Mortgage payment estimates, closing cost breakdowns, and homebuying data for Providence, Rhode Island.
Pre-filled with Providence median home price and Rhode Island tax/insurance rates. Adjust for your property.
Estimated closing costs based on Rhode Island rates and fees applied to Providence prices.
The median home price in Providence is $385,000, 9% below the Rhode Island state median of $425,000. With a population of 190,934, Providence is a mid-size city where home prices tend to be more accessible than in many parts of Rhode Island.
Property taxes in Rhode Island average 1.53% annually. This higher-than-average tax rate means a $385,000 home in Providence would carry roughly $491/month in property taxes alone — plan accordingly. Homeowners insurance in Rhode Island runs approximately $2,200 per year. This is within the normal range nationally.
Average rent in Providence is $1,650/month. The price-to-rent ratio in Providence is moderate, meaning the buy-vs-rent decision depends heavily on how long you plan to stay.
Providence presents moderate affordability. The $385K median puts homeownership within reach for median-income households, though down payment savings and closing costs require planning.