Providence Is Ranked as One of the Least Affordable Cities for Homebuyers in U.S.
A new study ranks Providence poorly for the affordability for homebuyers. Of the 300 cities in the study, Providence ranks 219th for affordability.
“Home prices have surged in recent years, with the median sales price rising from $313,000 in Q1 2019 to $403,200 in Q1 2026. While prices may be beginning to ease in some parts of the country this year, interest rates have climbed sharply. For instance, the average 30-year fixed mortgage rate increased from a historic low of 2.65% in January 2021 to 6.37% in May 2026,” according to WalletHub.
This study was released just days after the Rhode Island monthly real estate data, which showed the median price of a single-family home had jumped to $529,000 — a 10.7% increase year-over-year…