Not only the smallest state, but Rhode Island is also one of the best places to live in the US, with stunning beaches and mesmerizing attractions.
If you’re planning to move to Rhode Island, here’re the two things you must know:
- RI is the 9th most expensive state (as per June 2023 review)
- It ranks at #6 for safety and #9 for business opportunities
- You’ll need $3500 per month to live comfortably here
Well, that was just a quick overview.
Let’s guide you in detail about every aspect of living costs in Rhode Island and major cities, including the cost of living in Providence, Newport, Warwick, and more.
So, let’s begin!
Is Rhode Island Expensive? What Is The Cost Of Living In Rhode Island?
With a cost of living index of 117.2, Rhode Island is the 9th most expensive state in the US.
In simple terms, you’ll need $117 for everything here, which you can buy for $100 anywhere else in the country. The estimated cost for a family of four is $5000 per month without rent.
Renting an apartment can cost anywhere between $600 to $2700 per month, depending on the city, location, and apartment type.
The famous city of Providence’s living cost looks similar as its cost of living is 8% higher than the country’s average.
If you are looking for an affordable place to live in Rhode Island, then turn to the East Coast.
The cost of groceries and other utilities is lower on the East Coast as compared to other cities in this US state.
Everything You Need To Know About Rhode Island Living Cost
Here, we have compiled a detailed analysis of the cost of living in the Ocean State on the basis of groceries, food, healthcare, taxes, and more. So you don’t have to worry a bit!
Groceries & Markets in Rhode Island
The cost of groceries in Rhode Island is 106.5, slightly higher than the national average. The grocery price in Providence is 8% higher than the country’s average.
Comparing Rhode Island Prices & Finding The Best Restaurants For You
Rhode Island has no dearth of delicious items, like Del’s Lemonade, clam cakes, and more.
If you’re planning to enjoy a cozy romantic dinner or want to grab a quick lunch, here’re the average prices:
|Dinner in a Restaurant||$60.8||$53.8||$53||$53.9||$67.6||$67.9||$60||$53.5|
|Beer in a Pub||$4.59||$4.42||$4.49||$4.44||$3.98||$4.03||$5.01||$4.44|
It is referred to as the Foodie State, and Providence is a foodie city, with multiple restaurants to soothe your taste buds with their mouth-watering cuisines.
No trip to Rhode Island is complete without stopping for a bite at the famous restaurants. The fun fact is that all top spots are in Providence.
Here are the top 5 places where you must eat when in RI:
- Hemenway’s Restaurant (Providence)
- Los Andes (Providence)
- Top of The Bay Restaurant (Warwick)
- CAV Restaurant (Providence)
- Matunuck Oyster Bar (Wakefield)
Well, when in RI, we don’t want you to miss the fried calamari and clam cakes as both are heavenly delicious.
Average Cost of Utilities in Rhode Island
The cost of utilities in Rhode Island is among the highest in the country. A report by Move.
org claims that the average monthly cost of utilities in the Ocean State is $521.98, which is the third-highest in the US after Hawaii and Alaska.
|Utility Bill for one person||$140||$105||$104||$104||$97.5||$117||$171||$106|
|Utility Bill for a Family||$217||$161||$161||$107||$149||$183||$266||$161|
How much do Utilities cost in Providence?
The cost of utilities in Providence, RI is 36% higher than the national average. The average cost of utilities in Providence per month, RI is $205.79.
How much is a water bill in RI?
The water bills are usually less than electricity, gas, cable, and internet charges. The average water bill in Rhode Island is $28.
Healthcare System & Average Cost For Good Health In RI
The Ocean State is ranked the 3rd best state for healthcare in the US after Minnesota and Massachusetts, according to WalletHub.
It has one of the best-performing health systems in the nation with state-of-the-art hospitals.
This state has particularly made strides in the areas of coverage and behavioral health.
Check the cost of living in Rhode Island in terms of healthcare before making a move.
|City in Rhode Island||Healthcare Index|
Does Rhode Island have free healthcare?
Rhode Island Medical Assistance, Medicaid, offers low-cost or free health coverage to people with limited income and resources.
What is the average price of healthcare in Rhode Island?
Everyone in Rhode Island has to buy a health insurance plan that costs around $7,903 per person. You can pay $31,613 if you have a family of four. The health insurance cost in Rhode Island is $922/per person above the national average.
Housing & Buying Property in Rhode Island
The housing price plays a major role in finding the best places to live in Rhode Island. The median home price in RI is about $410,188.
This value is seasonally adjusted and only includes the middle price tier of homes.
Compare the housing prices of some people in the cities of Rhode Island here.
|City in Rhode Island||Housing price|
Are houses expensive in Rhode Island?
Yes, absolutely. Real estate in Rhode Island is far more expensive than in the US. Providence’s housing cost is 39% higher than the national average.
Are home prices dropping in Rhode Island?
No, not at all. Even the median home value in Rhode Island rose in 2021 by 14.3% to $365,000. Moreover, the monthly median value of homes in RI reached $500,000 in mid-2021.
