A wise sage once said:
“She works hard for the money…”
And these places in Rhode Island definitely treat her right.
You see, these are the cities and places in Rhode Island where the cost of living is the lowest; where your salary goes the furthest. And when if you have the luxury of choosing where to live in the Ocean State, then the cost of living should play a role in the decision.
So we did the hard for you and crunched the numbers to find the cities that have lower food, energy, and housing costs. After the dust settled on our analysis of the 20 largest places in Rhode Island, we were left with this set of the best value for your money.
So where is the cheapest place to live in Rhode Island? That would be Warwick.
So listen up Narragansett Pier (the most expensive place in Rhode Island) as we explain how we created this ranking. You could learn some things from the rest of the state.
And if you already knew these places were cheap, check out some more reading about Rhode Island and the cheapest places in the country:
How We Determined The Most Affordable Places To Live In The Ocean State For 2019
The two most important things to think about when it comes to being able to afford if you can live comes down to:
- How much do money do I make?
- How much do I have 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 2013-2017 around incomes and costs. They are:
- Median Home Price / Median Income (lower is better)
- Median Income / Median Rent (Higher is better)
- Median Home Price
We added simply median home price because high home prices generally correlate with higher expenses for all costs related to homes (heating, electricity, etc).
You can then compare these metrics in each of the places in Rhode Island to figure out which is the least expensive.
What you are left with is 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 in order to rank all of the 20 places in Rhode Island that have more than 1,000 people.
The place with the lowest cost of living in Rhode Island according to the data is Warwick.
The 10 Cheapest Places To Live In Rhode Island For 2019
The median income in Warwick comes in at $71,191 and the median home value is $199,000 for 2019.
The median income in Pascoag comes in at $73,289 and the median home value is $215,100 for 2019.
The median income in Valley Falls comes in at $67,364 and the median home value is $219,100 for 2019.
The median income in Cumberland Hill comes in at $83,168 and the median home value is $248,200 for 2019.
The median income in Hope Valley comes in at $88,750 and the median home value is $232,800 for 2019.
The median income in Bradford comes in at $71,146 and the median home value is $226,600 for 2019.
Cranston, once known as Pawtuxet, is a city in the U.S. state of Rhode Island. With a population of 80,529 at the 2010 census, it is the third largest city in the state. The center of population of Rhode Island is located in Cranston. Cranston is a part of the Providence metropolitan area.
The median income in Cranston comes in at $64,282 and the median home value is $219,900 for 2019.
The median income in Greenville comes in at $77,219 and the median home value is $261,000 for 2019.
East Providence is a city in Providence County, Rhode Island, United States. The population was 47,037 at the 2010 census, making it the fifth largest city in the state.
The median income in East Providence comes in at $54,707 and the median home value is $208,000 for 2019.
Tiverton is a town in Newport County, Rhode Island, United States. The population was 15,780 at the 2010 census.
The median income in Tiverton comes in at $71,615 and the median home value is $245,800 for 2019.
There You Have It Mr. Or Mrs. Rhode Island Cheapskate
If you’re looking at the cost of living numbers in Rhode Island, this is an accurate list of the most affordable places to live in rhode island for 2019.
Here’s a look at the most expensive cities in Rhode Island according to the data:
- Narragansett Pier
- Newport East
For more Rhode Island reading, check out:
- These Are The 10 Best Places To Retire In Rhode Island
- 10 Safest Places In Rhode Island
- 10 Best Places To Raise A Family In Rhode Island