Cost Of Living in Wakefield-Peacedale, RI

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F

20%

Overall NAT. AVG.

15%

Goods & Services NAT. AVG.

45%

Housing NAT. AVG.

Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; 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	Wakefield-Peacedale	Rhode Island	National
Cost of living	120	112	100
Goods & Services	115	115	100
Groceries	102	102	100
Health care	108	108	100
Housing	145	120	100
Transportation	93	93	100
Utilities	112	112	100

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Cost Of Living Quick Facts

The cost of living in Wakefield-Peacedale is 7% higher than the Rhode Island average
The cost of living in Wakefield-Peacedale is 20% higher than the national average
Wakefield-Peacedale housing is 45% higher than the national average
Rhode Island general sales tax is 37% higher than the national average
Rhode Island state income tax is 44% 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	$93,718	$7,810	$2,187	$2,812
Renters	$30,375	$2,531	$709	$911

The affordability of the housing market in Wakefield-Peacedale, RI as well as the overall cost of living can be predicted by what percent of the monthly income is spent on housing related costs. This is konwn as the debt-to-income ratio (DTI). The overall rule of thumb is that no more than 28% of your gross income should be spent on the overall costs related to housing and no more than 36% of gross income on all expenses and debts. Among Wakefield-Peacedale homeowners, the median income is $93,718. This indicates that a monthly maximum of $2,187 should be spent by homeowners on all housing related costs. Renters have a median income of $30,375. This indicates that renters would have a maximum of $709 for their rent related monthly 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	Wakefield-Peacedale	National avg.	Difference
Haircut	$31.50	$24.26	29.8%
Beauty Salon	$49.92	$45.56	9.6%
Toothpaste	$3.46	$3.70	6.5%
Shampoo	$1.43	$1.28	11.4%
Movie	$14.37	$12.13	18.4%
Bowling	$22.72	$18.00	26.2%

Groceries

Item	Wakefield-Peacedale	National avg.	Difference
Ground Beef	$5.85	$5.84	0.2%
Fried Chicken	$1.43	$1.57	8.9%
Milk	$4.74	$4.67	1.4%
Potatoes	$5.00	$4.93	1.3%
Pizza	$11.59	$12.09	4.1%
Beer	$10.74	$10.41	3.1%

Health Care

Item	Wakefield-Peacedale	National avg.	Difference
Optometrist	$104.45	$125.68	16.9%
Doctor	$169.83	$135.78	25.1%
Dentist	$130.28	$113.29	15.0%
Ibuprofen	$11.11	$10.65	4.3%
Lipitor	$369.37	$468.60	21.2%

Housing

Item	Wakefield-Peacedale	National avg.	Difference
Home Price	$298,800.00	$184,700.00	61.8%
Avg. Mortgage Payment	$2,379.56	$2,346.69	1.4%
Apartment Rent	$1,017.00	$949.00	7.2%

Transportation

Item	Wakefield-Peacedale	National avg.	Difference
Gasoline	$3.38	$3.46	2.5%
Tire Balancing	$48.20	$59.92	19.6%

Utilities

Item	Wakefield-Peacedale	National avg.	Difference
All Electricity	$230.62	$193.99	18.9%
Phone	$195.18	$192.25	1.5%

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.
Hopkinton, RI	612	103	2.6%
Bradford, RI	1,265	111	11.5%
Ashaway, RI	1,444	113	12.7%
Tiverton, RI	7,996	116	16.1%
Wyoming, RI	233	117	17.0%
Wakefield-Peacedale, RI	8,904	120	19.7%

Cities with similar population

City	Population	Cost of Living Index	National Avg.
Coaticook, QC	8,901	n/a
Earlimart, CA	8,908	106	5.7%
Orosi, CA	8,908	108	7.5%
Franklin, KY	8,909	89	11.3%
Monmouth Junction, NJ	8,911	141	41.5%
Wakefield-Peacedale, RI	8,904	120	19.7%