The 10 Cheapest Providence, RI Neighborhoods To Live In For 2022


We used science and data to determine which neighborhoods in Providence are the cheapest of the cheap.

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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.

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:

The 10 Cheapest Neighborhoods To Live In Providence For 2022

Overall SnackAbility

8.5
/10

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

Overall SnackAbility

8
/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

Overall SnackAbility

6
/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

Overall SnackAbility

7
/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

Overall SnackAbility

9
/10

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

Overall SnackAbility

8
/10

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

Overall SnackAbility

6
/10

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

Overall SnackAbility

5
/10

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

Overall SnackAbility

8
/10

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

Overall SnackAbility

6
/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:

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

Editor's Note: We updated this article for 2022. This is our third time ranking the cheapest neighborhoods to live in Providence.

About Chris Kolmar

Chris Kolmar has been in the real estate business for almost ten years now. He originally worked for Movoto Real Estate as the director of marketing before founding HomeSnacks.

He believes the key to finding the right place to live comes down to looking at the data, reading about things to do, and, most importantly, checking it out yourself before you move.

If you've been looking for a place to live in the past several years, you've probably stumbled upon his writing already.

You can find out more about him on LinkedIn or his website.