Before you decide to relocate to Rhode Island, it’s important to research the exact cost of living around the state. And that’s what we’re going to help you do.
These are the places in Rhode Island that cost a pretty penny — the most expensive cities in the state.
We used Saturday Night Science to compare the 2018-2022 American Community Survey on cost of living for the 15 places in Rhode Island with more than 6,000 people.
After we saved up for months and could finally afford it, we landed on this list of the ten most expensive cities in Rhode Island for 2024.
Table Of Contents: Top Ten | Methodology | Summary | Table
The 10 Most Expensive Places To Live In Rhode Island For 2024
What’s the most expensive place to live in Rhode Island? Well, HomeSnacks crunched the numbers and discovered that Newport is the most expensive place to live in Rhode Island.
Central Falls (the cheapest place to live in Rhode Island) can show these guys how to live on a budget in the coming years. Read on for how these places had costs rise faster than inflation.
And if you already knew these places were expensive, check out some more reading about Rhode Island and the most expensive cities in the country:
The 10 Most Expensive Places To Live In Rhode Island For 2024
/10
Population: 25,087
Cost Of Living Index: 133
Median Income: $81,330
Average Home Price: $827,429
Home Price To Income Ratio: 10.2x
More on Newport: Data | Crime | Cost Of Living | Real Estate
The overall cost of living in Newport is 133. The median income in Newport comes in at $81,330 and the average home value is $827,429 for 2024.
/10
Population: 11,644
Cost Of Living Index: 124
Median Income: $90,659
Average Home Price: $565,274
Home Price To Income Ratio: 6.2x
More on Newport East: Data | Cost Of Living | Real Estate
The overall cost of living in Newport East is 124. The median income in Newport East comes in at $90,659 and the average home value is $565,274 for 2024.
/10
Population: 6,560
Cost Of Living Index: 124
Median Income: $108,056
Average Home Price: $570,961
Home Price To Income Ratio: 5.3x
More on Kingston: Data | Cost Of Living | Real Estate
The overall cost of living in Kingston is 124. The median income in Kingston comes in at $108,056 and the average home value is $570,961 for 2024.
/10
Population: 18,272
Cost Of Living Index: 121
Median Income: $86,343
Average Home Price: $529,378
Home Price To Income Ratio: 6.1x
More on Westerly: Data | Crime | Cost Of Living | Real Estate
The overall cost of living in Westerly is 121. The median income in Westerly comes in at $86,343 and the average home value is $529,378 for 2024.
/10
Population: 8,777
Cost Of Living Index: 118
Median Income: $92,367
Average Home Price: $445,455
Home Price To Income Ratio: 4.8x
More on Greenville: Data | Cost Of Living | Real Estate
The overall cost of living in Greenville is 118. The median income in Greenville comes in at $92,367 and the average home value is $445,455 for 2024.
/10
Population: 8,866
Cost Of Living Index: 115
Median Income: $120,365
Average Home Price: $436,265
Home Price To Income Ratio: 3.6x
More on Cumberland Hill: Data | Cost Of Living | Real Estate
The overall cost of living in Cumberland Hill is 115. The median income in Cumberland Hill comes in at $120,365 and the average home value is $436,265 for 2024.
/10
Population: 82,783
Cost Of Living Index: 113
Median Income: $81,009
Average Home Price: $364,360
Home Price To Income Ratio: 4.5x
More on Warwick: Data | Crime | Cost Of Living | Real Estate
The overall cost of living in Warwick is 113. The median income in Warwick comes in at $81,009 and the average home value is $364,360 for 2024.
/10
Population: 8,101
Cost Of Living Index: 113
Median Income: $86,102
Average Home Price: $477,304
Home Price To Income Ratio: 5.5x
More on Tiverton: Data | Crime | Cost Of Living | Real Estate
The overall cost of living in Tiverton is 113. The median income in Tiverton comes in at $86,102 and the average home value is $477,304 for 2024.
/10
Population: 82,691
Cost Of Living Index: 111
Median Income: $83,123
Average Home Price: $392,034
Home Price To Income Ratio: 4.7x
More on Cranston: Data | Crime | Cost Of Living | Real Estate
The overall cost of living in Cranston is 111. The median income in Cranston comes in at $83,123 and the average home value is $392,034 for 2024.
