Cumberland Hill, Greenville, Pascoag: These cities aren’t just some of the best places to live in Rhode Island. They are also home to some of the richest people in the Ocean State.
Cumberland Hill in particular houses the richest residents in the state thanks, in part, to a median household income of $94,773 and a ridiculously low poverty rate of 6.435701702877276%.
If you’re thinking of moving to one of these towns, you’ll probably need to start saving. The richest places in Rhode Island share common characteristics such as having a genius level populous, sky high home prices, and a Pleasantville level of married couples.
How did we come up with these mega wealthy cities? We analyzed Census data from the 2016-2020 American Community Survey for the 17 places in Rhode Island with more than 3,000 people.
For more on how we calculated the top ten, read on or skip to the end for the full list of the richest cities in Rhode Island.
Rich people not your cup of tea? Feel free to check out some more reading about Rhode Island:
The 10 Richest Cities In Rhode Island For 2022
Methodology: How We Determined The Richest Places In Rhode Island For 2022
The first thing that comes to most people’s minds when they think about determining the richest places is to simply identify personal incomes. After all, rich people have really high salaries.
However, we don’t believe that one statistic wholly encompasses what it means to be one of the “richest places”. So we looked at this set of criteria from the newly released 2016-2020 American Community Survey:
- Poverty Level
- Median Household Income
- Unemployment Rate
Median household income is the most digestible way to understand how rich a place really is. The unemployment rate tries to capture the prospects for more people to become rich. If more people are employed, the richer the future looks.
After we collected the data for all 17 places with more than 3,000 people in Rhode Island, we ranked each place from 1 to 17 for each of the criteria, with 1 being the richest.
We then averaged all the rankings for a place into a “Rich Score” with the place having the lowest overall Rich Score, Cumberland Hill, crowned the “Richest City In Rhode Island For 2022”. You can download the data here.
You can learn more about the top ten below or skip to the end to see the rankings for all 17 places.
Summary: The Wealthiest Places In Rhode Island For 2022
Like we said earlier, when we set out to identify the richest places in Rhode Island, we weren’t sure what we’d encounter, but it ended up being some of the best places to live in Rhode Island.
When you look at the data, the cities and places mentioned above meet the criteria for being at the very top of the income ladder for everyone that lives there.
If you’re curious enough, here are the poorest cities in Rhode Island, according to data:
Poorest: Central Falls
2nd Poorest: Woonsocket
3rd Poorest: Providence
For more Rhode Island reading, check out:
- Most Dangerous Cities In Rhode Island
- Best Places To Live In Rhode Island
- Cheapest Places To Live In Rhode Island
Detailed List Of The Richest Cities In Rhode Island