The Ocean State may be small but it punches above its weight in terms of the cost of living. At 112% of the national average, Rhode Island has the 14th highest cost of living per state in the U.S., and housing costs are a contributor to this. That said, there’s a lot to love about Rhode Island, which manages to pack beaches and forests and farmland into just 1,545 square miles — not to mention a diverse range of great cuisines, top-notch cultural events, and historical attractions. But if you want to live in Rhode Island, you’re probably wondering about affordability. That’s where our list comes in.
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Best Places to Live in Rhode Island
One wonderful thing about Rhode Island is that you can get practically anywhere in the state in about an hour and a half, so if you’re interested in exploring the best places to live in Rhode Island on a budget, you can probably visit several towns in one trip. Before you start house-hunting, it might be wise to prequalify for a mortgage to get a sense of what you can afford. (And study up on mortgage prequalification vs preapproval because, later, you may want to get preapproved for a loan.) Then you’re ready to focus your search and explore the best places to live in Rhode Island.
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Best Affordable Places to Live in Rhode Island
The best affordable places to live in “Little Rhodie” are primarily midsize cities, with one larger city (Warwick) and one tiny town (Coventry) in the mix. The smallest state by land area in the U.S. also has some of the highest property taxes, with an average effective property tax rate of 1.30%. So those shopping for a new home will want to make sure to factor property taxes into their budget.
1. Woonsocket
In a state where a town’s cost of living index is often over 100% of the national average, Woonsocket is an affordable exception. It also boasts one of the state’s more reasonable housing costs. The city lies on the Blackstone River in the northern part of the state, just south of Massachusetts. The headquarters of CVS Health, Woonsocket offers residents a small-town feel but is large enough to boast an arts center, a performing arts center, the Museum of Work and Culture, and plenty of restaurants and coffee spots.
- Population: 42,942
- Median Household Income: $48,822
- Cost of Living: 95% of U.S. average
- Median Rent Price: $1,550
- Home Price-to-Income Ratio: 6.9
- Average Property Tax: 1.72%
Housing Affordability: Woonsocket’s average home value of $337,000 is just below the U.S. national average. If you have $500,000 to spend, you can afford some of the city’s highest-priced properties. Median rent here is $1,550, and around 60% of homes here are rental properties, so inventory is abundant. Woonsocket is half an hour by car from Providence, so residents here can enjoy the lower costs and still commute to work in the bigger city.
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2. Ashaway
This tiny, rural town boasts some affordable properties not to mention lovely scenery and an assortment of shops and restaurants. The median age here is 35 and some residents commute to work in New London, Connecticut. Providence is within reach as well, at 40 minutes away.
- Population: 1,539
- Median Household Income: $91,991
- Cost of Living: 98% of U.S. average
- Median Rent Price: $1,200
- Home Price-to-Income Ratio: 4.3
- Average Property Tax: 1.29%
Housing Affordability: About a third of the properties here are rental units and rents can be affordable, but there are relatively few properties available and it may take time to find what you are looking for. Most rentals are single-family homes. The average home value, at $394,000, is above the national average but is reasonable by Rhode Island standards.
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3. Coventry
Located in the rural hills of the Pawtuxet River Valley due west of the larger Warwick, Coventry boasts one of the state’s best home price-to-income ratios (the average value of its homes divided by the median income of its residents), which helped land it on our list of the best affordable places to live in Rhode Island. It also offers plenty of biking and walking trails, plus historical sites connected to its history as a mill town.
- Population: 35,898
- Median Household Income: $88,779
- Cost of Living: 104% of U.S. average
- Median Rent Price: N/A
- Home Price-to-Income Ratio: 4.5
- Average Property Tax: 1.84%
Housing Affordability: The average home value here is $396,000 and has been rising steadily, and you may have to spend some time in order to find a home priced below $400,000. The rental market is small here, but when units do become available, one-bedroom apartments start at $1,500.
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4. Cranston
Northeast of Coventry, closer to Providence, lies Cranston, one of Rhode Island’s largest cities and another place with an attractive home price-to-income ratio. It’s a quick 15-minute commute by car to Providence, so access to multiple job markets is a draw for residents. Cranston has several miles of shoreline on the Providence River as well as plenty of coffee shops, restaurants, and parks.
- Population: 82,421
- Median Household Income: $77,145
- Cost of Living: 105% of U.S. average
- Median Rent Price: $1,800
- Home Price-to-Income Ratio: 5
- Average Property Tax: 1.72%
Housing Affordability: The median rent here hovers around $1,800 and there are many properties available, as about a third of the homes here are rentals. The average home value here is just below $400,000 and has been rising. Buyers looking for an older home will find many options from the 1920s here. If you’re embarking on your first home purchase, spend some time with a first-time homebuyer guide to learn the ins and outs of the process.
