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Providence County, RI

RANK #602 / 996 NAT  ·  POP 657,984

1YR FORECAST: +2.0%

5YR OUTLOOK: +21%

Providence County's housing market is projected to grow +2.0% over the next year, below the national average.

[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] Top Employers

  1. 1
    Lifespan Health System Healthcare
    10,000+
  2. 2
    Care New England Health System Healthcare
    5,000+
  3. 3
    CVS Health Retail
  4. 4
    Roman Catholic Diocese of Providence Other
  5. 5
    Brown University Education
    2,500+
  6. 6
    Electric Boat Company Manufacturing
  7. 7
    Hasbro, Inc. Manufacturing
    1,000+
  8. 8
    Citizens Financial Group Finance
  9. 9
    Textron Manufacturing
  10. 10
    State of Rhode Island Government

Estimated local headcount ranges. Larger employers shown as floor + "+"; smaller employers show exact counts where reported.

[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
Bachelor's Degree+
31.2%
of residents (national avg: 33%)

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] Crime & Safety

B
SAFETY
GRADE
Homicide Rate
3.2
per 100K · nat avg 6.3
Firearm Fatalities
4.6
per 100K · nat avg 14.8
Injury Deaths
87.7
per 100K · nat avg 76.3
vs National Average
Below national avg
based on homicide rate

Source: CDC/NCHS vital statistics via County Health Rankings (2020–2022 avg). Rates per 100,000 population. Grade based on homicide rate relative to national average (~6.3). Learn more →

[06] Air Quality

B
AIR QUALITY
GRADE
Median AQI (3yr)
44.7
Good
Good Air Days
64%
699 of 1,095 days
Unhealthy+ Days (3yr)
9
Sensitive groups affected
Primary Pollutant
PM2.5
Fine particulate matter
Yearly Trend
2021
45
2022
43
2023
46
Median AQI · lower is better

Source: EPA Air Quality System (2021–2023). Grade based on 3-year average median AQI. Learn about AQI →

[07] 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.

[08] 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.

[09] Frequently Asked Questions

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

At 39/100, Providence County faces headwinds that place it in the lower third of the 996 counties we track. Median income of $72,579 combined with job growth of +1.2% suggests the local economy is struggling to keep pace with national trends.

Is Providence County affordable?

Providence County leans toward the expensive side. A median home value of $310,500 against an income-to-home-value ratio of 0.23 means housing eats a bigger share of local earnings than the national norm. Renters face $1,161/month on average.

Is Providence County growing or shrinking?

Employers in Providence County are hiring — job growth of +1.2% — but the population is close to flat (+0.2% YoY). Home values moved +1.4% over the past year. Labor demand is outpacing local population growth, which tends to tighten wages and housing.

Are many people relocating to Providence County?

Not particularly — 1.01% of Providence County's population moved in from another state, which is below the national average. Most residents are long-term locals rather than recent transplants.

[10] Similar Counties by Size & Score

Kent County, RI 49 Bristol County, RI 19 Washington County, RI 62 Newport County, RI 63 Delaware County, PA 40 Chester County, PA 40 Richmond County, NY 38 Richland County, SC 40