Housing costs in Providence?
A typical home costs
$346,400, which is 2.5% more expensive than the national average of
$338,100 and 13.7% less expensive than the average Rhode Island home, at
$401,200. Renting a two-bedroom unit in Providence costs
$1,430 per month, which is 0.0% cheaper than the national average of
$1,430 and 2.1% cheaper than the state average of
$1,460.
Can I afford Providence?
To live comfortably in Providence (zip 02905), Rhode Island, a minimum annual income of
$66,240 for a family, and
$47,600 for a single person is recommended.
What does A.I. say about Providence?
The cost of living in Providence, Rhode Island (02905) is generally higher than the national average. According to the Council for Community and Economic Research, the overall cost of living in Providence stands at 106.3—6.3% higher than the United States average of 100. Housing costs, in particular, are a major factor in this difference; with an index rating of 119, housing costs in Providence are significantly more expensive than the average US city. Other essential costs such as groceries (112), utilities (103), transportation (95), and health care (97) all exceed or meet the national average while miscellaneous goods and services (106) come very close to it. Considering all these factors, it's clear that living in 02905 Providence carries a significant financial burden for its residents.