Providence, Rhode Island

For Providence, Rhode Island, $202,344 is the median value of a house; a soaring increase of 15.2 percent in the last year. There is the prediction that in the following year, the value of houses will go up another 5.7 percent.

The per square foot list median cost in Providence is $167. The metro area of Providence has a higher per square foot list average cost of $200.
$209,500 is the present median cost of Providence listed houses. Rentals are at a median of $2000 in Providence suburbs and metro areas.

The annual household income in Providence is $61,948.

For every 10,000 houses in Providence, 9.8 houses become foreclosed. This is a high foreclosure rate compared to the metro area of Providence which has 4.2 houses foreclosed for every 10,000 houses. And the United States has a much lower foreclosure rate of 1.6 houses foreclosed for every 10,000 houses. 2.7percent of Providence homeowners are in the state of mortgage delinquency. The United States has a lower mortgage delinquency rate of 1.6 percent.

The recession that occurred in 2008 had enormous negative economic consequences. One major consequence was that the value of homes went down greater than 20 percent. The impact has left many homeowners underwater on their homes financially. A house is considered “underwater,” when the value of a house is less than what the homeowners owe on their mortgage. 19.1 percent of owners of houses in Providence are underwater. For the Providence metro area, 9.5 percent of homeowners are underwater on their mortgage.