Rhode Island has the 14th highest cost of living in the U.S., at 112% of the national average. Housing is a big part of this, with homes costing about $432,000 on average. But, not every place in Rhode Island is pricey. Some cities are actually more affordable, making them great for saving money.
Key Takeaways
- Rhode Island’s cost of living is 12.5% higher than the national average, with housing costs being a significant factor.
- Central Falls offers a cost of living 3.3% lower than the national average, making it an affordable option.
- Warwick, Pawtucket, and Woonsocket have median home prices below the state average, ranging from $336,964 to $361,458.
- Providence, the state’s capital, has a median home price of $368,130, slightly more affordable than the state average.
- Cranston, East Providence, and other cities in Rhode Island also offer relatively lower cost of living options compared to the state overall.
Living Costs in Rhode Island
Rhode Island is one of the pricier states in the country when it comes to living costs. The average cost of living here is 112% of the national average, ranking it the 14th most expensive state. Housing costs are a big part of this, with an average property tax rate of 1.30%.
Breakdown of Expenses
Let’s dive into the details of living costs in Rhode Island:
- Housing Costs: Rent for a small 1-bedroom apartment in Providence is about $815 a month. This is a big part of the cost of living.
- Utility Expenses: Rhode Island has the eighth highest electric costs in the country. Prices went up by around 11.95% last year.
- Grocery Prices: The 7% sales tax on goods, including groceries, adds to the cost of living.
- Transportation Costs: A monthly transit pass in Providence costs about $70.00. This can save people up to $1,000 a year compared to driving.
The cost of living varies across Rhode Island, with some places offering more affordable options for different groups of people.
Rhode Island isn’t the most expensive state, but it’s still quite high. Housing, utilities, and taxes make living here costly. Yet, there are ways to save money, like using public transportation, which can help balance out the expenses.
Affordable Cities for Singles and Families
Looking for an affordable place to live in Rhode Island? Check out Woonsocket, Ashaway, Coventry, Cranston, and Warwick. These cities are great for singles and families. They offer good housing and amenities without breaking the bank.
In Woonsocket, living costs about 95% of the national average. The average household earns $48,822, making it a smart pick for singles. Ashaway is another great spot, with costs at 98% of the U.S. average and a median income of $91,991. It’s perfect for families wanting a comfy life without spending too much.
| City | Cost of Living Index | Median Household Income | Household with Children |
|---|---|---|---|
| Woonsocket | 95% | $48,822 | N/A |
| Ashaway | 98% | $91,991 | 60% |
| Coventry | 104% | $88,779 | N/A |
| Cranston | 105% | $77,145 | N/A |
| Warwick | 106% | $77,110 | N/A |
Exeter, Bristol, and Lincoln are also great for affordable living. They have costs from 102% to 107% of the national average and incomes over $80,000.
Whether you’re alone or starting a family, these cities in Rhode Island are budget-friendly. They offer great housing, jobs, and amenities. Choosing these places means you get a good life without spending too much.
cost of living in rhode island
When looking at the cost of living in Rhode Island, it’s key to know the different expenses. These include housing, utilities, groceries, and transportation costs. The cost of living varies a lot based on where you live and your lifestyle.
Rhode Island’s cost of living is 12.5% higher than the national average. Housing is a big part of this. For a one-bedroom apartment in the city center, rent is about $1,920 a month. Outside the city center, it’s around $1,420.
Utilities like electricity, water, and internet add $150 to $300 a month. Groceries in Rhode Island are a bit pricier than the national average. A meal for two at a mid-range restaurant costs about $110.
