Total monthly cost of ownership
Cost to Own a Home in Providence, Rhode Island
A $323,000 home here costs
$2,789per month, all in, with 20% down at today's 7.40% 30-year fixed rate. By the 28% rule that takes a household income of about $119,500 a year.
A standard mortgage calculator would have told you $1,789. The real number is $1,000 higher every month, 56% more than the payment most buyers budget for.
Compare Providence County with anywhere in America · full county breakdown
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Providence against Providence County and Rhode Island
| Measure | Providence | Providence County |
|---|---|---|
| Median home value | $322,800 | $339,100 |
| Median property tax | $4,396 | $4,661 |
| Effective tax rate | 1.362% | 1.375% |
| Median gross rent | $1,333 | $1,242 |
| Population | 190,214 | 658,977 |
The weather behind that power bill
Providence sits in Providence County, which averages a high of 83.6°F in its hottest month and a low of 22.1°F in its coldest, with 47.54" of precipitation a year and 28% of it in a single three-month stretch. That climate drives 812 cooling and 5,478 heating degree days, which is what sets the $160 electricity line above.
See the full climate breakdown for Providence County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Providence County
Full Providence County cost breakdown · Every county in Rhode Island
Talk to someone who works this market
These are Providence averages. What one specific house costs to own, or what it would sell for today, depends on the street and the condition of the place. We will connect you with one licensed local agent who works Providence every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Providence I already own here and may sell
Common questions
How much does it cost to own a home in Providence?
A $323,000 home in Providence, Rhode Island costs approximately $2,789 per month with 20% down at 7.4%. That is $1,789 principal and interest, $367 property tax, $136 homeowners insurance, $228 utilities and $269 set aside for maintenance.
What is the property tax rate in Providence?
Providence has an effective property tax rate of 1.362%, based on a median home value of $322,800 and median real estate taxes of $4,396. That is lower than the Providence County average of 1.375%.
What is the average home price in Providence?
The median owner-occupied home value in Providence, Rhode Island is $322,800, against $339,100 across Providence County.
Is it cheaper to rent or buy in Providence?
Median gross rent in Providence is $1,333 a month, against $2,789 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
What salary do you need to buy a home in Providence?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Providence, Rhode Island at today's rate takes a household income of roughly $119,500 a year. That covers the full $2,789 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Providence, US Census Bureau, American Community Survey ACS 2023 5-Year, place-level tables.
- Homeowners insurance, NAIC average premium for Rhode Island.
- Electricity price, EIA Electric Power Monthly Table 5.6.A.
- Mortgage rate, Freddie Mac PMMS, refreshed weekly.
- Maintenance (1%/yr) and water and sewer ($68/mo) are national estimates. Every assumption above is editable.