Providence, RI Cost Of Living

Demographics | Crime | Cost Of Living
Updated: 2023-11-15

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 110, with 100 being the average.

  • The cost of living index in Providence is 1.1x higher than the national average.

  • Providence ranks as the #4 cheapest in Rhode Island out of 15.

  • Providence ranks as the #4,128 cheapest out of 6,412 in the US.

  • The median home value in Providence is $248,900.

  • The median income in Providence is $55,787.

Table Of Contents

  1. Summary
  2. National Comparison
  3. Housing Breakdown
  4. Detailed Pricing
  5. Nearby Comparisons
110
Providence's Overall Cost Of Living
1.1x
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 110, 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 #4 most affordable out of the 15 places we measured in Rhode Island. By definition, that implies Providence ranks as the #11 most expensive place in the Ocean State.

For more reading on life in Providence, check out:

4 out of 15
In Rhode Island
4,128 out of 6,412
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 120.

  • The Groceries index in Providence is 111.

  • The Health index in Providence is 105.

  • The Housing index in Providence is 93.

  • The Transportation index in Providence is 105.

  • The Utilities index in Providence is 125.

Living Expense Providence Rhode Island National Average
Overall 110 111 100
Services 120 115 100
Groceries 111 99 100
Health 105 106 100
Housing 93 116 100
Transportation 105 101 100
Utilities 125 118 100
For more reading on cost of living around Rhode Island, check out:
Providence Cost of Living Vs. RI

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 2017-2021. The key points are:

  • The Median Home Value in Providence is $248,900.

  • The Median Rent in Providence is $1,098.

  • The Median Income in Providence is $55,787.

  • The Home Value To Income in Providence is 4.5x.

  • The Rent To Monthly Income in Providence is 0.24x.

Statistic Providence Rhode Island United States
Median Home Value $248,900 $292,600 $244,900
Median Rent $1,098 $1,097 $1,163
Median Income $55,787 $74,489 $69,021
Home Value To Income 4.5x 3.9x 3.5x
Rent To Monthly Income 0.24x 0.18x 0.2x
Search Homes For Sale In Providence, RI
$248,900
Median Home Value
$1,098
Median Rent
$55,787
Median Income

Providence, RI Costs By Category

Detailed Providence Services Costs Vs. Rhode Island

Item Providence Rhode Island
Shampoo $0.96 $1.06
Movie $12.75 $10.68
Bowling $19.67 $14.67
Haircut $24.44 $18.62
Beauty Salon $48.53 $39.05

Detailed Providence Groceries Costs Vs. Rhode Island

Item Providence Rhode Island
Ground Beef $3.82 $4.22
Fried Chicken $1.75 $1.39
Milk $2.52 $2.05
Potatoes $4.11 $3.29
Pizza $10.49 $10.62
Beer $10.32 $9.38
Toothpaste $2.53 $2.34

Detailed Providence Health Costs Vs. Rhode Island

Item Providence Rhode Island
Optometrist $131.39 $108.57
Doctor $157.87 $116.17
Dentist $92.75 $99.13

Detailed Providence Transportation Costs Vs. Rhode Island

Item Providence Rhode Island
Gasoline $2.15 $2.22
Tire Balancing $62.0 $50.07

Detailed Providence Utilities Costs Vs. Rhode Island

Item Providence Rhode Island
All Electricity $240.57 $167.67
Phone $189.01 $175.64

Providence SnackAbility

6
/10
Overall SnackAbility
Jobs
5/10
Housing
8
Affordability
4
Diversity
10
Safety
4
Amenities
10
Education
6
Commute
8

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 115, 1.0x Providence.

  • Cranston, RI has a cost of living index of 116, 1.1x Providence.

  • Pawtucket, RI has a cost of living index of 109, 1.0x Providence.

City Population Cost Of Living Vs. Providence
Warwick, RI 82,666 115 1.0x
Cranston, RI 82,654 116 1.1x
Pawtucket, RI 75,200 109 1.0x
East Providence, RI 47,171 113 1.0x
Attleboro, MA 46,146 121 1.1x
Woonsocket, RI 43,044 108 1.0x
Central Falls, RI 22,192 108 1.0x
Somerset, MA 18,271 121 1.1x
Valley Falls, RI 12,064 115 1.0x
Greenville, RI 8,955 122 1.1x

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