/10
Population: 12,072
Cost Of Living Index: 109
Median Income: $93,901
Average Home Price: $410,692
Home Price To Income Ratio: 4.4x
More on Valley Falls: Data | Cost Of Living | Real Estate
The overall cost of living in Valley Falls is 109. The median income in Valley Falls comes in at $93,901 and the average home value is $410,692 for 2024.
Methodology: How We Determined The Most Expensive Places To Live In The Ocean State For 2024
The two most important things to think about when it comes to being able to afford a city in Rhode Island are:
- How much money do I make?
- How much do I have to spend to live there?
You need to understand your costs in the context of how much money you make.
For example, if the median household earns $100,000 and spends $40,000 on housing, it’s actually cheaper to live there than a place with a median income of $50,000 and housing costs of $21,000. You might spend more on housing, but you have more money overall to play with.
With that example in mind, we derived several statistics from the latest Census American Community Survey 2018-2022 around incomes and costs. They are:
- Overall Cost Of Living Index
- Median Home Price / Median Income (lower is better)
- Median Income / Median Rent (Higher is better)
- Median Home Price
You can then compare these metrics in each of the places in Rhode Island to figure out which is the most expensive.
You are left with a “Cost of Living Index” by taking the average rank of each of these metrics for each city.
So we used that cost of living index to rank all of the 15 places in Rhode Island that have more than 6,000 people.
The place with the highest cost of living in Rhode Island according to the data is Newport. We updated this article for 2024. This article is our tenth time ranking the most expensive places to live in Rhode Island.
Summary: Taking A Chunk Out Of Your Paycheck In Rhode Island For 2024
Well, there you have it, the places in Rhode Island that have the highest cost of living, with Newport ranking as the most expensive city in the Ocean State.
The most expensive cities in Rhode Island are Newport, Newport East, Kingston, Westerly, Greenville, Cumberland Hill, Warwick, Tiverton, Cranston, and Valley Falls.
Here’s a look at the most affordable cities in Rhode Island according to the data:
- Central Falls
- Woonsocket
- Pawtucket
For more Rhode Island reading, check out:
- Best Places To Live In Rhode Island
- Cheapest Places To Live In Rhode Island
- Most Dangerous Cities In Rhode Island
- Best Places To Raise A Family In Rhode Island
- Safest Places In Rhode Island
- Worst Places To Live In Rhode Island
Most Expensive Cities In Rhode Island
| Rank | City | Cost Of Living | Population | Median Income | Average Home Price | Home/Income Ratio |
|---|---|---|---|---|---|---|
| 1 | Newport | 133 | 25,087 | $81,330 | $827,429 | 10.2x |
| 2 | Newport East | 124 | 11,644 | $90,659 | $565,274 | 6.2x |
| 3 | Kingston | 124 | 6,560 | $108,056 | $570,961 | 5.3x |
| 4 | Westerly | 121 | 18,272 | $86,343 | $529,378 | 6.1x |
| 5 | Greenville | 118 | 8,777 | $92,367 | $445,455 | 4.8x |
| 6 | Cumberland Hill | 115 | 8,866 | $120,365 | $436,265 | 3.6x |
| 7 | Warwick | 113 | 82,783 | $81,009 | $364,360 | 4.5x |
| 8 | Tiverton | 113 | 8,101 | $86,102 | $477,304 | 5.5x |
| 9 | Cranston | 111 | 82,691 | $83,123 | $392,034 | 4.7x |
| 10 | Valley Falls | 109 | 12,072 | $93,901 | $410,692 | 4.4x |
| 11 | East Providence | 108 | 47,012 | $71,736 | $381,790 | 5.3x |
| 12 | Providence | 106 | 189,715 | $61,365 | $365,946 | 6.0x |
| 13 | Pawtucket | 106 | 75,176 | $62,799 | $343,911 | 5.5x |
| 14 | Woonsocket | 105 | 43,029 | $54,398 | $338,485 | 6.2x |
| 15 | Central Falls | 105 | 22,359 | $43,092 | $313,807 | 7.3x |