Providence, RI Cost Of Living
Cost Of Living In Providence, RI Summary
Cost of living in Providence research summary. The cost of living index is set to 100 for the average place in the United States. A cost of living index above 100 means Providence is expensive. An index value below 100 means the city is a relatively cheap place to live.
On a city-by-city basis in Rhode Island, home prices and rent have the biggest impact on the cost of living. Here are the key takeaways based on Saturday Night Science:
The cost of living index in Providence is 111, with 100 being the average.
The cost of living index in Providence is 1.1x higher than the national average.
Providence ranks as the #5 cheapest in Rhode Island out of 15.
Providence ranks as the #3,765 cheapest out of 6,489 in the US.
The median home value in Providence is $421,310.
The median income in Providence is $66,772.
Table Of Contents
Providence's Overall Cost Of Living
Higher Than The National Average
What is the cost of living in Providence, RI?
According to the most recent data on the cost of living, Providence has an overall cost of living index of 111, which is 1.1x higher than the national index of 100.
Compared to Rhode Island, Providence has a cost of living index that's 1.0x lower than Rhode Island's index of 111.
The standard of living in Providence ranks as #5 most affordable out of the 15 places we measured in Rhode Island. By definition, that implies Providence ranks as the #10 most expensive place in the Ocean State.
For more reading on life in Providence, check out:
In Rhode Island
In America
Providence Cost Of Living Vs. Rhode Island
Six factors go into calculating the cost of living index in Providence. Here is how it fairs on each of the criteria:
The Services index in Providence is 116.
The Groceries index in Providence is 102.
The Health index in Providence is 107.
The Housing index in Providence is 116.
The Transportation index in Providence is 91.
The Utilities index in Providence is 113.
| Living Expense | Providence | Rhode Island | National Average | |
|---|---|---|---|---|
| Overall | 111 | 111 | 100 | |
| Services | 116 | 113 | 100 | |
| Groceries | 102 | 100 | 100 | |
| Health | 107 | 110 | 100 | |
| Housing | 116 | 121 | 100 | |
| Transportation | 91 | 91 | 100 | |
| Utilities | 113 | 114 | 100 | |
Providence, RI Housing Cost Breakdown
Housing swings affordability the most between places in Rhode Island, so we broke down housing costs into more detail. Home and income data comes from the most recent US Census ACS 2019-2023. The key points are:
The Median Home Value in Providence is $421,310.
The Median Rent in Providence is $1,333.
The Median Income in Providence is $66,772.
The Home Value To Income in Providence is 6.3x.
The Rent To Monthly Income in Providence is 0.24x.
| Statistic | Providence | Rhode Island | United States |
|---|---|---|---|
| Median Home Value | $421,310 | $490,356 | $303,400 |
| Median Rent | $1,333 | $1,273 | $1,348 |
| Median Income | $66,772 | $86,372 | $78,538 |
| Home Value To Income | 6.3x | 5.7x | 3.9x |
| Rent To Monthly Income | 0.24x | 0.18x | 0.21x |
Median Home Value
Median Rent
Median Income
Providence, RI Costs By Category
Detailed Providence Services Costs Vs. Rhode Island
| Item | Providence | Rhode Island |
|---|---|---|
| Shampoo | $1.43 | $1.28 |
| Movie | $14.37 | $12.13 |
| Bowling | $22.72 | $18 |
| Haircut | $31.5 | $24.26 |
| Beauty Salon | $49.92 | $45.56 |
Detailed Providence Groceries Costs Vs. Rhode Island
| Item | Providence | Rhode Island |
|---|---|---|
| Ground Beef | $5.85 | $5.84 |
| Fried Chicken | $1.43 | $1.57 |
| Milk | $4.74 | $4.67 |
| Potatoes | $5.0 | $4.93 |
| Pizza | $11.59 | $12.09 |
| Beer | $10.74 | $10.41 |
| Toothpaste | $3.46 | $3.7 |
Detailed Providence Health Costs Vs. Rhode Island
| Item | Providence | Rhode Island |
|---|---|---|
| Optometrist | $104.45 | $125.68 |
| Doctor | $169.83 | $135.78 |
| Dentist | $130.28 | $113.29 |
Detailed Providence Transportation Costs Vs. Rhode Island
| Item | Providence | Rhode Island |
|---|---|---|
| Gasoline | $3.38 | $3.46 |
| Tire Balancing | $48.2 | $59.92 |
Detailed Providence Utilities Costs Vs. Rhode Island
| Item | Providence | Rhode Island |
|---|---|---|
| All Electricity | $230.62 | $193.99 |
| Phone | $195.18 | $192.25 |
Providence SnackAbility
/10
Cost Of Living In Cities Around Providence
The cost of living varies in the cities and towns around Providence. Here's a quick look at the cost of living in the most populous nearby places:
Warwick, RI has a cost of living index of 114, 1.0x Providence.
Cranston, RI has a cost of living index of 116, 1.0x Providence.
Pawtucket, RI has a cost of living index of 110, 1.0x Providence.
| City | Population | Cost Of Living | Vs. Providence |
|---|---|---|---|
| Warwick, RI | 82,871 | 114 | 1.0x |
| Cranston, RI | 82,632 | 116 | 1.0x |
| Pawtucket, RI | 75,280 | 110 | 1.0x |
| East Providence, RI | 46,970 | 110 | 1.0x |
| Attleboro, MA | 46,499 | 124 | 1.1x |
| Woonsocket, RI | 43,074 | 105 | 0.9x |
| Central Falls, RI | 22,481 | 103 | 0.9x |
| Somerset, MA | 18,246 | 120 | 1.1x |
| Valley Falls, RI | 12,370 | 114 | 1.0x |
| Cumberland Hill, RI | 8,638 | 118 | 1.1x |
