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New Report Fall 2026 Housing Affordability Report: every state is less affordable than in late August as average 30-year mortgage rates passed 7%. Read the report

Providence, RI Housing Affordability Index

Providence, Rhode Island has an MBR Housing Affordability Index score of 72.9 (Moderately Less Affordable) as of October 30, 2026, ranking 20th most affordable of 24 scored Rhode Island cities, compared with 81.2 statewide and 97.4 nationally. On a median-priced $362,200 home with 20% down, the Rhode Island average 30-year fixed rate of 7.24% means a monthly principal and interest payment of about $1,975, or 35% of the city’s $68,119 median household income.

The MBR Housing Affordability Index (MBR-HAI) for Providence is updated every night from live Rhode Island mortgage rates and U.S. Census Bureau income, home value and housing cost data for the city. A score of 100 equals the national average; higher scores mean homeownership is more affordable.

Providence MBR-HAI 72.9 Moderately Less Affordable
Rank in Rhode Island 20 of 24 1 = most affordable
Rhode Island 81.2 Statewide score
National 97.4 100 = baseline
Avg 30-yr rate 7.24% Rhode Island lenders
Median home value $362,200 U.S. Census Bureau

Providence is 8.3 points below the Rhode Island score. Scores as of October 30, 2026. See the Rhode Island index

View Providence Mortgage Rates

What It Takes to Buy in Providence

$1,975/mo
Principal & Interest
Median home, 20% down, 7.24%
$84,700
Income Needed
To keep the payment at 28% of income
$68,119
Median Household Income
Rhode Island: $87,796
5.3x
Price-to-Income Ratio
Rhode Island: 4.6x
$1,807/mo
Median Owner Costs
Mortgage, taxes, insurance, utilities
$4,438/yr
Median Property Tax
1.23% of median value
37.6%
Owner Cost Burden
Owners spending 30%+ of income on housing
45.5%
Renter Cost Burden
Renters spending 30%+ of income on rent

Source: U.S. Census Bureau American Community Survey 5-Year Estimates (2024) for Providence, Rhode Island. The rate is the Rhode Island average 30-year fixed rate from MonitorBankRates, since lenders publish rates by state.

How Providence Ranks in Rhode Island

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Cite the Providence Score

“MonitorBankRates (MBR) Housing Affordability Index, MonitorBankRates.com, October 30, 2026. Providence, Rhode Island score: 72.9 (Moderately Less Affordable), ranked 20 of 24 Rhode Island cities. monitorbankrates.com/housing-affordability-index/rhode-island/providence”