Average Rent by Bedroom – The Significant Factor
Rhode Island’s cost of living greatly depends on house rental costs. According to Zillow, the average rent in Rhode Island state is $2000 for a 2-bedroom apartment.
Compare the average housing rent in major cities of RI in the table mentioned below.
|City in Rhode Island||The average rent for a 3-bedroom apartment||The average rent for a 3-bedroom apartment|
Is rent expensive in Rhode Island?
Yes. According to Zumper, the average house rent in Providence is $1,400 for a single bedroom and $1660 for a two-bedroom, making it the 17th most expensive city in the country for rental costs.
Tax System In Rhode Island
The ocean state boasts a progressive tax system with rates ranging from 3.75% to 5.99%. Rhode Island has both sales tax and statewide income tax.
The maximum marginal rate applies to taxpayers earning more than $150,550 annually.
Check the Rhode Island tax comparison table here.
|Individual Income Tax Rate||5.99%|
|State and Local Tax Burden||10.8%|
|Top Corporate Income Tax Rate||7%|
|State Sales Tax Rate||7%|
|Property Taxes paid as a Percentage of owner-occupied housing value||1.53%|
Are taxes high in Rhode Island?
Yes. RI is ranked among the states with the highest effective tax burdens. It has the second-highest sales tax rate among New England states.
What taxes do you pay in Rhode Island?
Since Rhode Island has a progressive tax system, you have to pay taxes based on your earnings.
|$0 – $66,200||3.75%|
|$66,200 – $150,550||4.75%|
Transport Cost & Quality in Rhode Island
Transportation prices leave an impact on the cost of living in Rhode Island. The public transportation facility in the ocean state is managed by RIPTA.
It offers cheap and affordable bus rides to facilitate local travelers. The cherry on top is that you can also take a bus to explore the best beaches in RI.
Compare the Rhode Island transportation prices here.
|City in Rhode Island||Local Transport Ticket||Monthly Pass|
Does Rhode Island have good public transportation?
Yes. Rhode Island Public Transit Authority offers low-cost public transportation facilities, primarily buses, throughout the state. The average cost of a bus ride in RI is around $2 per ride. You can buy a $ 6-day pass for unlimited, statewide travel.
Rhode Island Energy Prices & Fuels Efficiency
The RI state consumed less energy on a per capita basis as compared to other states.
Moreover, it is counted amongst the five states that use the least amount of energy per dollar.
|City in Rhode Island||Gas/ Petrol, 1L or 0.26 gal|
What is the current price of heating oil in Rhode Island?
At present, the price at which you can buy heating oil in Rhode Island is $5.281 USD per gallon.
What is the average price of gas in Rhode Island?
Rhode Island’s gas price is around 6 cents lower than the country’s average. The average price of gas in RI is $4.229 on a regular basis and $4.601 in mid-grade.
Miscellaneous Cost in Rhode Island
The miscellaneous cost of living in Rhode Island generally involves the dollars you spend on cinema, shopping, gym memberships, and other leisure activities.
This cost varies from one state to another as different kinds of stuff have different prices in a state.
Here is the table including the cost of various miscellaneous items in Rhode Island.
|City in Rhode Island||Gym membership||Cinema Ticket||Haircut||Brand Jeans|
If you’re a party bird, there are many fun things to do in Rhode Island. The cherry on top is that you don’t need to spend a fortune for enjoyment here.
Cost Of Living In Rhode Island And Providence FAQs
What is a livable salary in Rhode Island?
The living wage in Rhode Island is around $83,942 per year. The federal minimum wage in RI is $7.25 per hour while the state law sets the minimum wage rate at $12.25 per hour in 2022. The average annual salary in Rhode Island is $57,145 and $49,421 is the 25th percentile.
Is it cheaper to live in Connecticut or Rhode Island?
Living in Connecticut is cheaper as compared to Rhode Island. A livable salary in Hartford, Connecticut is $4,998 while you need $5,200 to maintain the same standard of living in Providence, RI. However, the cost of living in both states varies from one city to another. For instance, the cost of living in New London, CT is 3.2% higher than in Narragansett, RI.
Is it cheaper to live in Rhode Island or Florida?
Living in Florida is undoubtedly cheaper than in Rhode Island. The ocean state is 19.3% more expensive than Florida. The living wage in Rhode Island is $83, 942 and the median price of homes is currently listed as $331, 458.
Wrapping It Up!
That’s all about the cost of living in Rhode Island. We hope this comprehensive guide helps you decide whether moving to RI is a worthy decision or not.
The ocean state is around 22% more expensive than the country’s average; hence, you must need a good financial backup or a stable job to make a move.
However, the high cost of living in RI is absolutely worth it as this state offers excellent healthcare and high-quality living.
Moreover, there are a variety of things to do in the ocean state that will keep you occupied. So, what keeps you waiting for now? Because the best time to visit Rhode Island is NOW…!