Article Table Of Contents
Everyone wants a home that mixes affordability with comfort and Rhode Island does this very well. Families love the Ocean State's beaches, midlands, and mountains as tourists before moving here and calling it home.
But before you decide to relocate, you have to do some research into the exact cost of living around the state -- and that's how we're going to help you.
These are the places in Rhode Island that cost a pretty penny -- the most expensive cities in the state.
After we saved up for months and could finally afford it, we landed on this list of the ten most expensive cities in Rhode Island for 2022.
So where is the most expensive place to live in Rhode Island? That would be Newport.
the 2016-2020 American Community Survey for the 23 places in Rhode Island with more than 1,000 people.
What's the most expensive place to live in Rhode Island? Well, HomeSnacks crunched the numbers and discovered that Newport is the most expensive place to live in Rhode Island.
So hopefully Pascoag (the cheapest place to live in Rhode Island) can show these guys how to live on a budget in the coming years. Read on for how these places had costs rise faster than inflation.
And if you already knew these places were expensive, check out some more reading about Rhode Island and the most expensive cities in the country:
The 10 Most Expensive Places To Live In Rhode Island For 2022
The median income in Newport comes in at $68,201 and the median home value is $495,000 for 2022.
The median income in Narragansett Pier comes in at $79,056 and the median home value is $543,700 for 2022.
The median income in Newport East comes in at $75,036 and the median home value is $356,000 for 2022.
The median income in Harrisville comes in at $43,333 and the median home value is $267,600 for 2022.
The median income in Westerly comes in at $75,200 and the median home value is $307,700 for 2022.
The median income in Central Falls comes in at $34,689 and the median home value is $176,300 for 2022.
The median income in Providence comes in at $49,065 and the median home value is $225,200 for 2022.
The median income in Greenville comes in at $90,048 and the median home value is $317,800 for 2022.
The median income in Woonsocket comes in at $44,310 and the median home value is $191,500 for 2022.
The median income in Harmony comes in at $79,318 and the median home value is $323,200 for 2022.
Methodology: How We Determined The Most Expensive Places To Live In The Ocean State For 2022
The two most important things to think about when it comes to being able to afford if you can live comes down to:
- How much do money do I make?
- How much do I have spend to live there?
You need to understand your costs in the context of how much money you make.
For example, if the median household earns $100,000 and spends $40,000 on housing it's actually cheaper to live there than a place with a median income of $50,000 and housing costs of $21,000. You might spend more on housing, but you have more money overall to play with.
With that example in mind, we derived several statistics from the latest Census American Community Survey 2016-2020 around incomes and costs. They are:
- Median Home Price / Median Income (lower is better)
- Median Income / Median Rent (Higher is better)
- Median Home Price
We added simply median home price because high home prices generally correlate with higher expenses for all costs related to homes (heating, electricity, etc).
You can then compare these metrics in each of the places in Rhode Island to figure out which is the most expensive.
What you are left with is a "Cost of Living Index" by taking the average rank of each of these metrics for each city.
So we used that cost of living index in order to rank all of the 23 places in Rhode Island that have more than 1,000 people.
The place with the highest cost of living in Rhode Island according to the data is Newport. You can download the data here.
Summary: Taking A Chunk Out Of Your Paycheck In Rhode Island For 2022
Well there you have it, the places in Rhode Island that have the highest cost of living, with Newport ranking as the most expensive city in the Ocean State.
Here's a look at the most affordable cities in Rhode Island according to the data:
- Valley Falls
For more Rhode Island reading, check out:
- Best Places To Live In Rhode Island
- Cheapest Places To Live In Rhode Island
- Most Dangerous Cities In Rhode Island
- Best Places To Raise A Family In Rhode Island
- Safest Places In Rhode Island
- Worst Places To Live In Rhode Island
Detailed List Of The Most Expensive Cities In Rhode Island