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Everything else equal, I think we can all agree that living in a cheaper place is better than living in a more expensive place.
I'd much rather pay $500/mo in rent than $1,000. And I'd rather pay $2 for coffee than $5.
And while every neighbhorhood in Providence might be more expensive than living in rural Rhode Island, there are certain neighborhoods that are definitely cheaper.
So what exactly are those Providence neighborhoods where your dollar goes a little further -- you can get that one bedroom instead of the studio?
Instead of relying on public opinion and speculation, we wanted to get the facts straight and find out which neighborhoods in Providence are the cheapest.
The Cheapest Neighborhoods In Providence For 2022
What's the cheapest neighborhood to live in Providence for 2022? According to the most recent census data, Mount Pleasant looks to be the cheaptest Providence neighborhood to live in.
At this point we should make it clear that you do get what you pay for -- some of these neighborhoods might not be the best places to live in Providence. You could be sacrificing location or crime rates in return for more space and cheaper groceries.
Read on to see how we determined the places around Providence that deserve a little bragging rights or maybe you're interested in the worst neighborhoods in Providence.
Once you're done, you can look at the bottom of the story for a complete chart of every neighborhood we looked at from cheapest to most expensive.
For more Rhode Island reading, check out:
- Best Places To Live In Rhode Island
- Cheapest Places To Live In Rhode Island
- Cheapest Cities To Live In America
- Cheapest States To Live In America
The 10 Cheapest Neighborhoods To Live In Providence For 2022
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Population: 9,950
Cost Of Living Index: 108 (14th cheapest)
Home Value To Income Ratio: 2.4 (cheapest)
Rent To Income Ratio: 0.012 (2nd cheapest)
More on Mount Pleasant: Homes For Sale | Data
/10
Population: 4,362
Cost Of Living Index: 104 (10th cheapest)
Home Value To Income Ratio: 2.7 (3rd cheapest)
Rent To Income Ratio: 0.016 (5th cheapest)
More on Manton: Homes For Sale | Data
/10
Population: 6,442
Cost Of Living Index: 98 (2nd cheapest)
Home Value To Income Ratio: 3.3 (7th cheapest)
Rent To Income Ratio: 0.021 (12th cheapest)
More on Hartford: Homes For Sale | Data
/10
Population: 2,944
Cost Of Living Index: 107 (12th cheapest)
Home Value To Income Ratio: 2.5 (2nd cheapest)
Rent To Income Ratio: 0.016 (7th cheapest)
More on Reservoir: Homes For Sale | Data
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Population: 10,503
Cost Of Living Index: 110 (18th cheapest)
Home Value To Income Ratio: 3.1 (5th cheapest)
Rent To Income Ratio: 0.012 (cheapest)
More on Elmhurst: Homes For Sale | Data
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Population: 6,312
Cost Of Living Index: 101 (6th cheapest)
Home Value To Income Ratio: 3.4 (9th cheapest)
Rent To Income Ratio: 0.02 (11th cheapest)
More on Charles: Homes For Sale | Data
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Population: 17,375
Cost Of Living Index: 101 (6th cheapest)
Home Value To Income Ratio: 3.0 (4th cheapest)
Rent To Income Ratio: 0.024 (17th cheapest)
More on West End: Homes For Sale | Data
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Population: 10,557
Cost Of Living Index: 98 (2nd cheapest)
Home Value To Income Ratio: 3.1 (6th cheapest)
Rent To Income Ratio: 0.026 (22nd cheapest)
More on Elmwood: Homes For Sale | Data
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Population: 12,204
Cost Of Living Index: 101 (6th cheapest)
Home Value To Income Ratio: 3.5 (11th cheapest)
Rent To Income Ratio: 0.022 (14th cheapest)
More on Wanskuck: Homes For Sale | Data
/10
Population: 2,308
Cost Of Living Index: 108 (14th cheapest)
Home Value To Income Ratio: 3.3 (8th cheapest)
Rent To Income Ratio: 0.019 (9th cheapest)
More on South Elmwood: Homes For Sale | Data
Methodology: How We Determined The Cheapest Providence Hoods In 2022
In order to rank the cheapest places to live in Providence, we had to determine what criteria defines "cheap".
Using census and extrapolated BLS data, we arrived at the following set of criteria:
- Overall Cost Of Living
- Rent To Income Ratio
- Median Home Value To Income Ratio
We then ranked each neighborhood with scores from 1 to 24 in each category, where 1 was the cheapest.
Next, we averaged the rankings for each neighborhood to create a cheap neighborhood index.
And finally, we crowned the neighborhood with the lowest cheapest neighborhood index the "Cheapest City Neighborhood In Providence." We're lookin' at you, Mount Pleasant.
Read on below to learn more about what it's like to live in the cheapest places Providence. Or skip to the end to see the list of all the neighborhoods in the city from cheapest to most expensive.
Summary: Lowest Cost Places To Live In Providence
If you're measuring the neighborhoods in Providence where prices are low and it's cheap to live, this is an accurate list.
As we mentioned earlier, the neighborhoods in Providence aren't all cheap. Downtown takes the title of the most expensive neighborhood to live in Providence.
We ranked the neighborhoods from cheapest to most expensive in the chart below.
For more Rhode Island reading, check out:
- Most Dangerous Cities In Rhode Island
- Richest Cities In Rhode Island
- Safest Places In Rhode Island
- Worst Places To Live In Rhode Island
Detailed List Of The Cheapest Neighborhoods To Live In Providence For 2022
| Rank | Neighborhood | Cost Of Living Index |
|---|---|---|
| 1 | Mount Pleasant | 108 |
| 2 | Manton | 104 |
| 3 | Hartford | 98 |
| 4 | Reservoir | 107 |
| 5 | Elmhurst | 110 |
| 6 | Charles | 101 |
| 7 | West End | 101 |
| 8 | Elmwood | 98 |
| 9 | Wanskuck | 101 |
| 10 | South Elmwood | 108 |
| 11 | Mount Hope | 109 |
| 12 | Washington Park | 103 |
| 13 | Hope | 128 |
| 14 | Smith Hill | 101 |
| 15 | Blackstone | 143 |
| 16 | Valley | 109 |
| 17 | Silverlake | 105 |
| 18 | Olneyville | 99 |
| 19 | Lower South Providence | 103 |
| 20 | Federal Hill | 110 |
| 21 | Fox Point | 131 |
| 22 | Wayland | 155 |
| 23 | College Hill | 148 |
| 24 | Downtown | 119 |
