02903, Providence, RI

Providence is a city located in the state of Rhode Island. As of the 2010 census, the city had a population of approximately 125,000 people. Providence is home to Brown University and RISD, two highly respected universities. The city's economy is based largely on education and health care services. Providence also has a strong industrial base, with companies such as Johnson & Johnson and General Electric having major operations in the area.

The 2903 zip code covers much of central Providence and has a population of about 108,000 people. Home prices in this zip code have increased significantly over the past few years, reaching an all-time high in 2016. In 2017, home prices in this zip code were $269,000 on average. This represents a 119% increase from 2008 when home prices averaged $128,000. The 2903 zip code has seen particularly strong growth over the past few years due to increasing demand for housing stock and limited supply.

There are several factors contributing to the increase in home prices in the 2903 zip code over recent years:

1) The city of Providence is experiencing rapid growth due to its many educational institutions and high-tech businesses;

2) There is limited available housing stock within this area;

3) The market for homes in this area has been very competitive;

4) Homebuyers have been able to leverage their equity (through mortgages or other forms of financing) to purchase more expensive homes than they would be able to afford if they were paying cash;

5) Rising interest rates have made it more expensive for buyers to borrow money against their homes' value (thus driving up prices).