Providence, RI mortgage & affordability calculator
The typical home in Providence, RI is worth about $460,000.
With 20% down that's a loan near $368,000 — the calculator
is pre-filled with that figure. Rhode Island's property tax rate is well above the national average and set town by town, so Providence itself often runs different than nearby Cranston or Warwick. Proximity to Boston has pulled in buyers priced out of Massachusetts, pushing prices up faster than local incomes.
$2,389.29 / month
Total interest
$492,142
Total paid
$860,142
Payoff
30.0 years
How much you need to earn
Providence, RI's median household income is about
$78,000 a year. Under standard 28/36
lending rules that supports a home price around
$269,124 with 20% down —
below the $460,000 typical price, so many buyers need a larger down payment, a co-borrower, or a longer commute.
Typical asking rent in Providence, RI is about $2,000 a month, so owning the median home costs roughly
$1,059 more per month before tax
effects, maintenance, and any change in home value.
Frequently asked questions
What is a typical mortgage payment in Providence, RI?
On the metro's roughly $460,000 typical home with 20% down, the loan is about $368,000. Principal and interest run near $2,389 a month at today's rate, and Providence, RI's property tax plus insurance add about $670, for a full payment near $3,059.
Can I afford a home in Providence, RI on the median income?
The median household income is about $78,000 a year. Under standard 28/36 lending rules that supports a home price around $269,124 with 20% down — below the $460,000 typical price, so buyers often need a larger down payment or a co-borrower.
Is it cheaper to rent or buy in Providence, RI?
Typical asking rent is about $2,000 a month. The full owner payment on a median home is near $3,059, so owning costs roughly $1,059 more per month before tax effects, maintenance, and any appreciation.
How much are property taxes in Providence, RI?
The effective property tax rate in the core county is about 1.40% of market value — roughly $6,440 a year on the typical home. Your exact rate depends on the municipality and any exemptions.
Are home prices in Providence, RI rising or falling?
Home values are up about 6% over the past year. Rhode Island's property tax rate is well above the national average and set town by town, so Providence itself often runs different than nearby Cranston or Warwick. Proximity to Boston has pulled in buyers priced out of Massachusetts, pushing prices up faster than local incomes.