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Rhode Island is becoming an increasingly popular option for people looking for a new area to move to! If you're thinking about moving to Rhode Island, we've compiled some great information on the average cost of living here - take a look!

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1. Rhode Island State Taxes


State Income Tax

Your first $65,249 is taxed 3.75%.

Income of $65,250-148,349 is taxed 4.75%.

Income higher than $148,350 is taxed 5.99%.

Average Property Tax

The average property tax in Rhode Island is 1.53%


Sales Tax

Rhode Island's sales tax is one of the highest in the country, at a flat rate of 7%.

2. Average Cost to Eat & Drink Out


The following are estimated average costs for purchasing food/drink in a restaurant or bar. These costs are based on our experiences as people who eat and drink out multiple times a week throughout Northern Rhode Island, and have also worked in the restaurant industry.

A Domestic or Imported Beer (i.e Heineken, Budweiser) will typically cost you $3 - $6, depending on where you are.

A Craft Beer (i.e. something locally brewed, or craft brewed across the country) will typically cost $6 - $10, depending on the brand and where you are.

Mixed drinks (i.e. a vodka tonic, or rum & coke) is on average $7 - $10. For a Craft Cocktail or Martini, you're looking at somewhere between $9 and $14.

A dinner appetizer will likely cost you $8 - $15 depending on whether you're getting fried Brussels sprouts or tuna tartare. A typical dinner entree is going to cost you somewhere from $15 - $23. A Lunch Combo (i.e. an entree with a salad, etc.) is going to cost somewhere from $12 - $16. And you're typical, simple Lunch (i.e. a sandwich, etc.) will put you out $6 - $10.


Pictured below is Bayberry Beer Hall in Providence, RI! If you look closely, you can see their prices for craft beers on the wall. On the left side, they are ranging from $7- $9.

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3. Median Home Prices


The following information is from the Rhode Island MLS and shows the median sales price for 2-4 Bedroom, Single Family Homes in the last 12 Months (as of March 2021).


Rhode Island: $317,794


The information below is data by county:

Kent County: $296,464

Providence County: $288,579

Bristol County: $410,622

Newport County: $505,675

Washington County: $416,220


For reference, here's an example of what you can get in Providence, Rhode Island for about the average price range here in R.I. vs. Boston, MA or Brooklyn, NY (Click on the image to enlarge):

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As you can see, you'll never afford a single family property in Brooklyn or Boston for this price range - and the condominiums that you can afford are not comparable to the single family homes available in Rhode Island. The value here is far beyond what you'll find in these popular nearby cities.



4. Median Rental Prices


These costs are going to vary depending on where in Rhode Island you're renting, but the median rental cost across R.I. (and also specifically in Providence) are below.

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Median Rental Price for a 2 Bedroom Apartment

in RI: $1,900

in Providence: $1,750


Median Rental Price for a 3 Bedroom Apartment

in RI: $2,400

in Providence: $1,950


We hope you find this information helpful. If you want to find out more about what it's like to live in Rhode Island, contact us today and we'll be happy to answer any questions you may have!

 
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