Cost of Living in Providence, RI
Population 191,767 · Census ACS 2020–2024 5-year estimates
The median rent in Providence, RI is $1,408/month, 5% higher than the Rhode Island median and about the same as the U.S. median. The median home value is $362,200, 9% higher than the national median. Households earn a median of $68,119 a year, 22% lower than the state median.
Affordability
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Providence vs. Rhode Island vs. U.S.
| Providence | Rhode Island | U.S. | |
|---|---|---|---|
| Median rent | $1,408 | $1,342 | $1,413 |
| Median home value | $362,200 | $404,200 | $332,700 |
| Median household income | $68,119 | $87,796 | $80,734 |
| Homeownership rate | 41.4% | 63.6% | 65.2% |
| Bachelor's degree or higher | 34.6% | 37.7% | 35.7% |
| Poverty rate | 20.7% | 11.2% | 12.5% |
| Unemployment rate | 8.2% | 5.8% | 5.2% |
| Work from home | 14.3% | 13.0% | 15.1% |
| Median age | 32.8 | 40.6 | 38.9 |
FAQ
What is the average rent in Providence, RI?
The median gross rent in Providence, RI is $1,408 per month (ACS 2020–2024 5-year estimate).
How much do I need to earn to live in Providence, RI?
Using the common 30% rule, renting a median-priced home takes about $56,320 a year in gross income.
Is Providence, RI expensive to live in?
Rent there is about the same as the U.S. median, and the median home costs about 5.3 times the median household income.
Other cities in Rhode Island
Cities with a similar cost of living
Source: U.S. Census Bureau, American Community Survey 5-year estimates. Estimates have margins of error, especially for smaller places. This product uses the Census Bureau Data API but is not endorsed or certified by the Census Bureau.
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