PROVIDENCE – The Providence-Warwick-Fall River metropolitan area ranked No. 18 on a list of the largest home ownership burdens among the largest 100 metro areas in the nation in a Home affordability study conducted by RealtyHop released this week.
The study calculated its index using median household incomes, estimated property tax values and estimated mortgage expenses.
Providence was the third-highest New England metro area in the ranking behind the Boston metro at No. 14 and the Bridgeport, Conn., metro at No. 16.
The study said that the Providence metro home median price was $279,900 with an estimated monthly mortgage payment of $1,522.24. The median income was said to be $64,407.
The highest home ownership burden was found to be in the San Jose, Calif., metro, followed by the New York City metro.
RealtyHop used both proprietary information, RealtyHop’s database of home listings and data from the American Community Survey from the U.S. Census Bureau for the report.
