$161,344/yr
is the income needed to buy the typical $525,363 home in Providence, RI at today's 6.95% rate — about $3,765/mo. The local median household ($85,646) falls $75,698 short.
The math (shown)
525,363 price − 10% down (52,536) = 472,827 loan
30-yr fixed at 6.95% on 472,827 = 3,130/mo principal+interest
+ 635/mo est. taxes+insurance (1.45%/yr of value — national placeholder)
3,765/mo PITI ÷ 0.28 = 13,445/mo → 161,344/yr required
against Zillow ZHVI 2026-08 (Zillow ZHVI (typical home value, smoothed, all-homes 33–67pct tier)) and the 6.95% FRED 30-yr rate (2026-09-17). Local median income: $85,646 (U.S. Census Bureau ACS 2023 5-year, median household income (table B19013)).
Can I afford Providence, RI on my salary?
Your salary:
Rent vs own here
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FAQ
How much do I need to make to live in Providence, RI?
To buy the typical home, about $161,344/yr. Renting needs less; this page sizes the buy.
What home value is this based on?
Zillow's ZHVI typical-home-value for the Providence-Warwick, RI-MA metro (2026-08): $525,363.
Is the mortgage rate current?
Yes — 6.95% from FRED's weekly 30-year fixed average (2026-09-17).
Glossary
ZHVI
Zillow Home Value Index — the typical home value for a region (35th–65th percentile, smoothed, seasonally adjusted).
Front-end DTI
Housing payment as a share of gross income; lenders commonly cap it near 28%.
PITI
Principal, Interest, Taxes, and Insurance — the full monthly housing cost.