Providence Has the Second Least Affordable Homes on the Market in America, Says Report

Providence Has the Second Least Affordable Homes on the Market in America, Says Report

 

Providence is ranked 49th out of 50 top cities for the percentage of affordable listings on the market in the United States, according to new data released this week.

 

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"Nationally, more than one in three listings are now affordable to a median-income household. That share rose to 35%, up from 31% a year ago — the highest for any May since 2022. But relief still depends heavily on where you’re shopping. Here’s how the share of affordable listings compares nationally and across the 50 largest metros," said Zillow.

 

While more than 61% of residents in Buffalo, New York, can afford to purchase a home, only 7.9% of Providence residents can — second only to Los Angeles, which is just above 5%.

 

The median price of a single-family home in Providence is $454,111, an increase of more than 5% year-over-year versus last May, according to the Rhode Island Association of Realtors.

 

"May was a tougher month for buyers than April. Mortgage rates pushed the typical monthly mortgage payment about 1% higher. But that payment is still 3.1% lower than it was last May," adds Zillow.
 

The affordability of housing in Providence has been at the forefront of the political debate, with efforts to implement rent control legislation, and it has become a top issue in the upcoming mayoral election.

 

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