Transportation costs, like fuel and insurance, can be $150 to $300 a month. This depends on how much you drive and own. The state’s public transport is a cheaper option for those who don’t want to drive.
| Expense | Average Cost | Range |
|---|---|---|
| 1-bedroom Apartment (City Center) | $1,920.00 | $1,800.00 – $2,100.00 |
| 1-bedroom Apartment (Outside Center) | $1,420.00 | $1,000.00 – $1,800.00 |
| Apartment Price per Sq. Ft. (City Center) | $290.35 | $275.00 – $298.03 |
| Apartment Price per Sq. Ft. (Outside Center) | $270.35 | $215.00 – $298.03 |
| Average Monthly Net Salary | $3,819.22 | N/A |
| Meal for 2 at Mid-range Restaurant | $110.00 | $75.00 – $215.00 |
| Monthly Fitness Club Fee | $53.00 | $30.00 – $90.00 |
| Preschool/Kindergarten (Monthly) | $1,500.00 | $1,500.00 – $5,000.00 |
| International Primary School (Yearly) | $58,000.00 | $50,000.00 – $65,000.00 |
The cost of living in Rhode Island is higher than the national average. But, the state offers affordable options for those who look around. By knowing the typical expenses, people and families can plan their budgets better. This helps them find a good balance between cost and quality of life.
Housing Costs and Affordability
Rent and Home Prices
Rhode Island’s housing costs are a big worry for renters and homebuyers. The state’s median home price is a high $465,500, way above the national average. But, some cities in Rhode Island have more affordable housing. For example, Woonsocket, Cranston, and Warwick have median rent prices from $1,500 to $2,200 a month.
Living costs in these cities are easier to handle, with Woonsocket at 95% and Cranston at 105% of the national average. Buying a home is also possible, with Ashaway’s price-to-income ratio at 4.3 and Coventry’s average home value at $396,000.
Yet, Rhode Island faces big housing challenges overall. Almost half of renters spend over 30% of their income on housing. The state needs 24,000 more affordable housing units to meet demand.
There are efforts to fix the housing crisis, with $361.2 million allocated in 2021 for affordable housing. But, this investment will only add 832 more units, a small part of what’s needed.
| City | Median Rent | Home Price-to-Income Ratio | Cost of Living (% of U.S. Average) |
|---|---|---|---|
| Woonsocket | $1,550 | N/A | 95% |
| Cranston | $1,800 | 5.0 | 105% |
| Warwick | $2,200 | 4.7 | 106% |
| Ashaway | $1,200 | 4.3 | 98% |
| Exeter | $1,200 | N/A | 102% |
Cost of Living Compared to Other States
Rhode Island has a higher cost of living compared to the national average. The cost of living in Rhode Island is 12.5% higher than the national average. This makes it the 14th most expensive state to live in.
Housing costs are a big part of why Rhode Island is pricey. The average rent for a one-bedroom apartment in the city center is $1,465, while a three-bedroom apartment costs around $2,017 per month. Also, the state’s minimum wage will go up to $14 per hour in 2024. This is more than the federal minimum wage of $7.25 per hour, showing the need for fair wages in the state.
| Item | Rhode Island | Ohio | % Difference |
|---|---|---|---|
| Basic meal with drink at an inexpensive restaurant | $15.88 | $25.00 | -36.5% |
| Fast food combo meal at McDonald’s or similar | $9.50 | $12.00 | -20.8% |
| Gasoline cost per gallon | $3.28 | $3.55 | -7.6% |
| Monthly public transit pass | $64.00 | $70.00 | -8.6% |
| Price of a new Volkswagen Golf 1.4 standard edition | $33,068.72 | $35,000.00 | -5.5% |
| Rent for a 1-bedroom apartment in downtown area | $1,083.04 | $1,800.00 | -39.8% |
| Cost of a 1-bedroom apartment outside the city center | $831.03 | $1,450.00 | -42.7% |
| Price of private preschool for 1 child monthly | $981.79 | $1,500.00 | -34.6% |
| Middle school tuition for 1 child for two semesters | $17,051.78 | $58,000.00 | -70.6% |
| Price of domestic/local beer (1 pint) | $4.73 | $6.00 | -21.2% |
The table above shows how Rhode Island compares to Ohio in cost. Rhode Island is often cheaper than Ohio in many areas like food, transport, and housing. Yet, Rhode Island’s cost of living is still above the national average.
Even though Rhode Island is pricier than some states, it has a high minimum wage, good healthcare, and lower costs in some areas. This makes it a good choice for those looking for a balance between cost and quality of life.
Job Opportunities and Income Levels
Rhode Island’s cost of living is a bit higher than the national average. But, it has a wide range of job opportunities and industries. Major employers like CVS Health, Amica Mutual Insurance, and Hasbro offer many jobs for residents.
