Rent to own Homes in Providence, RI
Providence, Rhode Island is both a charming modern city and a beautiful historic town. For those looking for a rent to own property here, there are plenty of options available throughout the various corners of this city. As both the capital city and the largest city in the state, Providence is home to more than 182,000 people. Near the Providence River and the Narragansett Bay, the city is one of the oldest in the country as well, as it was founded in 1636. Known as the Beehive of Industry and the Renaissance City, it has plenty to offer to many people looking for rental opportunities.
Providence, RI is a great place for affordable rent-to-own homes! With a median household income of over $49,065 and a median rent of $1,015, the Providence, RI rent-to-own market is more affordable than the traditional housing market which has shown tremendous growth across the U.S. and with it, aggressive competition for home purchases. With the current housing shortage trend it can make it harder to become a homeowner, including in Providence, RI. This means higher than average down payments for homes and higher qualification standards for conventional home loans. With a rent-to-own property, tenants are also buyers. You can live in the house for a set amount of time before you purchase it, meaning that you get to know the house, your neighbors, and your community before making the final purchase. This enables you and your family to make the right choice based on both information and experience. Rent-to-own is also a great alternative way to get into a home if you have bad credit or don't have enough saved for a down payment.
More Providence, RI Property Resources
Rent to own Homes in Cities Near Providence, RI
- Assonet
- Attleboro
- Attleboro Falls
- Barrington
- Bellingham
- Bristol
- Central Falls
- Chepachet
- Clayville
- Cranston
- Cumberland
- Cumberland Hill
- Dighton
- East Douglas
- East Providence
- Fall River
- Foster Center
- Foxboro
- Foxborough
- Franklin
- Greene
- Greenville
- Harrisville
- Hopedale
- Hopkinton
- Mansfield Center
- Medfield
- Middletown
- Milford
- Millis
- Millis-Clicquot
- Millville
- Norfolk
- North Attleborough Town
- North Westport
- Norton
- Norton Center
- Oakland
- Raynham Center
- Seekonk
- Sharon
- Somerset
- South Walpole
- Stoughton
- Swansea
- Taunton
- Walpole
- Whitinsville
- Woonsocket
- Wrentham
Neighborhoods in Providence, RI
Blackstone rent to own homes Charles rent to own homes College Hill rent to own homes Downtown Providence rent to own homes Elmhurst rent to own homes Elmwood rent to own homes Federal Hill rent to own homes Fox Point rent to own homes Hartford rent to own homes Hope rent to own homesBuying a Home in Providence, RI
Providence, RI is seeing rapid growth and Providence, RI's' housing market remains not optimal with an average home price that is 4% above the 2024 national average. Providence, RI is part of Providence county and taxes are an important factor to consider when purchasing a home whether through rent to own or a traditional purchase. The average tax rate as of 2024 for county Providence is 1.31% which is above the national average, which is 0.99%.
Median Home Price in Providence, RI
Median Rent in Providence, RI
Top Reasons to Live in Providence RI
Housing Statistics Even as a large and important city, Providence does have its share of ups and downs, most notably in the city's housing market. When considering rental property here -- either to find a home to buy or one to invest in as rental property -- there are plenty of things to look for, but nothing is more important than the housing market itself. The average listing price of a home for sale here is $268,577 as of the second week of August 2013. The median sale price of homes in this area, as of the second quarter of 2013 was $135,000. This is a significant increase in value over the previous year. In fact, house sales values rose by 17% from 2012 for the second quarter. The area does have a number of foreclosures present, nearly topping 600. However, about 901 homes sold in the area in the previous year. Of those, 447 of them occurred in the previous six months. The most popular neighborhoods for sales include College Hill and Blackstone. The average price per square foot here is $104 as of the second quarter of 2013.
Weather and Climate Take into consideration Providence's overall climate when you think about buying real estate. As a New England state, harsh winters are a reality. The city has ample precipitation throughout the year, and in the summer months, it can sometimes seem as if the rain will never end. The warmest month is July. During the summer, highs in the 90s are possible. In the winter months, the temperature can dip below zero, though it is on average about 29 degrees. And, the location on the coast makes the city potentially vulnerable to storms originating off the coast. This can, in some cases, lead to powerful summer storms. Likewise, the winter months often bring snowstorms.
Local Sports Sports are something many locals are passionate about here. The city is home to the Providence Bruins, a member of the American Hockey League. They play in the Dunkin' Donuts Center, which was once called the Providence Civic Center. This is also the home field of the Rhode Island Rebellion, a Rugby League team from the USB Rugby League. For professional sports, Rhode Islanders have access to the NFL's New England Patriots and, in soccer, the MLS's New England Revolution.
Neighborhoods of Providence Providence has numerous neighborhoods that have various rental homes throughout them. The following are some of the largest and most prominent communities.