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, 61,691 total housing units (homes and apartments), and a median house value of $269,283, 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 50.30% of the city's housing units. Other types of housing that are prevalent in Providence include large apartment complexes or high rise apartments ( 23.71%), single-family detached homes ( 23.13%), and a few row houses and other attached homes ( 2.74%). Cities with mostly row houses, apartments, and other high density housing types are relatively uncommon, and characteristic of compact cities that frequently have a downtown or other neighborhoods where amenities are within walking distance and a lot of street life can be seen.
Providence is dominated by renter-occupied one, two, or no bedrooms apartments. 66.81% of Providence's dwellings are rentals.
The housing in Providence was primarily built before 1939 ( 56.16%), 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 ( 20.34%), followed by between 1970-1999 ( 18.38%). There's also some housing in Providence built between 2000 and later ( 5.12%).
Vacant housing appears to be an issue in Providence. Fully 16.28% 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.
In the last 10 years, Providence has experienced some of the highest home appreciation rates of any community in the nation. Providence real estate appreciated 72.13% over the last ten years, which is an average annual home appreciation rate of 5.58%, putting Providence in the top 20% nationally for real estate appreciation. If you are a home buyer or real estate investor, Providence definitely has a track record of being one of the best long term real estate investments in America through the last ten years.
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 13.23%, which is higher than appreciation rates in 90.14% 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 4.15%, which equates to an annual appreciation rate of 17.66%.
Importantly, this makes Providence one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.
Relative to Rhode Island, our data show that Providence's latest annual appreciation rate is higher than 90% 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.