Located in the state of Rhode Island, Providence is a moderately-sized city with a population of 178,851 residents. With a population density of 9,720 people per square mile, Providence is well above the nation's average density level. More than a quarter of the residents of Providence identify themselves as Hispanic or Latino, and 37% of the population speak Spanish as their primary or secondary language. Providence could be a great place for young adults and students as the average age of 29 years old is below the nation’s average.
Are you trying to ascertain if living in Providence is the right fit for your lifestyle? To ensure a positive experience before moving to any new city in Rhode Island, you will probably want to make sure that you check all of the most important boxes. To help you find the best places to live in and around Providence, AreaVibes has created a livability score using key metrics like amenities, crime, cost of living and more.
Providence has a livability score of 58/100 and is ranked #34 in Rhode Island and #25,648 in the USA. This is not a favorable rating; as this score ranks among some of the lowest in America. Living in Providence may not be a pleasant experience. If we examine each of the categories individually, we see that Providence ranks well for amenities (A+). On a less positive note, Providence does not have favorable grades for the following: crime (F), cost of living (F), education (F) and employment (F). If we take a look at the data, we can find out why.
There are many factors that go into deciding if an area is the right fit for your lifestyle. Certain “must haves” like low crime, great schools and nearby amenities are all at the top of most people's lists. But before even considering if those options are available, most people will need to know if the real estate in Providence is actually affordable. Median real estate prices in Providence come in at $173,800, which is 27% lower than the Rhode Island average. The home price to income ratio compares the median home prices to the median household income. In Providence, the home price to income ratio is 4.7, which is 14.6% higher than the Rhode Island average. Knowing if your home will appreciate on a long term or even a short term basis should be factored into your decision making. An increase in your home’s value can be a good way to generate tax-free equity that can create long term financial security. In the past year, appreciation rates for homes in the Providence area were 11.6% and 5 year appreciation rates were 9.4%.