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Long-term affordable rental homes developed by Community Works Rhode Island. Funded in part through BHRI.
Dayton Court developed by SWAP, Inc. Funded in part through BHRI.
Parkis Avenue developed by Community Works Rhode Island. Funded in part through BHRI.

Providence at a Glance:

  

The city of Providence is located in Providence County, Rhode Island. Providence is the capital and most populous city of Rhode Island. Providence was founded in 1636 by Roger Williams, a religious exile from the Massachusetts Bay Colony. Providence was incorporated as a town in 1636, and a city in 1832.

The Providence city limits enclose a small geographic region, with a total area of 20.5 square miles, of which 2.1 square miles is water. It is home to 25 official neighborhoods.  

Providence's city government has a mayor-council form of government. The Providence City Council consists of fifteen city councilors, one for each of the city's wards. The council is tasked with enacting ordinances and passing an annual budget. Providence also has probate and superior courts.

The data displayed here represent Providence excluding the collection of neighborhoods that form the city's East Side. Private-sector wage, housing units, and BHRI counts are for the Providence as a whole. 

 

Housing Facts: 2011

Typical monthly housing payment* for a $100,000 house $963
Household income required to afford a $100,000 house $38,505
Average monthly rent for a two-bedroom apartment $1,030
Household income required for that rent to be affordable $41,200
Average private-sector wage for jobs in Providence $51,012
Foreclosures in Providence  
Actual number of foreclosures 445
Total number of mortgaged housing units 12,992
Foreclosures as a percentage of mortgaged stock 3.40%
Housing Units in Providence  
Number of year-round housing units 71,168
Housing units that quality as affordable 10,342
Affordable housing units reserved for the elderly 4,373
Affordable housing units reserved for families 4,955
Affordable housing units reserved for persons with special needs 1,014
Homes funded through Building Homes Rhode Island 515
How much housing is needed?  
Additional housing units necessary to meet the 10% threshold established by the State's Low and Moderate Income Housing Act of 2004 0

*Calculated using a 30-year mortgage at 4.45% interest (2011 average rate) with a 3.5% down payment, property taxes (the state's median rate of $17.95 per the $1000 of the home's valuation), hazard insurance ($100/month), monthly mortgage insurance (1.25%/month).