Everything else equal, I think we can all agree that living in a cheaper place is better than living in a more expensive place.
I’d much rather pay $500/mo in rent than $1,000. And I’d rather pay $2 for coffee than $5.
And while every neighbhorhood in Providence might be more expensive than living in rural Rhode Island, there are certain neighborhoods that are definitely cheaper.
So what exactly are those Providence neighborhoods where your dollar goes a little further — you can get that one bedroom instead of the studio?
Instead of relying on public opinion and speculation, we wanted to get the facts straight and find out which neighborhoods in Providence are the cheapest.
Here are the cheapest neighborhoods in Providence for 2020:
What’s the cheapest neighborhood to live in Providence for 2020? According to the most recent census data, Manton looks to be the cheaptest Providence neighborhood to live in.
At this point we should make it clear that you do get what you pay for — some of these neighborhoods might not be the best places to live in Providence. You could be sacrificing location or crime rates in return for more space and cheaper groceries.
Read on to see how we determined the places around Providence that deserve a little bragging rights or maybe you’re interested in the worst neighborhoods in Providence.
Once you’re done, you can look at the bottom of the story for a complete chart of every neighborhood we looked at from cheapest to most expensive.
For more Rhode Island reading, check out:
- Best Places To Live In Rhode Island
- Cheapest Places To Live In Rhode Island
- Cheapest Cities To Live In America
- Cheapest States To Live In America
How We Determined The Cheapest Providence Hoods In 2020
In order to rank the cheapest places to live in Providence, we had to determine what criteria defines “cheap”.
Using census and extrapolated BLS data, we arrived at the following set of criteria:
- Overall Cost Of Living
- Rent To Income Ratio
- Median Home Value To Income Ratio
We then ranked each neighborhood with scores from 1 to 24 in each category, where 1 was the cheapest.
Next, we averaged the rankings for each neighborhood to create a cheap neighborhood index.
And finally, we crowned the neighborhood with the lowest cheapest neighborhood index the “Cheapest City Neighborhood In Providence.” We’re lookin’ at you, Manton.
Read on below to learn more about what it’s like to live in the cheapest places Providence. Or skip to the end to see the list of all the neighborhoods in the city from cheapest to most expensive.
The 10 Cheapest Neighborhoods To Live In Providence For 2020
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Population: 4,362
Cost Of Living Index: 103 (6th cheapest)
Home Value To Income Ratio: 2.7 (3rd cheapest)
Rent To Income Ratio: 0.016 (5th cheapest)
More on Manton: Homes For Sale | Data
The median income in Manton comes in at $47,800 and the median home value is $127,267 for 2020.
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Population: 9,950
Cost Of Living Index: 107 (12th cheapest)
Home Value To Income Ratio: 2.4 (1st cheapest)
Rent To Income Ratio: 0.012 (2nd cheapest)
More on Mount Pleasant: Homes For Sale | Data
Mount Pleasant is a working-class residential neighborhood situated in the northwest of the city of Providence, Rhode Island. It is bordered by Olneyville to the south, Valley to the east, Manton to the west, and Elmhurst to the northeast, and the Town of North Providence to the north. The major street boundaries that define Mount Pleasant are Academy Avenue to the east, Smith Street to the northeast, Atwells Avenue to the south, and portions of Bullock, Chalkstone, Mera, and Rushmore Avenues to the west.
The median income in Mount Pleasant comes in at $67,089 and the median home value is $158,945 for 2020.
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Population: 2,944
Cost Of Living Index: 107 (12th cheapest)
Home Value To Income Ratio: 2.5 (2nd cheapest)
Rent To Income Ratio: 0.016 (7th cheapest)
More on Reservoir: Homes For Sale | Data
Reservoir is a neighborhood in southwest Providence, Rhode Island. It is bounded to the north and east by the Amtrak Northeast Corridor railroad tracks, and to the west and south by the municipal boundary with Cranston. The population of the neighborhood, as of 2000, was 2,963.
The median income in Reservoir comes in at $57,307 and the median home value is $145,167 for 2020.
/10
Population: 6,442
Cost Of Living Index: 101 (4th cheapest)
Home Value To Income Ratio: 3.3 (7th cheapest)
Rent To Income Ratio: 0.021 (12th cheapest)
More on Hartford: Homes For Sale | Data
The median income in Hartford comes in at $34,186 and the median home value is $111,962 for 2020.
