Housing costs in Providence

0
656
Photo Credit: Wikimedia Commons

Despite historically low unemployment, Providence is becoming unaffordable to more and more of its current residents.

72,767 – Total households. (US Census, 2022 Community Survey)

79,203– Total housing units. (US Census, 2022 Community Survey)

30,230 – Owner-occupied housing units. (US Census, 2022 Community Survey)

42,537 – Renter-occupied housing units. (US Census, 2022 Community Survey)

$1,382 – Median monthly rent. (US Census, 2022 Community Survey)

$75,000 to $100,000 – Annual household income required to rent for less than 30% of income, the standard for “affordability” of rental housing.

$64,184 – Median household income in 2022. (US Census, 2022 Community Survey)

42.3% – Percent of renters paying 35% or more of their income for housing.

6% – Percent of Providence renters served with eviction notices in the last year. (Eviction Lab)

$387,000 – Median sale price for homes in Providence, RI in October, 2023 (Realtor.com)

$232,500 – Median sale price for homes in Providence in December 2020. (Realtor.com)

$106, 381 – Household income required to purchase a median-priced home in Providence at 2022 prices. (2023 Housing Factbook – HousingWorks RI)

 

Jonathan Howard is Co-founder of Cause & Effect, Inc., a consulting company that provides strategic planning facilitation, fund development planning and board strengthening to mission-driven organizations. He is a long- time resident of Providence. His three children all attended Providence Public Schools from kindergarten through high school.