Thinking about moving to Providence?
You’re in for a treat. Providence woos new residents with its affordability relative to other nearby cities, its small-town feel with big-town culture, and its excellent educational opportunities.
Providence is home to 179,219 Providentians. With an area of 18.4 square miles, Providence has a population density of 9,740 persons per square mile, which makes it more dense than many other cities of comparable size.
The Providence-Warwick, RI-MA Metropolitan Statistical Area boasts a population of 1,614,750 people, of which Providence proper’s population makes up 11%.
One of Providence’s greatest strengths is its relatively affordable housing market. The median home value in Providence is $175,400, -12% below the US median value, according to Zillow. The median price per square foot in Providence is $144. Over the past 5 years, home values in Providence have increased by 6%.
Renters in Providence may find it more difficult to find affordable housing. The median rent in Providence is $1,439 per month, which is 1% higher than the US median. Over the past year, rental rates in Providence have increased by 1.2%.
The Providence area economy is growing strong. The Providence metro area’s GDP grew by 17% between 2011 and 2016, from $68.5 billion in 2011 to $80.1 billion in 2016, a total increase of $11.6 billion. The metro area has a per capita GDP of $49,645. According to the US Census Bureau, the median household income in Providence is $56,849, 4% lower than the national median. Providence’s unemployment rate is 4.3%.