A new study ranks Providence poorly for the affordability for homebuyers. Of the 300 cities in the study, Providence ranks 219th for affordability.
“Home prices have surged in recent years, with the median sales price rising from $313,000 in Q1 2019 to $403,200 in Q1 2026. While prices may be beginning to ease in some parts of the country this year, interest rates have climbed sharply. For instance, the average 30-year fixed mortgage rate increased from a historic low of 2.65% in January 2021 to 6.37% in May 2026,” according to WalletHub.
This study was released just days after the Rhode Island monthly real estate data, which showed the median price of a single-family home had jumped to $529,000 — a 10.7% increase year-over-year.
“With both elevated home prices and higher interest rates, many consumers may question whether homeownership is still within reach. Fortunately, buying real estate remains more affordable in certain cities than others,” added WalletHub.
But while ranting may be less expensive in some cities — in Providence the cost of renting is equally daunting. GoLocal previously reported that Zillow found Providence to be the “hottest” rental market in America. Great news for landlords and bad news for renters.
"Providence is turning up the heat this summer. The Rhode Island capital tops Zillow’s hottest rental markets list, edging out New York and San Francisco for the No. 1 spot. For renters in these markets, competition is fierce,” writes Zillow.
To determine the most affordable cities for home buyers, WalletHub analyzed 300 U.S. cities using 10 key metrics, including home purchase and maintenance costs, tax rates, and vacancy rates.
The study finds that the five most affordable cities are:
Flint, MI
Detroit, MI
Surprise, AZ
Yuma, AZ
Akron, OH
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