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Population: 10,503
Cost Of Living Index: 110 (17th cheapest)
Home Value To Income Ratio: 3.1 (5th cheapest)
Rent To Income Ratio: 0.012 (1st cheapest)
More on Elmhurst: Homes For Sale | Data
Elmhurst is a primarily residential neighborhood in the northwest quadrant of Providence, Rhode Island. Douglas Avenue and Admiral Street bound Elmhurst to the northeast, Academy Avenue and Smith Street bound it to the west, while Chalkstone Avenue marks the southern border.
The median income in Elmhurst comes in at $61,335 and the median home value is $190,236 for 2020.
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Population: 17,375
Cost Of Living Index: 101 (4th cheapest)
Home Value To Income Ratio: 3.0 (4th cheapest)
Rent To Income Ratio: 0.024 (17th cheapest)
More on West End: Homes For Sale | Data
The median income in West End comes in at $33,856 and the median home value is $100,407 for 2020.
/10
Population: 6,312
Cost Of Living Index: 104 (9th cheapest)
Home Value To Income Ratio: 3.4 (9th cheapest)
Rent To Income Ratio: 0.02 (11th cheapest)
More on Charles: Homes For Sale | Data
The median income in Charles comes in at $38,446 and the median home value is $130,200 for 2020.
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Population: 10,557
Cost Of Living Index: 100 (2nd cheapest)
Home Value To Income Ratio: 3.1 (6th cheapest)
Rent To Income Ratio: 0.026 (22nd cheapest)
More on Elmwood: Homes For Sale | Data
The median income in Elmwood comes in at $31,619 and the median home value is $99,289 for 2020.
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Population: 2,308
Cost Of Living Index: 108 (14th cheapest)
Home Value To Income Ratio: 3.3 (8th cheapest)
Rent To Income Ratio: 0.019 (9th cheapest)
More on South Elmwood: Homes For Sale | Data
South Elmwood is the southernmost neighborhood in Providence, Rhode Island, and is home to Roger Williams Park and the Roger Williams Park Zoo. The neighborhood is bounded to the northwest by Interstate 95, to the northeast by Broad Street and Verndale Avenue, and on all other sides by the municipal boundary with Cranston. The population of the neighborhood, as of 2000, was 2,184.
The median income in South Elmwood comes in at $47,276 and the median home value is $155,550 for 2020.
/10
Population: 12,204
Cost Of Living Index: 104 (9th cheapest)
Home Value To Income Ratio: 3.5 (11th cheapest)
Rent To Income Ratio: 0.022 (14th cheapest)
More on Wanskuck: Homes For Sale | Data
The median income in Wanskuck comes in at $36,383 and the median home value is $128,000 for 2020.
Summing Up The Cheapest Places In Providence
If you’re measuring the neighborhoods in Providence where prices are low and it’s cheap to live, this is an accurate list.
As we mentioned earlier, the neighborhoods in Providence aren’t all cheap. Downtown takes the title of the most expensive neighborhood to live in Providence.
We ranked the neighborhoods from cheapest to most expensive in the chart below.
For more Rhode Island reading, check out:
- Best Places To Raise A Family In Rhode Island
- Best Places To Retire In Rhode Island
- Richest Cities In Rhode Island
- Safest Places In Rhode Island
- Worst Places To Live In Rhode Island
Detailed List Of The Cheapest Neighborhoods To Live In Providence For 2020
| Rank | Neighborhood | Cost Of Living Index |
|---|---|---|
| 1 | Manton | 103 |
| 2 | Mount Pleasant | 107 |
| 3 | Reservoir | 107 |
| 4 | Hartford | 101 |
| 5 | Elmhurst | 110 |
| 6 | West End | 101 |
| 7 | Charles | 104 |
| 8 | Elmwood | 100 |
| 9 | South Elmwood | 108 |
| 10 | Wanskuck | 104 |
| 11 | Mount Hope | 111 |
| 12 | Washington Park | 105 |
| 13 | Hope | 128 |
| 14 | Smith Hill | 103 |
| 15 | Silverlake | 104 |
| 16 | Blackstone | 144 |
| 17 | Lower South Providence | 102 |
| 18 | Olneyville | 99 |
| 19 | Valley | 109 |
| 20 | Federal Hill | 109 |
| 21 | College Hill | 148 |
| 22 | Wayland | 156 |
| 23 | Fox Point | 130 |
| 24 | Downtown | 117 |
