Providence, Rhode Island Housing Market Prices
Providence Home Prices and Rent at a Glance
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
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Median home price 18% above the Rhode Island median$426,648
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Median rent 5% above the Rhode Island median$1,407
Housing Market Overview
| Metric | Providence | Rhode Island Avg | US Average |
|---|---|---|---|
| Median Home Price | $426,648 | $360,248 | $248,835 |
| Price Trend (Annual %) | 13.8% | 7.4% | 7.5% |
| Median Gross Rent | $1,407 | $1,341 | $1,407 |
| Rent Trend (Annual %) | 5.6% | 4.6% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Providence is about 18% higher than in Rhode Island. Rent is about 5% higher than the Rhode Island average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Both home prices and rent are rising in Providence, up about 13.8% and 5.6% a year respectively. Home prices are changing faster.
Median rent in Providence rose about 54.1% between 2015 and 2024, from $913 to $1,407. Over the same span, rent in Rhode Island rose about 45.0%.
Affordability
On average, housing unit costs 6.3 yearly household incomes in Providence.
Buying the median-priced home in Providence costs roughly 25.3 years of rent at the median monthly rate. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Providence. The price-to-rent ratio in Rhode Island is about 22.4.
| Metric | Providence | Rhode Island Avg | US Average |
|---|---|---|---|
| Median Home Price | $426,648 | $360,248 | $248,835 |
| Median Household Income | $67,755 | $88,093 | $80,455 |
| Price-to-Income Ratio | 6.3 | 4.1 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Providence rose about 170.2%, while median household income rose about 71.7% between 2009 and 2025 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Providence | Rhode Island Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 37.3% | 57.8% | 58.5% |
| Rental Rate | 52.7% | 33.0% | 31.2% |
| Vacancy Rate | 10.0% | 9.1% | 10.2% |
| Median Tenure (years) | 11.0 | 16.0 | 15.0 |
| Median Year Moved In | 2015 | 2010 | 2011 |
Providence has a homeownership rate of 37.3%, lower than the Rhode Island average of 57.8%. Its housing vacancy rate is 10.0%, compared with 9.1% in Rhode Island.
Housing Stock
| Metric | Providence | Rhode Island Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.47 people | 2.38 people | 2.53 people |
| Median Structure Built Year | 1948 | 1962 | 1978 |
| Median Number of Rooms | 4.8 | 5.4 | 5.5 |
The typical housing unit in Providence was built around 1948. On average, 2.5 people live in a home with about 4.8 rooms, staying for about 11.0 years on average.
Providence, RI Housing Compared With Nearby Cities
How Providence, RI compares with the 2 cities closest to it.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Providence, RI | 191,427 | $426,648 #1/3 | $1,407 #1/3 | 41.4% #3/3 |
| Pawtucket, RI | 75,796 | $250,546 | $1,208 | 50.1% |
| Cranston, RI | 83,232 | $33,992 | $1,375 | 67.6% |
Frequently Asked Questions
Common questions about the housing market in Providence, Rhode Island.
What is the median home price in Providence, Rhode Island?
The median home price in Providence, Rhode Island is $426,648, higher than the Rhode Island average of $360,248.
What is the average home price in Providence, Rhode Island?
The typical home price in Providence, Rhode Island, reported as the median sale price, is $426,648. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Providence, Rhode Island?
The median gross rent in Providence, Rhode Island is $1,407 per month, higher than the Rhode Island average of $1,341.
What was the median gross rent in Providence in 2020?
In 2020, the median gross rent in Providence, Rhode Island was $1,016 per month.
What is the price-to-rent ratio in Providence, Rhode Island?
The price-to-rent ratio in Providence, Rhode Island is about 25.3, meaning it would take roughly 25.3 years of rent payments at the median rent to equal the median home price. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Providence.
Are home prices or rent rising faster in Providence, Rhode Island?
Both home prices and rent are rising in Providence, up about 13.8% and 5.6% a year respectively. Home prices are changing faster.
What is the homeownership rate in Providence, Rhode Island?
37.3% of households in Providence, Rhode Island own their home, lower than the Rhode Island average of 57.8%.
What is the vacancy rate in Providence, Rhode Island?
The housing vacancy rate in Providence, Rhode Island is 10.0%, higher than the Rhode Island average of 9.1%.
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