26,300-6.6%
    % Under 18
    		12.8%-4.5%
    % Seniors
    		16.7%29.5%
    % WFH
    		25.4%225.6%
    % w/ College Degree
    		79.8%3.9%
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    As of the latest ACS Survey released in 2023, Providence, RI is a predominantly white area, with 71.6% of the population identifying as white. The white population has grown by 0.7% in the last 5 years. The second most common race or ethnicity in Providence, RI is asian, making up 11.0% of the population. Foreign-born residents account for 16.5% of the population in Providence, RI, and this percentage has decreased by 6.8% as of the ACS Survey 5 years prior, suggesting fewer immigrants are calling the area home.

    Race and Ethnicity

    MetricLatest Census5-Year % Change
    % White
    		71.6%0.7%
    % Black
    		3.0%-46.4%
    % Hispanic
    		7.8%30.0%
    % Asian
    		11.0%-11.3%
    % Foreign Born
    		16.5%-6.8%
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    Mortgage and Risk — Providence, RI

    According to HUD data as of 2023, there were 353 mortgage originations in Providence, RI, of which 95.0% of loans were conventional mortgages. The average loan-to-value was 54.0%, with 9.0% above 90% LTV (normal). This implies small mortgage risk in Providence, RI. Investor activity is low, as 4.0% of loans were by investors. 10.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.

    Mortgages

    MetricZip Code Average
    Total Loan Originations
    		353
    % Conventional Loans
    		95.0%
    % Government Loans
    		5.0%
    % Investor Loans
    		4.0%
    % Second Loans
    		2.0%
    % Cash Out Refinance
    		10.0%
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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 4.4%. 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
    		344
    Total Units Section 8
    		285
    % Rentals under Section 8
    		4.4%
    % Occupied Section 8
    		96.3%

    Section 8 Opportunity

    Home SizeHUD PremiumMarket RentMax HUD Rent
    1 Bedroom-$150$1,900$1,750
    2 Bedroom-$260$2,400$2,140
    3 Bedroom-$270$2,850$2,580
    4 Bedroom-$370$3,500$3,130

    Affordability — Providence, RI

    Home Price to Income Ratio

    MetricZip Code Average
    Home Price to Income Ratio6.3
    Median Home Price$822,000
    Median Household Income$103,000

    Providence, RI — ZIP Code Boundary Map

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    Nearby ZIP Codes

    Providence

    02912

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    02916

    Frequently Asked Questions