Providence RI
Municipality of Providence RI
The hub of the state's job market, creative economy, higher education and transportation systems, and in many respects, its housing, the Providence Region is the only region comprised of a single municipality. Despite that, Providence's affordability challenges lie in the fact that it encapsulates two distinct real estate markets: the more costly East Side and the rest of the city. Providence is fully serviced by water and almost entirely by sewer infrastructure, providing the opportunity for much denser housing development patterns. However, for this particular region, the most acute challenge is to provide equitable housing opportunities for all residents.
Housing Needs of Providence RI
As both a single municipality and a region, the housing needs of Providence is primarily reflected in its affordability challenges as two distinct real estate markets with two very disparate populations: one on the “East Side” and the other being the rest of the city. Providence is not only the state’s capital, but its largest municipality—nearly double the size of the next two largest municipalities. According to the 2016 Projecting Future Housing Needs Report, the region comprises more than half of the need of the state as a whole. Fifty-six percent of the renters in the region are considered cost burdened, or pay more than 30 percent of their income toward housing costs. Fifty-two percent of the region’s households, or 36,665, fall below 80 percent of area median income. Unlike the other regions, the majority of household growth is projected to be households between the ages of 25-44.
Region's Housing and Range of Costs & Types
- Total Households 64,191
- Projected Need of Additional Housing by 2025 10,882 - 22,201 (87% multifamily)
- Median Single Family Home Price $300,000
- % Owners 38%
- Average 2-Bedroom Rent $1,846
- % Renters 62%
Transportation
- Train Lines - 2 (MBTA & Amtrak)
- Express Lines - 13
- Local Bus - 20
- Key Corridor - 9
- Park-n-Rides - 1
- Rapid Line - 1
Economy
The Providence Region has a total of 112,138 Total Private & Government Jobs, with a private sector wage of $55,868. Its Top Industry Jobs are:
- Healthcare - 27,173
- Education - 16,087
- Leisure & Hospitality - 10,562
- Administrative & Waste Services - 8,162
- Retail Trade - 6,951
Education
- Colleges - Brown University, CCRI-Liston Campus & Shepard Building, Johnson & Wales University, Providence College, Rhode Island College, Rhode Island School of Design, Roger Williams University-Metro Campus, University of Rhode Island-Shepard Building
- Public High Schools - Birch Vocational, Central, Classical (application required), Hope, Juanita Sanchez Educational Complex (William B. Cooley HS & Providence Academy of International Studies), Mount Pleasant, Providence Career & Technical Academy
- Public Charter High Schools - Academy for Career Exploration, Metropolitan Regional Career & Technical Center, Rhode Island School for the Deaf (PK-12), Times2 Academy
- Private School - La Salle Academy, Lincoln School (Girls', Gr 1 -12), Moses Brown School (PK-12), School One, Wheeler School (PK-12)
Health
- Hospitals - Butler (behavioral health), Hasbro Children's, Rhode Island, Roger Williams Medical Center, The Miriam, Women & Infants'
- Urgent Care Centers - 3
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