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5. Warwick
This coastal, central-Rhode Island city has easy access to Providence, Narragansett, and Newport and all the cultural and historic sites these cities offer (not to mention some of the best doughnuts in a state known for this breakfast treat). Warwick also has many interesting sites in its own right, plus beach access and restaurants in abundance.
- Population: 83,016
- Median Household Income: $77,110
- Cost of Living: 106% of U.S. average
- Median Rent Price: $2,200
- Home Price-to-Income Ratio: 4.7
- Average Property Tax: 1.84%
Housing Affordability: The average home value here hovers near the national average, at $363,000. Homes for sale move briskly here, so if you’re looking to buy in Warwick be prepared by going through the mortgage preapproval process in advance. The median rent price here is on the higher side, at $2,200 per month, but there are many properties available.
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Best Places to Live in Rhode Island for Families
Whether you’re looking for a small town or a bigger city, Rhode Island has lots of places families might want to settle. Parents will want to weigh proximity to work and commuting times, along with the reputation of the local schools and available opportunities for fun. Here are some spots that make the cut.
1. Ashaway
Sixty percent of households here have children, and it is easy to see why families might be drawn to this quiet village within the larger Hopkinton area in the southwestern corner of the state. It has a suburban but rural feel, and parents may be attracted to its well-regarded schools.
- Population: 1,539
- Median Household Income: $91,991
- Cost of Living: 98% of U.S. average
- Median Rent Price: $1,200
- Home Price-to-Income Ratio: 4.3
- Average Property Tax: 1.29%
Housing Affordability: Ashaway has an attractive home price-to-income ratio, and some residents here might even find the commute to New Haven or Hartford, with their large job markets, to be feasible. (New London, Connecticut and Providence, Rhode Island are even closer.) Rentals are relatively affordable, although you may have to wait a while for properties to become available
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2. Exeter
Exeter occupies a large, rural area southwest of Providence that extends all the way to the Connecticut border. There are plenty of farms, forests, and other open spaces here for families to enjoy. Parents may appreciate that Exeter and its affluent neighbor West Greenwich share one of the most highly rated school systems in the state.
- Population: 6,661
- Median Household Income: $95,053
- Cost of Living: 102% of U.S. average
- Median Rent Price: $1,200
- Home Price-to-Income Ratio: 5.7
- Average Property Tax: 1.29%
Housing Affordability: Exeter is not far from Ashaway and shares many of the same characteristics, although the average home value here is higher, at $539,000. Families looking to move to Exeter will want to explore a home purchase, as there are very limited rentals available here.
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3. Bristol
Bristol, which also appears on our list of the best affordable places to live in Rhode Island near the beach, is a classic New England town on the east side of Narragansett Bay. It is located on a peninsula and families enjoy lots of parks, beach access, plus harbor views and a full roster of cultural events and festivals throughout the year. Almost a quarter of households here have children.
- Population: 22,128
- Median Household Income: $80,727
- Cost of Living: 107% of U.S. average
- Median Rent Price: $2,700
- Home Price-to-Income Ratio: 6.5
- Average Property Tax: 1.6%
Housing Affordability: Home values here average $528,000, reflecting the higher prices of towns with easy beach access. Rents are also on the higher side, at $2,700 per month, on average, but these prices reflect the town’s summer popularity, and the fact that most properties available for rent are entire houses, not apartments — good news for a family that wants to test the waters in Bristol before committing to a purchase.
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4. Lincoln
Parents who work in Providence might like Lincoln, which is just north of that larger city and has a state park located within the town, as well as many historic sites. Hearthside, a historic house open to visitors, has a year-round blacksmith’s shop that kids will enjoy. (Parents may be more excited by the fact that Lincoln’s school district receives high ratings.) Lincoln is also home to one of two full-service casinos in the state, which provides residents with both employment and entertainment.
- Population: 22,605
- Median Household Income: $94,571
- Cost of Living: 107% of U.S. average
- Median Rent Price: $1,800
- Home Price-to-Income Ratio: 5.2
- Average Property Tax: 1.72%
Housing Affordability: The average home value here is $490,000 but, due to the somewhat higher household incomes, the overall price-to-income ratio is among the better ones on our list. Apartments tend to be clustered in the southern part of town, which is most convenient to Pawtucket and Providence.
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5. Middletown
Water-loving families will enjoy the bevy of beaches easily accessible from Middletown, including Third Beach (a favorite of those with little kids), Atlantic Beach, Peabody’s Beach, Pebble Beach, and Second Beach. The Sachuest Point National Wildlife Refuge is nearby as well. The well-regarded public schools, not to mention the area’s excellent seafood spots and local brew pubs, will probably appeal to parents. Thinking of moving to Middletown? Look into the different types of mortgage loans so you are familiar with the options before the search gets serious.
