CALCMONEY // HOME AFFORDABILITY // RI // PROVIDENCE
How much house can you afford in Providence? Based on local median home prices, current RI mortgage rates, and Providence property tax data.
$365,000
$2,502/mo
$107,215/yr
$148,150
Monthly housing costs of $2,502 represent 51.8% of Providence's median gross monthly income ($4,833/mo). At 51.8%, median-income buyers in Providence are significantly stretched — well above the 28% guideline. A larger down payment or higher income is required.
| Median Home Price | $365,000 |
| Down Payment (20%) | $73,000 |
| Loan Amount | $292,000 |
| Monthly PI Payment | $1,933 |
| Monthly Property Tax | $417 |
| Monthly Insurance Est. | $152 |
| Total Monthly PITI | $2,502 |
| Housing Cost % of Income | 51.8% |
| Required Income (28% rule) | $107,215/yr |
| Max Affordable Home | $148,150 |
$12,775
$3,150/mo
Providence Home Affordability Quick Reference 2026
| Metric | Value | Notes |
|---|---|---|
| Median Home Price | $365,000 | Providence city median |
| Down Payment (20%) | $73,000 | Conventional loan |
| Monthly PITI | $2,502 | 6.95% rate, 30yr fixed |
| Required Income (28% rule) | $107,215 | Annual gross |
| Max Affordable Home | $148,150 | Based on median income |
| FHA Down (3.5%) | $12,775 | Minimum FHA |
| Housing Cost % of Income | 51.8% | Median income: $58,000/yr |
| Property Tax Rate | 1.37% | $5,001/yr on median home |
Monthly PITI includes principal, interest, property tax, and homeowners insurance. Estimates only.
The median home price in Providence is $365,000, with a local 30-year mortgage rate of 6.95%. A buyer putting 20% down carries a loan of $292,000, generating a monthly P&I payment of $1,933. Adding property taxes ($417/mo) and homeowners insurance ($152/mo) brings total monthly PITI to $2,502.
Providence's property tax rate of 1.37% is near the national average, adding a standard increment to monthly housing costs. On the Providence median home, that is $417/month, or $5,001 per year.
Rhode Island levies a state income tax, which affects take-home pay and effective buying power. High-income earners in Providence should factor state tax liability into their overall housing budget — mortgage interest may be deductible on both federal and state returns.
Using the 28% rule, a household earning Providence's median income of $58,000/year can afford up to $1,353/month in total housing costs. Based on Providence's mortgage rate of 6.95% and property tax rate of 1.37%, that translates to a maximum affordable home price of approximately $148,150 with 20% down on a 30-year loan.
To afford the median Providence home priced at $365,000, you need an annual gross income of approximately $107,215. Total monthly housing costs (principal and interest of $1,933, property taxes of $417, and insurance of $152) come to $2,502/month, which equals 28% of the required income.
At the median home price of $365,000 and median household income of $58,000, the total monthly housing cost of $2,502 represents 51.8% of gross monthly income. This is well above the standard 28% threshold, making Providence a challenging market for buyers at median income.
A conventional 20% down payment on the median Providence home of $365,000 is $73,000. An FHA loan requires just 3.5% down — $12,775 — but adds mortgage insurance of roughly $249/month, bringing total FHA payments to $3,150/month.
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