Located in the Northeastern United States, Rhode Island is one of the idyllic destinations to settle in. Despite being the smallest US state, it packs a wallop when it comes to scenic beauty and history. This destination boasts tens of miles of shoreline, each foot filled with stunning beauty.
But good things come at a price and RI is no different. The average cost of living in Rhode Island is around 22% higher than the national average, making it one of the most expensive states in the country to live in.
Looking forward to moving to Rhode Island? Here is the comprehensive guide that will walk you through the cost of living in Ocean State city-wise.
Is Rhode Island affordable?
The cost of living in RI is way more than the national average, making it an expensive US state to relocate. The famous city of Providence in RI looks similar to other New England cities like New Haven. Its cost of living is 8% higher than the country’s average.
However, the final cost of living depends on the city you are moving to. 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 in the East Coast as compared to other cities in this US state.
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.
However, you need $32,448 per year to enjoy a living wage and comfortable lifestyle in Florida, making it a cheaper option as compared to the RI. However, the housing price in Florida is slightly more than the Rhode Island, which might be a matter of concern for those looking to buy a property.
Rhode Island Living Cost
Looking for the best places to live in Rhode Island? 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. Scroll down the page to know more.
Groceries & Markets in Rhode Island
According to the Best Places, the cost of groceries in Rhode Island is 106.5, which is slightly higher than the national average. The grocery price in Providence, RI is 8% higher than the country’s average. Check the Rhode Island grocery comparison table here.
Does Rhode Island have a high cost of living?
Yes, absolutely. According to Best Places, the average cost of living index in Rhode Island is 110.6 while the national cost of living index is 100. It implies that living in this beautiful destination is around 22% more expensive than the national average.
Does Rhode Island Have Good Food?
Rhode Island has no dearth of delicious items, like Del’s Lemonade, clam cakes, and more. It is referred to as the Foodie state and Providence is a foodie city where you will find plenty of mouthwatering cuisines. No trip to Rhode Island is complete without stopping for a bite at the famous restaurants.
|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|
What food is Rhode Island is famous for?
Rhode Island is famous for plenty of food items, like Clam Cakes, Stuffies, Pizza Strips, Coffee Milk, Hot Wieners, Rhode Island-style Calamari, Rhode Island Clam Chowder, and more.
How much are 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, 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.
Does Rhode Island have good healthcare?
The ocean state is ranked the 3rd best state for healthcare in the US after Minnesota and Massachusetts, according to Wallet Hub. 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 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 the ocean state 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 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 expenses are 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
Rhode Island cost of living greatly depends on the house rental costs. According to Zillow, the average rent in the ocean 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||Average rent for 1-bedroom||Average rent for 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.
Rhode Island Tax System
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 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.
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 facility, primarily buses, throughout the state.
How much is a bus RI?
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 & Fuels Efficiency
Learning about energy and fuel price is one of the important things to do in Rhode Island before making a move. The ocean 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.
Keep scrolling to find the Rhode Island energy and fuel comparison here.
|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
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|
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 Rhoden 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.
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 is a variety of things to do in the ocean state that will keep you occupied. So, what keeps you waiting for now? Determine the best time to visit Rhode Island, book your tickets, and start packing your stuff to make a successful move into this beautiful US state.