The hottest housing market in the US is in the nation’s smallest state.
Providence, Rhode Island, has landed as one of the top five hottest housing markets this year, according to Zillow.
‘Providence has had such a huge Renaissance, and has been was picking up even more steam recently,’ local realtor Stephanie Basile told Daily Mail.
‘We’re sandwiched between Boston and New York. And with Amtrak we are easy to get to. But you still get a small town feel.
‘You’re gonna go into the coffee shop and see people you know, you’re gonna go into the grocery stores and see people that you know, but you get to also have the benefits of the city.’
Providence, in the eastern part of the state, sits at the mouth of the Providence River and is near Narragansett Bay and Rhode Island Sound.
Aside from being the capital city of Rhode Island, the city is also the third-most-populous city in New England.
The metro boasts former Miss USA Olivia Culpo and famed chef Wylie Dufresne as natives. John F. Kennedy Jr. lived there when he attended the ivy league university Brown in the 1980s.
Providence, Rhode Island, has landed as one of the top five hottest housing markets this year, according to Zillow
Providence, in the eastern part of the state, sits at the mouth of the Providence River and is near Narragansett Bay and Rhode Island Sound
Former Miss Universe winner Olivia Culpo with her daughter, Colette, five months. Culpo is from Providence
In 2020, Providence had a population of 190,934 residents, trailing only Boston (675,647) and Worcester (206,518) in the state, according to US Census data.
Taking inspiration from Rome, Providence was founded on seven hills, with Constitution, College and Federal the most prominent in the city. Among them, Providence has 25 distinct neighborhoods, including Fox Point, Federal Hill and Blackstone.
Providence is nicknamed the ‘creative capital,’ and is known for its art, cultural and culinary scenes. The city is home to several elite colleges, including Brown University, Rhode Island School of Design and Johnson & Wales University.
‘A lot of these people, when they graduate, they stick around,’ Basile said.
While the average cost of living in Providence is 8.1 percent higher than the average cost of living in the United States, the city’s cost of living is also 5.5 percent lower than the average cost of living in Rhode Island.
Housing is one area where Providence is a very affordable place to live.
The average median home cost in Rhode Island is $375,800, while the average median home cost in Providence is $294,500, reports Zillow.
Providence has a booming job market and was one of the first cities in the US to industrialize. The area is rich in jobs in the textile, tool, jewelry and silverware industries.
JFK Jr. attended Brown and started at the ivy league university in 1982 and talked about his time there fondly
Providence is nicknamed the ‘creative capital,’ and is known for its rich art, cultural and culinary scenes
Providence has a booming job market and was one of the first cities in the US to industrialize
Buildings reflecting on a canal from Waterfront Park in Providence, Rhode Island. Providence is the capital and most populous city in Rhode Island
Providence River runs through Downtown, where there are many modern condos and it is extremely walkable for residents
Providence is filled with public works of art like sculptures and pieces done by RSDI students and professors
‘Providence has had such a huge Renaissance, and has been was picking up even more steam recently,’ local realtor Stephanie Basile told Daily Mail
Education, healthcare and tourism are also booming in the city. Some of the biggest employers in the area are Brown University, Rhode Island Hospital, Lifespan Health System, Woman & Infants Hospital, and Roger Williams Medical Center.
Verizon, Walmart, Nordstrom and Target also have large offices there.
Providence is also known to be good for families and raising children and Wayland, College Hill, Hope and Fox Point are all desirable neighborhoods.
The East Side is known for its beautiful historic homes and proximity to Brown, while Downtown offers modern builds and walkability.
The city has low crime, some of the best public and private schools in the state, and has plenty of parks and green spaces, like India Point Park and the 15-mile East Bay bike path, considered to be the best bike route in New England.
Foodies also love the city, well known for its variety of restaurants. The hot dogs at Olneyville New York System Restaurant and the the pizza at Venda Ravioli are famous.
‘We have these fantastic, fine dining, high quality restaurants, it’s so fun to go out in Providence at night,’ Basile said.
‘The streets are clean, it’s highly walkable. The shopping is really fantastic. We have a lot of art. The RISD community contributes so much to the fabric of our arts scene.’
Olivia Culpo, a Providence native and former Miss USA, attends the NFL Honors with Christian McCaffrey in Phoenix, She is another example of the Rhode Island capital’s growing list of high-profile alumni as the city surges in popularity
The East Side is known for its beautiful historic homes and proximity to Brown, while Downtown offers modern builds and walkability
Brown University’s historic campus in Providence, where old brick buildings are part of the vibrant campus
Providence’s skyline rises over the Providence River. The city has become a housing market hotspot for its location and lifestyle
Gates on the campus of Brown University. The school is located atop College Hill in Providence, the capital city of Rhode Island. Founded in 1764, it is one of the most prestigious ivy league universities in the US
Rhode Island School of Design campus in Providence, where students and professors study art and design and often contribute pieces to the community
Canada geese grazing in Providence Innovation District Park by the Providence River. The city has lots of outdoor parks and space for residents to enjoy
The bandshell at Roger Williams Park, Providence, which has become a hot housing market for its affordability and beauty
Brown University in Providence has a famous economics department (seen here). The ivy school is one of the best in the country
For art lovers, the RISD Museum shows off student works, while the Museum of Natural History and Planetarium, The John Brown House Museum and the Providence Children’s Museum are all close by.
To compile the list of hottest markets, Zillow economists analyzed the 50 largest US metro areas for home price growth, both past and predicted, the speed of home sales, the share of sellers who cut prices and the share that sold above the initial asking price.
‘Competition among buyers will be stiff and sellers will have the upper hand in this year’s hottest markets,’ says Zillow chief economist Mischa Fisher.
