How is the real estate market in Providence Rhode Island?

Question

I am planning to move my family to the Providence Rhode Island area in about 2 years. How is the market in that area for investors as well as for Real Estate Agents? Are there any little towns around that I should focus on?

Thanks in advance.

Sean

Thanks in advance.

Sean

Anthony Thompson · Answer

@Sean Price The market is good, but I do get the feeling it is much better in other parts of the country, so relatively speaking it's not good compared to other areas.

However in absolute terms the market here is doing pretty well, with both rents and prices rising a good amount in the last couple of years.

So if you're already set on Rhode Island, I think you could do reasonably well as an investor or agent.

Every town has its pluses and minuses so I think it really depends on where you settle, how far you want to travel (especially if you're managing properties yourself), etc.

Many people like to focus on Pawtucket because it's closest to Mass. and is close to the Attleboro T stop... but many people are also aware of this, so there's more competition there.

So there aren't really any secrets or "tips" to give out, since most market participants (or their agents) are in tune with the market for things like that.

Another area you could investigate is the west side of Providence which includes Federal Hill, but again, that's no big secret, many people know that area's been improving, and prices have reflected that.

My suggestion is that you get settled in on the ground and then start investigating areas yourself, talking to agents, attending or joining at least one real estate networking group such as RIREIG in RI or Black Diamond REI for southern Mass, and seeing what areas appeal to you for the factors that are important to you.

Good luck, and of course as you have questions along the way feel free to post them here on BP :)

Steph C. · Answer

Great info from @Anthony Thompson.

I lived/worked in RI for years and there are jobs in RI, but many companies have left or moved many good paying jobs to cheaper locales (e.g, MetLife). It's really good news that GE and other companies are moving jobs to Providence.

I know many people who who have excellent tech/white collar jobs in the Providence area.  Conversely, I work in the Boston area and I know several people who commute from the Providence area as well. The commute is long and not so great for them. But, what they get in return is a Boston pay scale and less expensive housing in Providence area.  So, it a trade-off that many people are willing to accept.  Plus, they get all the excellent food and culture in Providence close-to-home, which is fantastic.

Good luck!

Sean Price · Answer

@anthony Thompson Thank you so much for the information.  How is it to live in Providence?  Outside of investing.  We are moving from a smaller town here in florida (about 70K) and wanting to get up to the North East and eventually into Manhattan.  We were pretty set on Providence until we came across some information last night which was that the median income was only around $40k ish.  One of the reason I am wanting to move is to get away from the limited income potential in our area.  Is this the case in Providence?  I am concerned about moving to another place that has the same ceiling income.  (When I am referring to income, I am referring to my income as a Chiropractic Physician which is what feeds my investing).

Thank you so much for your time!

Heather J Heitmueller · Answer

Every city has some corruption. I have also lived in Baltimore and felt it had issues with drugs and city government. As well as the South, which is Florida leads the county with the most amount of rehabb facilities. Of you are looking for negativity it can always be found. Sean I suggest you look at the positives to make your ultimate choice. The areas of CT, if they are affordable to you, would probably be the best.

But Rhode Island has some very forward thinking individuals as well. We have cleaned up the bay and the fishing industry in Rhode Island and MA are one I am proud of, coming from a state with a corrupt government(FL) that had big sugar causing all kinds of water pollution. All cities struggle with government issues. North Carolina whom someone spoke so great about Ranks 40th in public education. Rhode Island ranks 27th, so it's about what is most important. If you are looking beyond just the cost of real estate consider these facts, what are you getting for your investment. CT ranks 4th best in USA for Health, MA is 5th, VT is 6th these are all in driving distance of RI. The best hospitals probably outside of those on the west coast are in these states. RI ranks 8th in healthcare.  North Carolina is 37th in healthcare in the country. Is Rhode Island really that bad???? Consider these facts.

Steph C. · Answer

Sadly, I can't say that I disagree with some of the things @Brandon McLean mentioned. But, there are some great things about RI, too.  I don't think anyone can dispute the local government corruption issues. :-)

@Sean Price , whether you move to South County RI, NYC, CT, or elsewhere, here are a couple of great websites to check out the area and get real specific info, down to the neighborhood level:

http://www.city-data.com

http://www.bestplaces.net

Good luck!

Jaysen Medhurst · Answer

Hi Sean,

I've spent a lot of time in the Westerly, RI/Stonington, CT area and it's a really terrific place to live. There's a fair amount of retirement/vacation home/tourism money there, so you may be able to build up a good practice.

If your ultimate goal in/near NYC, why not look at the NY suburbs? My family and I just moved from Manhattan to Greenwich, CT and we love it!

Good luck and feel free to reach out with questions,

Jaysen

Sean Price · Answer

@Steph C. @Anthony Thompson

Thank you both so much for the info.  Make sense as far as the life in Providence and the commute to Boston.  I didnt realize the two were so close.  We are also checking out Boston specifically and we are actually flying into Philadelphia over labor day to check that out as well.  Our end game is to end up in Manhattan but that is too big of a step right now.

Thank you both so much!  I will get in touch if we end up that direction.

Anthony Thompson · Answer

@Sean Price It's fine, there are good areas and not as good areas, same as any city I think. Due to RISD and Johnson and Wales there are nice local scenes for art/design and some great restaurants.

The median income you mentioned wouldn't surprise me at all. To be honest there are only a few big employers in the state and while I've heard of some new ones entering the state, it seems like an uphill battle to me.

At least in technology, the area I'm most familiar with outside of real estate, it's common knowledge that there are far fewer employers & jobs in RI, and the salaries are much lower, than heading up toward Boston. That's why many people either move up into Mass (and pay much higher housing costs), or settle in Providence/north and just accept a long commute.

So I think your concern has some serious merit and bears some further investigation if you don't have your heart set on Providence specifically.

Francois Martin · Answer

I moved from the south of France to RI two years ago and I love it. Beautiful coast, wild beaches, quaint villages and convenient cities, old architecture in great neighborhoods, great restaurants, four distinct seasons... The list goes on and on.

David Sisson · Answer

Yeah, PVD RI sucks, just stay away. (LOL< tongue in cheek, love this place)

How is the real estate market in Providence Rhode Island?

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