Housing Insights for ZIP Code 02907 (Providence, RI)

Housing Summary for ZIP Code 02907

Homeowners

The median home value in ZIP Code 02907 (Providence, RI) is $180,300. Approximately 29.2% of homes in this region are owner-occupied units, and the estimated homeowner vacancy rate is currently 2.5%.

The average occupancy of owner-occupied units in ZIP Code 02907 is 3.41 occupants, while owner-occupied units have an aggregate average size of 2.52 bedrooms per housing unit.

Renters

In the 02907 ZIP Code, an estimated 70.8% of all housing units are occupied by renters. This ZIP-defined region has is an estimated rental vacany rate of 5.4%.

Among renter-occupied units in this ZIP, the average occupancy is 3.27 occupants, while renters in this Providence County region spend an average of 0% of their income on housing rental costs.

Housing Stats for ZIP Code 02907

See the table below for a regional snapshot of data related to both owner-occupied housing and rentals in ZIP Code 02907.

ZIP 02907 Rhode Island U.S.
Median Home Value $180,300 $484,787 $364,385
Owner-Occupied Housing Units 29.2% 60.8% 64.0%
Homeowner Vacancy Rate 2.5% 1.7% 1.6%
Average Size of Owner-Occupied Unit 3.41 2.63 2.70
Average # of Bedrooms Per Unit 2.52 2.55 2.75
Median Housing Rent $0 $1,004 $1,062
Renter-Occupied Housing Units 70.8% 39.2% 36.0%
Rental Vacancy Rate 5.4% 5.7% 6.0%
Average Size of Renter-Occupied Unit 3.27 2.23 2.49
Percent of Income Spent on Rent 0% 29.52% 29.83%

Home Values in ZIP Code 02907 (Providence, RI)

The median home value in ZIP Code 02907 is $180,300. That median value is about 31% lower than the median home value of $261,900 in Rhode Island overall, and is 17% lower than the $217,500 the median home value in the entire U.S. In ZIP Code 02907, about 33.6% of homes are valued $100,000 to $149,999. That is 380% higher than in Rhode Island, in which 7.0% of homes are valued at $100,000 to $149,999, and is about 153% higher than in the U.S. overall (13.3% of homes valued at $100,000 to $149,999). The home value range that the smallest portion of ZIP Code 02907 homes fall into is $1,000,000 or more (1.2% of homes).

Home Values in ZIP Code 02907

This chart visualizes the breakdown of home values in ZIP Code 02907, Rhode Island, and also in the U.S. overall.

A bar chart visualizing the breakdown of home values in ZIP Code 02907 vs. home values in both the state of Rhode Island and in the U.S. overall.

Home Values in ZIP Code 02907

See the table below for a regional comparison of home values in ZIP Code 02907.

Home Value ZIP 02907 Rhode Island U.S.
Less than $50,000 1.5% 2.3% 6.9%
$50,000 to $99,999 1.8% 2.0% 12.0%
$100,000 to $149,999 33.6% 7.0% 13.3%
$150,000 to $199,999 23.4% 16.6% 14.0%
$200,000 to $299,999 26.2% 33.2% 19.6%
$300,000 to $499,999 9.9% 27.5% 19.3%
$500,000 to $999,999 2.4% 9.5% 11.4%
$1,000,000 or more 1.2% 2.0% 3.4%

Home Ages in ZIP Code 02907 (Providence, RI)

Approximately 58.1% of homes in this Providence, RI region were built in 1939 or earlier. This amount of homes built in 1939 or earlier in ZIP Code 02907 is about 91% higher than percentage of homes built in this time period in Rhode Island overall (30.4% of homes), and is 361% higher the percentage (12.6% of homes) in the U.S. as a whole. Additionally, an esimated 8.4% of local homes were built in 1970 to 1979. On the other end of the scale, just 0.1% of homes in this Providence County ZIP Code were built in 2014 or later in ZIP Code 02907. In comparison, 0.7% of homes in Rhode Island overall were built in 2014 or later, while 2.5% of all U.S. homes were built in this time period.

Home Ages in ZIP Code 02907

A detailed regional comparison of home ages in ZIP Code 02907.

Year Built ZIP 02907 Rhode Island U.S.
2014 or later 0.1% 0.7% 2.5%
2010 to 2013 0.6% 0.9% 2.7%
2000 to 2009 5.5% 6.1% 14.0%
1990 to 1999 2.7% 7.6% 13.9%
1980 to 1989 6.7% 11.3% 13.4%
1970 to 1979 8.4% 12.1% 15.2%
1960 to 1969 6.8% 11.6% 10.6%
1950 to 1959 5.3% 12.3% 10.3%
1940 to 1949 5.7% 7.1% 4.9%
1939 or earlier 58.1% 30.4% 12.6%

Age of Homes in ZIP Code 02907

See the chart below for details on the age of homes in ZIP Code 02907, Rhode Island, and also in the U.S. overall. Data here refers to years that homes were built.

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Housing FAQs for ZIP Code 02907

Frequently asked questions about housing in this Providence, RI ZIP Code. Answers to questions about both owner-occupied housing and rental housing in 02907.

1

What is the average home value ZIP Code 02907?

The median home value in ZIP Code 02907 (Providence, RI) is $180,300.
2

Are homes expensive in ZIP Code 02907?

The median home value in 02907 ($180,300) is an estimated 31% lower than the aggregate median value of $261,900 in Rhode Island, and is 17% lower than the $217,500 the median home value in the U.S. overall.
3

What are owner-occupied vacancy rates like in ZIP Code 02907?

The vacacy rate for owner-occupied housing in ZIP Code 02907 is 2.5%. This rate is 47% higher than the overall Rhode Island owner-occupied vacancy rate of 1.7%. Additionally, the 02907 vacancy rate is 56% higher than the entire U.S. vacancy rate of 1.6%.
4

Does ZIP Code 02907 have older homes or newer construction?

In ZIP Code 02907, about 58.1% of homes were built in 1939 or earlier. That time range includes the most home construction. Also, 8.4% of homes in the region were built in 1970 to 1979. In contrast, 0.1% of homes in 02907 were built in 2014 or later.
5

What is the housing breakdown in ZIP Code 02907? Are there more rentals or owner-occupied units?

There is more renter-occupied housing in 02907 than owner-occupied housing. Renter-occupied units make up 70.8% of housing, compared to 29.2% for owner-occupied units.
6

Are rental vacancy rates high in ZIP Code 02907?

The vacacy rate for rental units in ZIP Code 02907 is 5.4%. This rate is 5% lower than the overall Rhode Island vacancy rate of 5.7%. Additionally, the 02907 vacancy rate is 10% lower than the entire U.S. vacancy rate of 6.0%.