Providence County, Rhode Island Housing Market Prices
Providence County 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 16% below the Rhode Island median$301,192
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Median rent 2% below the Rhode Island median Cheapest county in Rhode Island$1,311
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Providence County | Rhode Island Avg | US Average |
|---|---|---|---|
| Median Home Price | $301,192 | $360,248 | $248,835 |
| Price Trend (Annual %) | 7.5% | 7.4% | 7.5% |
| Median Gross Rent | $1,311 | $1,341 | $1,407 |
| Rent Trend (Annual %) | 4.9% | 4.6% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Providence County is about 16% lower than in Rhode Island. Rent is about 2% lower 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 County, up about 7.5% and 4.9% a year respectively. Home prices are changing faster.
Median rent in Providence County rose about 48.0% between 2015 and 2024, from $886 to $1,311. Over the same span, rent in Rhode Island rose about 45.0%.
Affordability
On average, housing unit costs 3.8 yearly household incomes in Providence County.
Buying the median-priced home in Providence County costs roughly 19.1 years of rent at the median monthly rate. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Providence County. The price-to-rent ratio in Rhode Island is about 22.4.
| Metric | Providence County | Rhode Island Avg | US Average |
|---|---|---|---|
| Median Home Price | $301,192 | $360,248 | $248,835 |
| Median Household Income | $78,766 | $88,093 | $80,455 |
| Price-to-Income Ratio | 3.8 | 4.1 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Providence County rose about 77.0%, while median household income rose about 51.2% 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 County | Rhode Island Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 53.2% | 57.8% | 58.5% |
| Rental Rate | 40.2% | 33.0% | 31.2% |
| Vacancy Rate | 6.7% | 9.1% | 10.2% |
| Median Tenure (years) | 16.0 | 16.0 | 15.0 |
| Median Year Moved In | 2010 | 2010 | 2011 |
Providence County has a homeownership rate of 53.2%, lower than the Rhode Island average of 57.8%. Its housing vacancy rate is 6.7%, compared with 9.1% in Rhode Island.
Housing Stock
| Metric | Providence County | Rhode Island Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.46 people | 2.38 people | 2.53 people |
| Median Structure Built Year | 1960 | 1962 | 1978 |
| Median Number of Rooms | 5.2 | 5.4 | 5.5 |
The typical housing unit in Providence County was built around 1960. On average, 2.5 people live in a home with about 5.2 rooms, staying for about 16.0 years on average.
Providence County, RI Housing Compared With Nearby Counties
Providence County, RI is the largest of the 5 counties compared here, 663,899 residents against a local median of 107,498. Where Providence County, RI breaks from the counties next to it is homeownership, sitting 24% below the local median of 75.3% at 57.0%. That is the weaker end of the local range on this measure.
Median home price tells the same story from another angle: $301,192 against a local median of $392,014, 23% below it. The counties themselves spread 11.1% on homeownership, so Providence County, RI sits at one end of an already wide local range rather than apart from it. Providence County, RI has the 5th highest homeownership of the 5 areas compared here.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Providence County, RI | 663,899 | $301,192 #4/5 | $1,311 #4/5 | 57.0% #5/5 |
| Kent County, RI | 171,061 | $327,059 | $1,326 | 73.1% |
| Northeastern Connecticut Planning Region, CT | 78,384 | $198,249 | $1,142 | 78.9% |
| Newport County, RI | 84,657 | $456,969 | $1,713 | 67.9% |
| Washington County, RI | 130,338 | $480,679 | $1,327 | 77.5% |
Frequently Asked Questions
Common questions about the housing market in Providence County, Rhode Island.
What is the median home price in Providence County, Rhode Island?
The median home price in Providence County, Rhode Island is $301,192, lower than the Rhode Island average of $360,248.
What is the average home price in Providence County, Rhode Island?
The typical home price in Providence County, Rhode Island, reported as the median sale price, is $301,192. 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 County, Rhode Island?
The median gross rent in Providence County, Rhode Island is $1,311 per month, lower than the Rhode Island average of $1,341.
What was the median gross rent in Providence County in 2020?
In 2020, the median gross rent in Providence County, Rhode Island was $988 per month.
What is the price-to-rent ratio in Providence County, Rhode Island?
The price-to-rent ratio in Providence County, Rhode Island is about 19.1, meaning it would take roughly 19.1 years of rent payments at the median rent to equal the median home price. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Providence County.
Are home prices or rent rising faster in Providence County, Rhode Island?
Both home prices and rent are rising in Providence County, up about 7.5% and 4.9% a year respectively. Home prices are changing faster.
What is the homeownership rate in Providence County, Rhode Island?
53.2% of households in Providence County, Rhode Island own their home, lower than the Rhode Island average of 57.8%.
What is the vacancy rate in Providence County, Rhode Island?
The housing vacancy rate in Providence County, Rhode Island is 6.7%, lower than the Rhode Island average of 9.1%.
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