What is the cost of living in Rhode Island?
The cost of living in Rhode Island is 5.9% higher than the US average. According to MIT, the required living wage for a family of four with two working parents in Rhode Island is $95,005 vs the national average for a family of four with two working parents of $89,744. The median income of a Rhode Island household is $70,305.
The average home price in Rhode Island is $276,600, which is higher than the US average home price of $229,800. Median rent in Rhode Island is $1,031/mo which is lower than the US average rent of $1,096/mo. If you want to adjust homes prices to local incomes, the ratio of home prices to median household income is about 3.9 to 1. That means it takes roughly 3.9 years of a full salary to pay off a house. That compares to the national average of 3.5 to 1.
All in all, Rhode Island has a high cost of living compared to America as a whole.
People Also Ask About Rhode Island
Is Rhode Island a dangerous state?
No, Rhode Island is not a dangerous state as it ranks as the #6 safest state in the United States based on our analysis of the latest FBI Crime Data. The violent crime rate in Rhode Island ranks 44th most dangerous in the United States -- 37.58% better than US average violent crime rate. The property crime rate in the Ocean State ranks 44th most dangerous in the United States -- 36.27% better than US average property crime rate. The latest reporting year from the FBI was 2022.
Is Providence, RI a dangerous city?
No, Providence is not a dangerous city. Providence ranks as the #153 safest out of 328 major cities over 100,000 people in the United States based on our analysis of the latest FBI Crime Data. Keep in mind that are always safe and dangerous parts of any city, so even though Providence might be considered safe you still need to be aware of where you are. For example, Blackstone is the safest in Providence, while Downtown is considered dangerous by many based on recent crime stats.
Compared to other big cities, the violent crime rate in Providence ranks 216th highest in America -- 38.56% better than US average violent crime rate. The property crime rate in the ranks 169th highest in the United States -- 7.23% better than US average property crime rate. Note the latest reporting year from the FBI was 2022 and that no city in America is "dangerous". Despite the uptick in murders, it's nothing like you'd see in Tijuana or Caracas where the murder rate is 2x any American city.
What county in Rhode Island has the lowest cost of living?
The county in Rhode Island with the lowest cost of living is Bristol County. The average living wage in Bristol County is $93,989 according to MIT data. Bristol County has the lowest cost of living because it has relatively less expensive childcare and housing costs compared to Rhode Island as a whole. Childcare costs $18,027 a year in Bristol County for two children compared to the Rhode Island average of $18,739. Housing costs, defined as a blend of the average rent and average mortgage payment, are $13,776 per year in Bristol County compared to $13,956 on average in Rhode Island.
What is the cheapest housing market in Rhode Island?
The cheapest housing market in Rhode Island is Melville. The average home value in Melville is $0, the lowest in the state. The average home value in Rhode Island is $276,600, almost nan times higher than Melville.
