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Providence, RI—02909

Real Estate Data & Market Trends

Key Metrics at a Glance

Median Home Value
$389,000
2.0% YoY Growth
Household Income
$64,000
80.2% YoY Growth
Days on Market
17
41.0% Longer YoY
Home Price Forecast
2.5%
Median Rent
$2,020
3.6% YoY Growth
1-Bed Rent
$1,830
4.6% YoY Growth
2-Bed Rent
$2,100
7.8% YoY Growth
3-Bed Rent
$2,300
0.4% YoY Growth

Other Zip Codes in Providence, RI

029060290302908029040290502907
  • 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 $389,000, with a year-over-year change of 2.0%. 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 TypeMedian Home ValueYoY % Change
All Homes
$389,0002.0%
Single Family $400,0002.0%
Condos $317,0001.6%

Cost per Home Size

Home SizeMedian Home ValueYoY % Change
1 Bed

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  • Affordability
  • Rentals and Section 8
    • $299,000
    1.4%
    2 Bed
    		$349,0002.9%
    3 Bed
    		$391,0002.1%
    4 Bed
    		$418,0001.0%
    5 Bed $525,8153.0%
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    % of Housing Stock

    Studio
    2.8%
    1 Bedroom
    18.8%
    2 Bedrooms
    39.6%
    3 Bedrooms
    30.1%
    4 Bedrooms
    7.5%
    5+ Bedrooms
    1.3%

    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.

    TypeMedian RentAverage 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
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    % of Rental Stock

    Studio
    4.8%
    1 Bedroom
    24.4%
    2 Bedrooms
    40.1%
    3 Bedrooms
    25.1%
    4 Bedrooms
    5.1%
    5+ Bedrooms
    0.5%

    Property Listings — Providence, RI

    As of May '26, Realtor.com reports that the median days on market for a home in Providence, RI is 17. This is a increase of 41.0% 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 0.0%, representing a small inventory and little supply pressure on home prices.

    MetricZip Code AverageYear over Year % Change
    Median Listing Price
    		$380,00013.0%
    Listing Count
    		41-4.0%
    Listings as % of Homes0.2%-4.0%
    Days on Market
    		1741.0%
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    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.

    MetricLatest CensusYoY % Change
    Population
    		44,4009.5%
    % Under 18
    		27.2%2.3%
    % Seniors
    		7.8%-8.2%
    % WFH
    		10.5%183.8%
    % w/ College Degree
    		23.5%64.3%
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    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

    MetricLatest Census5-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%
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    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

    MetricZip 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%
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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 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 SizeHUD PremiumMarket RentMax 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

    MetricZip Code Average
    Home Price to Income Ratio5
    Median Home Price$389,000
    Median Household Income$64,000

    Providence, RI — ZIP Code Boundary Map

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    Nearby ZIP Codes

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    Frequently Asked Questions