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Cost of Living in Rhode Island

Is it better to rent or buy in Rhode Island? Explore median costs, utility estimates, and run the numbers on your own budget to see how far your income goes.

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Rent vs. Buy Affordability Calculator

Adjust the sliders to match your scenario. We recommend keeping total housing costs under 40% of your gross income.

$93,658
$1,410/mo

Median in area: $1,410

$429,844

Median in area: $429,844

$85,969

If you Rent

🔑
$1,622 /mo
Base Rent$1,410
Est. Utilities$212
% of Income20.8%
Pre-tax Residual$6,183

If you Buy

🏠
$3,037 /mo
P&I (6.832%)$2,249
Taxes & Ins$576
Est. Utilities$212
% of Income38.9%
Pre-tax Residual$4,768

Cost of Living FAQs

Is it cheaper to rent or buy in Rhode Island?›

Based on median housing data, renting is currently more affordable on a monthly basis in Rhode Island. The estimated all-in monthly cost for renting is $1,622, while owning a median-priced home with a 20% down payment is roughly $3,037 per month (a difference of $1,415).

How much do utilities cost in Rhode Island?›

The average monthly utility cost (electricity and natural gas) for a typical home in Rhode Island is approximately $212. This estimate uses local utility rate schedules combined with median energy consumption profiles.

What is a good salary to live comfortably in Rhode Island?›

To comfortably afford the median rent and utilities in Rhode Island without exceeding the recommended 30% housing-to-income threshold, a household should earn a gross salary of approximately $64,880 per year.