Quick facts: Providence, RI

Quick Facts

115.2
Cost of Living
above US average
189,563
Population
28.64
Crime Rate per 1000
above US average
$61,365
Median Income
below US average
$525,000
Median House Price
above US average
$2833.31
Average Rent
above US average
24%
Poverty Rate
above US average
5.7%
Unemployment Rate
above US average

πŸ’΅ Affordability Calculator

Based on the 28/36 rule: housing costs should not exceed 28% of your gross income. Compared against local median income of $61,365.

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Income Needed to Buy

βœ— Stretch
$165k/year
Based on $525,000 median home price
Assumes 30-year mortgage at 7% with 20% down payment
⚠️ Requires $165k vs median $61,365
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Income Needed to Rent

⚠ Stretch
$121k/year
Based on $2833.31/month average rent
Annual income where rent = 28% of gross
⚠️ Requires $121k vs median $61,365
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Providence, RI

Providence, Rhode Island, is a vibrant city characterized by its rich history, diverse culture, and prominent educational institutions. As the capital of the state, Providence boasts a blend of historic architecture and modern development. The city is known for its thriving arts scene, with landmarks such as the Rhode Island School of Design (RISD) and the renowned WaterFire installation, which features bonfires on the rivers of downtown. Providence has a strong culinary reputation, offering a variety of dining options ranging from Italian to innovative farm-to-table cuisine. The Federal Hill neighborhood is particularly famous for its Italian heritage and restaurants. The city's historic significance is evident in sites like the Rhode Island State House, featuring one of the world's largest self-supporting marble domes, and the picturesque Brown University campus. Providence also hosts various festivals and events throughout the year, enhancing its community spirit. With a compact downtown area, accessible public transportation, and a welcoming atmosphere, Providence stands out as a dynamic hub for both residents and visitors, making it a unique spot to explore in New England.

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