Cumberland Hill, Greenville, Warwick: These cities aren’t just some of the best places to live in Rhode Island. They are also home to some of the richest people in the Ocean State.
Cumberland Hill in particular houses the richest residents in the state thanks, in part, to a median household income of $80,625 and a ridiculously low poverty rate of 4.8%.
If you’re thinking of moving to one of these towns, you’ll probably need to start saving. The richest places in Rhode Island share common characteristics such as having a genius level populous, sky high home prices, and a Pleasantville level of married couples.
How did we come up with these mega wealthy cities? We analyzed Census data from the 2012-2016 American Community Survey for the 18 places in Rhode Island with more than 3,000 people.
At the end of the day, here’s the set of the 10 richest places in Rhode Island for 2018:
- Cumberland Hill (Photos | Homes For Sale)
- Greenville (Photos | Homes For Sale)
- Warwick (Photos | Homes For Sale)
- Valley Falls (Photos | Homes For Sale)
- Tiverton (Photos | Homes For Sale)
- Newport East (Photos | Homes For Sale)
- Cranston (Photos | Homes For Sale)
- Narragansett Pier (Photos | Homes For Sale)
- Newport (Photos | Homes For Sale)
- Westerly (Photos | Homes For Sale)
For more on how we calculated the top ten, read on or skip to the end for the full list of the richest cities in Rhode Island.
How We Determined The Richest Places In Rhode Island For 2018
The first thing that comes to most people’s minds when they think about determining the richest places is to simply identify personal incomes. After all, rich people have really high salaries.
However, we don’t believe that one statistic wholly encompasses what it means to be one of the ‘richest places’. So we looked at this set of criteria from the newly released 2012-2016 American Community Survey:
- Poverty Level
- Median Household Income
- Unemployment Rate
Median household income is the most digestible way to understand how rich a place really is. The unemployment rate tries to capture the prospects for more people to become rich. If more people are employed, the richer the future looks.
After we collected the data for all 18 places with more than 3,000 people in Rhode Island, we ranked each place from 1 to 18 for each of the criteria, with 1 being the richest.
We then averaged all the rankings for a place into a ‘Rich Score’ with the place having the lowest overall Rich Score, Cumberland Hill, crowned the ‘Richest Place In Rhode Island For 2018’.
You can learn more about the top ten below or skip to the end to see the rankings for all 18 places.
1. Cumberland Hill
4. Valley Falls
Population: 7,486Median Income: $68,477
Unemployment Rate: 8.5%
Poverty Rate: 7.0%
More on Tiverton: Homes For Sale | Data
Tiverton is a town in Newport County, Rhode Island, United States. The population was 15,780 at the 2010 census.
6. Newport East
Population: 80,882Median Income: $61,646
Unemployment Rate: 7.8%
Poverty Rate: 10.3%
More on Cranston: Homes For Sale | Data
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.
8. Narragansett Pier
Population: 24,570Median Income: $59,794
Unemployment Rate: 5.9%
Poverty Rate: 13.3%
More on Newport: Homes For Sale | Data
Newport is a seaside city on Aquidneck Island in Newport County, Rhode Island, United States. The City of Newport is located approximately 37 miles (60 km) southeast of Providence, 21 miles (34 km) south of Fall River, and 74 miles (119 km) south of Boston. It is known as a New England summer resort and is famous for its mansions. It is also the home of Salve Regina University and Naval Station Newport, which houses the United States Naval War College, the Naval Undersea Warfare Center, and a major United States Navy training center. It was a major 18th-century port city and also contains a high number of surviving buildings from the colonial era of the United States.
Population: 17,632Median Income: $57,275
Unemployment Rate: 5.7%
Poverty Rate: 12.3%
More on Westerly: Homes For Sale | Data
Westerly is a town on the southwestern shoreline of Washington County, Rhode Island, United States founded in 1669 by John Babcock. It is a beachfront community on the south shore of the state. The population was 22,787 at the 2010 census.
There You Have It – The Wealthiest Places In Rhode Island For 2018
Like we said earlier, when we set out to identify the richest places in Rhode Island, we weren’t sure what we’d encounter, but it ended up being some of the best places to live in Rhode Island.
When you look at the data, the cities and places mentioned above meet the criteria for being at the very top of the income ladder for everyone that lives there.
If you’re curious enough, here are the poorest cities in Rhode Island, according to data:
Poorest: Central Falls
2nd Poorest: Providence
3rd Poorest: Pawtucket
For more Rhode Island reading , check out:
Detailed List Of The Richest Cities In Rhode Island