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Providence County, RI

RANK #300 / 996  ·  POP 657,984  ·  RI

PROJECTED GROWTH: +1.6%

Providence County is growing steadily, with strong fundamentals across jobs, wages, and population.

[01] Why Providence County?

Providence County, Rhode Island, is distinguished by its blend of historic charm and urban amenities, with the city of Providence serving as its cultural and economic center. Federal Hill, known for its Italian-American heritage, offers a distinct culinary scene and a strong sense of community. The county is situated in eastern Rhode Island, at the mouth of the Providence River and near Narragansett Bay. Commuting within the county and to nearby cities like Boston is facilitated by public transportation options, including buses and commuter rail. Residents can access numerous parks and green spaces for outdoor recreation, such as Roger Williams Park, which features extensive trails, a zoo, and botanical gardens.

Life in Providence County offers a mix of urban and suburban experiences, attracting young professionals and families. The presence of institutions like Brown University and the Rhode Island School of Design contributes to a lively educational and artistic environment. The economy is shifting towards sectors such as healthcare, education, and technology. Recent developments indicate a focus on increasing housing options and investing in infrastructure to support growing industries, including ocean technology and life sciences.

[02] Market Snapshot

Housing Ratio
5.5x

Above national median (4.7x)

GDP Growth
+1.4%

Below national median

Home Prices
+1.4%

Above national median

Climate & Terrain
1.0

Moderate climate & terrain

Price/Rent
13x

Below national median (13x)

Housing is fairly valued at 5.5x relative to local economic output. The typical U.S. county is 4–6x.

[03] Signal Profile

[04] Home Value Growth vs National

Providence County U.S. National

The Numbers

DEMOGRAPHICS
Population
657,984
+0.2% YoY
Median Household Income
$72,579
Median Home Value
$310,500
+1.44% 12mo
Median Rent
$1,161
Average Annual Pay
$68,852
+3.2% YoY
Employment
288,107
+1.2% YoY
Income-to-Home-Value
0.2337
Near national average
Migration Inflow
1.01%
of pop. from another state

Market Activity

REAL ESTATE
Median Sale Price
$459,000
Days on Market
42
Moderate pace
Months of Supply
2.5
Seller's market
Sale-to-List Ratio
99.7%
Near asking price
Sold Above List
46.7%
Listings w/ Price Drops
16.3%
Building Permits (2024)
782
Single-Family Permits
314

Source: Redfin · Census BPS — Browse sales on Redfin →

[05] Capital Investment

$1,599M
TOTAL
PROJECT AMOUNT STATUS
Revolution Wind Farm
Ørsted and Global Infrastructure Partners' Skyborn Renewables
$1,500M Under Construction
Fields Point Natural Gas Liquefaction Facility Expansion
National Grid
$50M Operating
Iron Mine Solar Project
Green Development, LLC
$49M Operating

Source: public records, news, corporate announcements. Amounts are estimates where noted.

[06] Score Breakdown

GDP Growth +1.4% 23 percentile
Population Growth +0.2% 39 percentile
Income Growth +10.3% 83 percentile
Vacancy Rate 1.2% 39 percentile
Home Price Change +1.4% 52 percentile
Rent Growth +4.9% 78 percentile
Price/Rent 13x 54 percentile

Bars show percentile rank among all 996 counties.

[07] Frequently Asked Questions

Is Providence County, RI a good place to move to?

Providence County has a Boom Town Index score of 70/100, ranking #300 among 996 U.S. counties. With job growth at +1.2% and a median household income of $72,579, it's an above-average county on economic indicators.

Is Providence County affordable?

The median home value in Providence County is $310,500 with median rent at $1,161/month. The income-to-home-value ratio is 0.2337, which is less affordable than the national average.

Is Providence County growing or shrinking?

Population growth: +0.2% year-over-year. Job growth: +1.2%. Home values changed +1.4% in the past 12 months.

[08] Similar Metros

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