Cost of Living in Providence, Rhode Island
In Providence, the median household income is $68,119 and the median gross rent is $1,408/mo, with a median home value of $362,200. Source: Census Bureau ACS, 2020-2024 estimates.
- Median household income
- $68,119
- Median gross rent
- $1,408/mo
- Median home value
- $362,200
- Population
- 191,767
How Providence compares to the Rhode Island average
| Measure | Providence, RI | Rhode Island statewide | Difference |
|---|---|---|---|
| Median household income | $68,119 | $87,796 | -22.4% |
| Median gross rent (monthly) | $1,408 | $1,342 | +4.9% |
| Median home value | $362,200 | $404,200 | -10.4% |
Statewide, Rhode Island prices average 102.3 on the BEA Regional Price Parity index (2024), where the U.S. average is 100.
Housing affordability in Providence
- Salary needed for median rent
- $56,320
- Rent burden at median income
- 24.8%
- Est. affordable home price
- $248,494
So that $1,408/mo is 30% of gross income
Share of the median household income spent on median rent (30%+ = cost-burdened)
At median income, 6.67% 30-yr rate (FRED, 2026-08), 20% down, 28% front-end DTI
The median home value in Providence is $362,200 — +45.8% above what the median household income supports under these assumptions.
Estimates from documented formulas — see methodology. Not financial advice.
About this data
- American Community Survey 5-Year Estimates — data period 2020-2024, retrieved August 13, 2026.
- Regional Price Parities — data period 2024, retrieved August 13, 2026.
- Federal Reserve Economic Data — data period 2026-08, retrieved August 13, 2026.
Figures are shown exactly as published by the source or derived by the documented formulas on our methodology page. Where a source suppresses an estimate, we show “—” rather than a substitute value.