Analytics built by: Location, Inc.
Raw data sources: American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
With a population of 179,883, 61,638 total housing units (homes and apartments), and a median house value of $252,699, Providence real estate values are some of the lowest in Rhode Island, although compared to real estate around the nation, Providence homes are still considered rather expensive.
Duplexes, homes converted to apartments or other small apartment buildings are the single most common housing type in Providence, accounting for 50.09% of the city's housing units. Other types of housing that are prevalent in Providence include single-family detached homes ( 23.27%), large apartment complexes or high rise apartments ( 23.25%), and a few row houses and other attached homes ( 3.15%). Cities that are predominantly high-density buildings are relatively uncommon in the US. Because of the density, these types of cities are often walkable and compact, and often have a lively downtown.
Providence is dominated by renter-occupied one, two, or no bedrooms apartments. 67.68% of Providence's dwellings are rentals.
The housing in Providence was primarily built before 1939 ( 55.60%), making the housing stock in Providence some of the oldest overall in America, although there is a range of ages of homes in Providence. The next most important housing age is between 1940-1969 ( 21.00%), followed by between 1970-1999 ( 18.13%). There's also some housing in Providence built between 2000 and later ( 5.27%).
Vacant housing appears to be an issue in Providence. Fully 15.40% of the housing stock is classified as vacant. Left unchecked, vacant Providence homes and apartments can be a drag on the real estate market, holding Providence real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.
Appreciation rates for homes in Providence have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 45.19%, which ranks in the top 30% nationwide. This equates to an annual average Providence house appreciation rate of 3.80%.
Appreciation rates are so strong in Providence that despite a nationwide downturn in the housing market, Providence real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Providence appreciation rates continue to be some of the highest in America, at 5.16%, which is higher than appreciation rates in 74.87% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Providence. Providence appreciation rates in the latest quarter were at 1.58%, which equates to an annual appreciation rate of 6.47%.
Relative to Rhode Island, our data show that Providence's latest annual appreciation rate is higher than 80% of the other cities and towns in Rhode Island.
One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Providence differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Providence - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Providence real estate investment or home purchase decisions.