The median household income in Rhode Island varies by city. This affects how affordable living is in the state. For example, management jobs pay an average of $142,210 a year. Healthcare workers earn about $100,720 annually.
Major Employers and Industries
Rhode Island’s job market covers healthcare, finance, retail, and manufacturing. These sectors support the state’s economy with various job opportunities. Some top employers in Rhode Island are:
- CVS Health – a leading healthcare and pharmacy company
- Amica Mutual Insurance – a prominent insurance provider
- Hasbro – a global toy and entertainment company
- Electric Boat – a shipbuilding and defense contractor
- Brown University – a prestigious Ivy League institution
| Occupation | Average Annual Salary |
|---|---|
| Management | $142,210 |
| Healthcare Practitioners & Technical | $100,720 |
The rhode island job market has a wide variety of jobs with good salaries. Salaries vary by city, but major employers help keep the economy and workforce stable.
Quality of Life and Amenities
Despite being more expensive, Rhode Island offers a great life for its people. It has 400 miles of coastline and beautiful landscapes like forests, farmland, and beaches. This makes it a stunning place to live.
The state is small and packed with people, making it easy to get around. You can easily check out cultural events, historical spots, and outdoor fun. Whether you like the city life in Providence or the quiet of coastal towns like Warwick and Bristol, there’s something for everyone.
- Rhode Island ranks 12th in the country for life expectancy, showing a high quality of life.
- Its small size and high population mean easy access to many places and things to do.
- There are lots of attractions, like museums, arts centers, and historical sites, showing the state’s rich culture.
| City | Median Household Income | Unemployment Rate | Average Commute Time |
|---|---|---|---|
| Westerly | $72,024 | 8.7% | N/A |
| Ashaway | $72,024 | N/A | N/A |
| Hope Valley | $78,214 | N/A | N/A |
| Kingston | N/A | N/A | 16 minutes |
| Newport | N/A | N/A | N/A |
| Cranston | N/A | N/A | 23 minutes |
| Melville | N/A | N/A | 15 minutes |
| East Providence | N/A | N/A | N/A |
| Newport East | N/A | N/A | 20 minutes |
| Providence | N/A | N/A | N/A |
This table shows how different cities in Rhode Island offer great lives. It looks at things like income, job rates, and travel time. These facts show why people like living here for its mix of cost, jobs, and fun things to do.
“Rhode Island’s small size and dense population make it a highly accessible state, allowing residents to explore a diverse array of cultural, historical, and natural attractions with ease.”
Factors to Consider When Relocating
Thinking about moving to Rhode Island? You should look at several important things. The cost of living changes a lot across the state. Make sure to check housing, utilities, and grocery prices. It’s key to know about job chances and income in the places you’re thinking about.
But it’s not just about money. Think about the quality of life too. Look at things like how close you’ll be to work, healthcare, schools, fun activities, and cultural spots. These things can make you happy in your new home.
If you’re buying a home, don’t forget about getting preapproved for a mortgage. Also, be aware of Rhode Island’s higher property taxes. Doing your homework on these can make moving there easier and more informed.
| Factor | Considerations |
|---|---|
| Cost of Living |
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| Job Market and Income |
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| Quality of Life |
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| Housing and Taxes |
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By thinking about these things, you can make smart choices about moving to Rhode Island. This way, you’ll have a smooth move and enjoy your new life.
Conclusion
Rhode Island has a higher cost of living than the national average. Yet, it offers many affordable cities that balance living costs with a good quality of life. By looking at housing, rental prices, job opportunities, and local amenities, people can find great places to live in Rhode Island that suit their budget and lifestyle.
This article aims to help those thinking of moving to Rhode Island make a smart choice. It shows the state’s variety, from pricey cities like Providence and Warwick to cheaper ones like Woonsocket and Pawtucket. It also covers important costs such as housing, transport, healthcare, and food.
Rhode Island is a great choice for those wanting a good balance between cost and quality of life. With the insights from this article, readers can pick the best places in Rhode Island for their needs and likes.
Kerley Vinas: Blogger | Residential Sales Expert | Helping You Buy & Sell Your Dream Home | Client-Centered | Negotiation Pro
FAQ
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