Total monthly cost of ownership
Cost to Own a Home in Providence, Rhode Island
A $323,000 home here costs
$2,765per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $1,661. The real number is $1,104 higher every month — 67% more than the payment most buyers budget for.
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 $265 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
Common questions
How much does it cost to own a home in Providence?
A $323,000 home in Providence, Rhode Island costs approximately $2,765 per month with 20% down at 6.66%. That is $1,661 principal and interest, $367 property tax, $136 homeowners insurance, $333 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 $2,765 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
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.