Providence appears moderately affordable relative to its own income and housing benchmarks. With a median household income of $68,119 annually ($5,677 monthly), the median gross rent of $1,408 represents about 25% of income, which is within the commonly referenced 30% affordability threshold for rent. However, the uniform non-housing calculator baseline of $1,250 per month (a model assumption, not local data) suggests that after rent, $1,250 remains for other expenses, which may be tight depending on household size and non-housing costs. Affordability depends on individual circumstances and cannot be universally determined from citywide averages alone.
Providence at a glance
What the default budget models
A one-person renting household begins with a modeled annual core-cost baseline of $31,896. It combines the ACS median gross-rent estimate with a uniform $1,250 monthly non-housing baseline. State income tax is excluded until a current official reference is approved; the calculator labels that limitation instead of guessing.
| 2024 ACS population estimate | 191,767 |
| 2024 ACS median household income | $68,119 |
| 2024 ACS median gross rent | $1,408 |
| 2024 ACS median owner-occupied home value | $362,200 |
| Derived one-way commute estimate | 27 minutes |
| State-tax treatment | Excluded — official reference pending |
| Rent-to-income reference | 25% |
The trade-off
Relative strength: Median rent consumes about 25% of median income.. Watch closely: lower rent burden may be offset by higher non-housing costs or limited income growth..
Compare Providence
Frequently asked questions
Is rent in Providence affordable for the average household?
Based on 2024 ACS data, median gross rent ($1,408/month) is about 25% of median monthly household income ($5,677), which falls below the 30% affordability benchmark. However, this is a citywide average and does not reflect individual household circumstances, neighborhood variation, or non-housing costs.
How does Providence’s median home value compare to income?
The median owner-occupied home value is $362,200, which is roughly 5.3 times the median household income of $68,119. This price-to-income ratio suggests moderate housing cost pressure for buyers, though actual affordability depends on down payment, interest rates, and individual financial circumstances—not captured in citywide averages.
Source ledger
Every production input below is retained with its publisher and dataset. The ACS figures are five-year estimates, not live listings or guarantees.
- PopulationU.S. Census Bureau · 2024 ACS 5-Year B01003
- Median household incomeU.S. Census Bureau · 2024 ACS 5-Year B19013
- Median gross rentU.S. Census Bureau · 2024 ACS 5-Year B25064
- Median owner-occupied home valueU.S. Census Bureau · 2024 ACS 5-Year B25077
- Commute-time distributionU.S. Census Bureau · 2024 ACS 5-Year B08303
Interpretation: The ACS 2024 five-year estimates generally summarize observations across 2020–2024. The commute number is a weighted midpoint estimate from table B08303. State income tax is not included in the modeled take-home result. Verify a current address, quote, commute, and tax situation before making a decision.