| Index | Providence | Rhode Island | National |
| Cost of living | 109 | 110 | 100 |
| Groceries | 103 | 103 | 100 |
| Health care | 104 | 103 | 100 |
| Housing | 117 | 124 | 100 |
| Transportation | 105 | 104 | 100 |
| Utilities | 105 | 106 | 100 |
| Lifestyle & Entertainment | 109 | 107 | 100 |
| Household Items | 106 | 105 | 100 |
| Education & Childcare | 112 | 106 | 100 |
The cost of living in Providence affects the quality of life one can afford in this new location. It allows people to assess whether they can maintain their preferred lifestyle, including housing, leisure activities and dining options. Your total monthly expenditures can varry depending on the area, as well as many other factors. The cost of living in Providence is 109, which is 9% higher than the national average. Knowledge of the cost of living can help individuals make informed decisions about retirement savings, investments, and financial goals.
The cost of living in Providence closely mirrors the national average in comparison to other cities nationwide. Essential items such as groceries, houshold expenses, health care and utilities are priced at a level consistent with similar urban areas. This means that residents of Providence can anticipate that their daily expenses will remain reasonably in line with those of an average city, contributing to a manageable cost of living.
Locals have the inside scoop on their city. So, we polled 8 residents in Providence to learn how they view the cost of living. We asked how they felt about the cost of living in their area, and if they thought that prices were increasing, decreasing or staying the same. The verdict? 38% find it reasonable with decreasing prices, but 63% think it's quite pricey, with prices that continue to rise.
Is Providence an affordable place to live? It's a good question and one that you might want to ask when considering any new city, as affordability can play a huge role in the decision making process. The cost of living index (which we covered above), as well as housing costs and income levels play a vital role in determining the affordability of an area. The median home price in Providence is 21.2% higher than the national average, while the average monthly rent prices are 6.3% higher than average. The affordability of any location can also be influenced by median income levels. Providence has a median household income of $73,845, which is 9.2% lower than the national average.
Utilities: Similar to the prices of any goods or services, utility expenses can fluctuate widely, contingent on variables such as climate, available energy sources, geographical location and state regulations. Costs associated with electricity, water, heating, and waste disposal can differ in magnitude, depending on the specific city or state. In Providence, the utilities index registers at 5.1% higher than the national average.
Taxes: Cities that impose higher taxes, including sales and income taxes, can contribute to an escalated cost of living. The added expense of taxes on everyday goods like clothing and food naturally results in higher overall costs. Similarly, a higher income tax rate can further elevate the cost of living. In Providence, the general sales tax rate starts at 7%, and income tax rates begin at 3.75%.
Transportation: In areas where public transportation is scarce or unavailable, residents often find themselves compelled to own and upkeep vehicles, thereby increasing the overall cost of living. Monthly expenses encompass fuel, insurance, routine maintenance and potentially lease or financing payments. In Providence, the transportation index is 4.8% higher than the national average.
The Providence cost of living estimates above use a normalized U.S. average of 100 as the baseline for comparison. Housing values incorporate local home price and rental information from the U.S. Census, while all other estimates are AI-assisted and modeled using expected everyday expenses, local market trends, climate, and transportation-related cost pressures. The results are intended for practical city-to-city comparisons.
| Cost of living index | |
| Groceries index | |
| Health care index | |
| Housing index | |
| Transportation index | |
| Utilities index | |
| Lifestyle index | |
| Household index | |
| Educare index |
| Median Income | Per Year | Per Month | Max Budget (28% DTI) | Max Budget (36% DTI) |
| Owners | $117,818 | $9,818 | $2,749 | $3,535 |
| Renters | $52,273 | $4,356 | $1,220 | $1,568 |
| State | General Sales Tax | With Max Surtax |
| Rhode Island | 7% | 7% |
| State | Income Tax (Low) | Income Tax (High) |
| Rhode Island | 3.75% | 5.99% |
| City | Population | Cost of Living Index | National Avg. |
| Clayville, RI | 83 | 105 | 4.9% |
| Central Falls, RI | 20,175 | 103 | 3.0% |
| Woonsocket, RI | 42,718 | 105 | 4.7% |
| Pawtucket, RI | 74,311 | 108 | 7.7% |
| Pascoag, RI | 5,074 | 109 | 9.1% |
| Providence, RI | 185,554 | 109 | 9.0% |
| City | Population | Cost of Living Index | National Avg. |
| Sioux Falls, SD | 185,812 | 99 | 1.0% |
| Santa Rosa, CA | 185,280 | 163 | 62.9% |
| Ontario, CA | 185,250 | 143 | 43.4% |
| Newport News, VA | 184,134 | 105 | 5.3% |
| Chattanooga, TN | 187,734 | 97 | 3.5% |
| Providence, RI | 185,554 | 109 | 9.0% |
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