Providence, RI

Providence, RI, offers the perfect combination of small-town charm and big-city amenities, culinary delights, and rich art and culture. The charming city has a variety of historic sites and an excellent education system. It even has an Ivy League university to its credit. No wonder, it’s referred to as “The Creative Capital”. Did you know, Providence is home to America’s first-ever shopping mall?

The median listing home price runs to about $349.7000. That comes to $264 per square foot. The average time a house takes to be sold is between 29 to 64 days after being on the housing market.

The majority of Providence residents rent their homes. You can expect the average rent for a one-room apartment to be $2,265. Renting a slightly bigger apartment will cost you around $2,343. Keep in mind that the cost of real estate or rent may depend on several factors such as the location, neighborhood, size of the house, and the quality of construction.

Investment opportunities abound in the real estate market of Providence. It’s a desirable market for investors because of the high rental demand, low vacancy rates, and rising housing values.

City highlights

Providence, the capital city of Rhode Island, beautifully blends the convenience and allure of a small town with the rich diversity of a young, energetic city - a true mix of urban and suburban living. The place is undoubtedly one of the best cities to live in, in America, due to the plethora of locally owned businesses, a low-stress lifestyle, friendly neighbors, good schools, eateries, bars, parks, and stunning architecture.

Geographic location

Providence is located in Providence county - at the head of Narragansett Bay along the Providence River. It covers a total area of 20.5 square miles. Founded in 1636 by Roger Williams, a Reformed Baptist theologian, the historic seaport is today an industrial and commercial center. It’s noted for its textile manufacturing, jewelry, and silverware industries.

Climate

The summers in Providence are warm, while the winters are quite cold and snowy. This city remains partly cloudy all year round. The temperature typically ranges from 21°F to 83°F throughout the year.

Demography

Providence is inhabited predominantly by families, young professionals, and students. The expanding job opportunities and the blooming industries make the city one of the top 25 best places to live on the East Coast. The major employers in Providence include Roger Williams Medical Center, Textron, and Citizens Financial Group. Those who’re trying to find a new career in life will find good options here. The place has an unemployment rate of just 3.2%.

Cost of Living

The cost of living in Providence is on average 8.1 percent more expensive than it is nationwide. However, in terms of housing, the city is fairly affordable.

In total, living in Providence can be quite expensive for a single person - what with paying rent, transportation costs of $4,332 a year, and food costing around $3,690 a year on average. The median household income of residents as per the census is $55,790.

Transportation

Due to Providence’s compact geographic location, accessible public transportation, and ride-sharing options, getting around without a car is entirely feasible. The Rhode Island Public Transit Authority (RIPTA), Providence’s public transportation provider, offers reasonably priced bus service throughout the state along different routes.

In addition to its bus network, there’s a rail service via Amtrak’s Northeast Corridor, which connects passengers to Boston and Washington, DC. It even connects to the Rhode Island T.F. Green International Airport. Of course, if you choose to live in a far-away neighborhood, public transportation may not be as convenient for you. Providence has a walk score of 76 and a bike score of 61.

Schools

The city is home to top-notch education institutions such as Brown University, Rhode Island School of Design, and Johnson & Wales University.

The top public schools in Providence include Blackstone Valley Prep, Classical High School, and Rise Prep Mayoral Academy. The Wheeler School, Moses Brown School, and the Lincoln School are among the top private schools in Providence.

What is the city like?

Simply put, Providence offers the friendliness of a small town and the sophistication of a big city. Over the past 50 years, the city has seen a significant transition and today offers a bustling arts scene, dynamic and diverse neighborhoods, fantastic hotels and dining options, famous museums, and lots of things to do as a family.

Moreover, you’ll appreciate the booming job market, walkable layout, outdoor recreation opportunities, and family-friendly home designs.

Keep in mind that Providence has a crime rate that’s 24% higher than the average crime rate across the U.S. The good news is that violent crimes have decreased by 17% year-over-year. All in all, Providence is a great place to start a family and raise happy children.