Compare Providence, RI mortgage rates and fees from top lenders. Review free, personalized mortgage rates based on your specifc loan amount, program and other factors. Easily compare APRs, closing costs and monthly payments to find the lowest mortgage rates in Providence.
We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Providence. Plus, shopping lenders is free and there is no obligation.
December 7, 2023
Below we provide helpful information on the real estate market, home prices and housing affordability in Providence. Understand how much you need to earn to afford a home in Providence, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in Providence fits your budget. This information is based on proprietary analysis you can only find on FREEandCLEAR and we offer it to help you decide if living in Providence is right for you.
The median home value for Providence, RI is $353,455
Based on current mortgage rates and a 10% down payment, you need to make $73,736 per year to buy the median priced home in Providence
With this income, you could qualify for a $318,110 mortgage, assuming your monthly debt expense is reasonable
Based on this loan amount, the monthly mortgage payment required to buy the median priced home in Providence is $1,708
The median household income for Providence, RI is $68,352
Based on this income, you can afford a home valued at approximately $327,643
The home price you can afford to buy based on household income in Providence is 93% of the median home value which means housing prices are expensive. Providence ranks 3 out of 5 counties in Rhode Island and 2,887 out of 3,142 counties in the United States for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the housing market in Providence, RI is expensive
Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Providence below.
Conforming loan limits for Providence, RI
FHA loan limits for Providence, RI
VA loan limits for Providence, RI