Providence, Rhode Island Cost Of Living

C-

7%

Overall NAT. AVG.

15%

Goods & Services NAT. AVG.

5%

Housing NAT. AVG.

Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2023; this is the most current data available.

The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
Index	Providence	Rhode Island	National
Cost of living	107	114	100
Goods & Services	115	115	100
Groceries	98	98	100
Health care	103	103	100
Housing	95	120	100
Transportation	109	109	100
Utilities	125	125	100

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Cost Of Living Quick Facts

The cost of living in Providence is 7% lower than the Rhode Island average
The cost of living in Providence is 7% higher than the national average
Providence housing is 5% lower than the national average
Rhode Island general sales tax is 37% higher than the national average
Rhode Island state income tax is 66% higher than the national average

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Price difference in compared to

Cost of living index
Goods & Services index
Groceries index
Health care index
Housing index
Transportation index
Utilities index

Median Income & Debt-To-Income Ratio

Median Income	Per Year	Per Month	Max Budget (28% DTI)	Max Budget (36% DTI)
Owners	$80,235	$6,686	$1,872	$2,407
Renters	$35,234	$2,936	$822	$1,057

The percent of monthly income spent on housing can be a good indicator of the affordability of housing in Providence, RI, as well as the overall cost of living. As a general rule of thumb, the debt-to-income ratio (DTI) for homeowners or renters should be not more than 28 percent of gross income to be spent on housing related costs and not more than 36 percent of income on all expenses, including debts. The median income for Providence homeowners, is $80,235. This would allow for a maximum of $1,872 per month to be spent on housing costs. For renters, the median monthly income is $35,234 which would result in a maximum of $822 to be spent on rental costs.

Rhode Island Sales Tax

State	General Sales Tax	With Max Surtax
Rhode Island	7%	7%

Rhode Island Income Tax

State	Income Tax (Low)	Income Tax (High)
Rhode Island	3.75%	5.99%

Goods & Services

Item	Providence	National avg.	Difference
Haircut	$26.33	$22.08	19.3%
Beauty Salon	$51.00	$42.88	18.9%
Toothpaste	$2.37	$2.57	7.6%
Shampoo	$0.99	$1.15	14.2%
Movie	$14.00	$11.51	21.7%
Bowling	$20.67	$16.62	24.4%

Groceries

Item	Providence	National avg.	Difference
Ground Beef	$4.14	$4.98	16.9%
Fried Chicken	$1.68	$1.58	6.0%
Milk	$2.42	$2.42	0.2%
Potatoes	$3.67	$3.54	3.9%
Pizza	$10.92	$11.49	4.9%
Beer	$10.66	$10.04	6.1%

Health Care

Item	Providence	National avg.	Difference
Optometrist	$120.06	$117.76	2.0%
Doctor	$143.54	$125.34	14.5%
Dentist	$117.33	$107.52	9.1%
Ibuprofen	$9.79	$10.26	4.6%
Lipitor	$337.39	$459.24	26.5%

Housing

Item	Providence	National avg.	Difference
Home Price	$225,200.00	$184,700.00	21.9%
Avg. Mortgage Payment	$1,801.43	$1,697.41	6.1%
Apartment Rent	$1,015.00	$949.00	7.0%

Transportation

Item	Providence	National avg.	Difference
Gasoline	$3.98	$3.85	3.4%
Tire Balancing	$69.39	$57.01	21.7%

Utilities

Item	Providence	National avg.	Difference
All Electricity	$251.32	$177.27	41.8%
Phone	$193.25	$189.62	1.9%

Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

Nearby cities with low cost of living

City	Population	Cost of Living Index	National Avg.
Central Falls, RI	19,437	103	3.3%
Woonsocket, RI	41,616	104	3.7%
Harrisville, RI	1,284	105	5.4%
Pawtucket, RI	71,821	105	5.5%
Pascoag, RI	4,911	109	9.3%
Providence, RI	179,472	107	6.6%

Cities with similar population

City	Population	Cost of Living Index	National Avg.
Newport News, VA	179,582	101	1.0%
Santa Rosa, CA	178,391	150	50.2%
Ontario, CA	178,194	127	26.9%
Rancho Cucamonga, CA	178,060	143	43.2%
Sioux Falls, SD	180,927	89	11.4%
Providence, RI	179,472	107	6.6%

Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2023; this is the most current data available.