- Population: 16,815
- Median Household Income: $88,211
- Cost of Living: 108% of U.S. average
- Median Rent Price: N/A
- Home Price-to-Income Ratio: 7.6
- Average Property Tax: 1.27%
Housing Affordability: All those beaches come at a price, and home values here have been increasing steadily. The average value is now $671,000, on the higher side but buying a home here will take a smaller bite out of your budget than it would in Newport next door. Apartment rentals start at $1,500 for one-bedrooms; a family could rent a home for around $3,000 per month.
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Best Places to Live in Rhode Island for Young Adults
Whether you want the buzz of a large city or crave a more relaxed setting, there are good options for young adults who want to put down roots in Rhode Island.
1. Woonsocket
With a median age of 36, this Providence-county city has a relatively young population. It is also the corporate headquarters of CVS Health, and healthcare, manufacturing, and retail are the city’s largest industries. For those who do business in Boston or need a major airport nearby, Woonsocket is a relatively convenient hour and 15 minutes away by car. The city has more than two dozen properties listed on the National Register of Historic Places. Young adults will enjoy the Stadium Theater, biking and hiking on the area’s trails, and city events such as Autumnfest. Chan’s, a legendary local Chinese restaurant, offers live jazz and blues music.
- Population: 42,942
- Median Household Income: $48,822
- Cost of Living: 95% of U.S. average
- Median Rent Price: $1,550
- Home Price-to-Income Ratio: 6.9
- Average Property Tax: 1.72%
Housing Affordability: Rents average a relatively affordable $1,550 here, and there is a healthy inventory. Studio and one-bedroom apartments can be found for around $1,300 a month. At $337,000, the average home value here is below the national average. As noted above, Providence is not far away, and living in Woonsocket could be an affordable option for someone starting a career in the larger city.
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2. Pawtucket
The city is known as the birthplace of the American Industrial Revolution and was a center for textile industries. Today, Pawtucket has a variety of industries, arts-related organizations, and small businesses; it nurtures a concentration of artists, including painters, sculptors, and glass-blowers. The median age here is 36, and the city offers dozens of restaurants and a year-round calendar of festivals for entertainment.
- Population: 75,066
- Median Household Income: $56,427
- Cost of Living: 104% of U.S. average
- Median Rent Price: $1,695
- Home Price-to-Income Ratio: 6
- Average Property Tax: 1.72%
Housing Affordability: More than half of Pawtucket’s residents are renters, an unusually high concentration, and the median rent here is $1,695. Residents are just 15 minutes from downtown Providence. The average home value here is $342,000. Young adults looking to purchase their first home will want to read up on tips on how to qualify for a mortgage.
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3. Cranston
All of the things that placed Cranston on our overall list of the best affordable places to live in Rhode Island will also make it attractive to young adults. Located just 15 minutes from Providence (and the Providence job market), it offers river shoreline access, with walking and hiking opportunities, as well as plenty of coffee shops, restaurants, and bars and breweries.
- Population: 82,421
- Median Household Income: $77,145
- Cost of Living: 105% of U.S. average
- Median Rent Price: $1,800
- Home Price-to-Income Ratio: 5
- Average Property Tax: 1.72%
Housing Affordability: The median rent here is around $1,800, and there are many properties available. The average home value here is just below $400,000 and has been rising. Check out a home loan help center to learn more about the homebuying and mortgage process if you’re pondering your first home purchase.
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4. Middletown
If suburban living with easy access to a larger city (in this case, Newport) appeals to you, Middletown could be your sweet spot. The town is surrounded by water on three sides and has that oceanside feel — sand dunes, rocky coastline, and sandy beaches all make an appearance. There is a wildlife refuge, a bird sanctuary, and lots of restaurants and bars.
- Population: 16,815
- Median Household Income: $88,211
- Cost of Living: 108% of U.S. average
- Median Rent Price: N/A
- Home Price-to-Income Ratio: 7.6
- Average Property Tax: 1.27%
Housing Affordability: Most people who live here own their homes. Rentals tend to be entire houses, ranging from $3,000 to $4,000 per month, although a few smaller apartments are always available. The median home value here is $671,000, well over the national average. Residents pay for proximity to both Newport and Portsmouth.
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5. Providence
Rhode Island’s capital city is also its largest by population. The home of Brown University and the Rhode Island School of Design (RISD), as well as the world’s largest culinary school, Johnson & Wales University, it has a young population with a median age of 32 (not to mention lots of great restaurants). This is a river town, and residents enjoy walkways and parks along the water. A series of bridges cross the two rivers that merge to become the Providence River, the head of Narragansett Bay. There are plenty of festivals, bars, and restaurants where young adults gather.
- Population: 189,563
- Median Household Income: $55,787
- Cost of Living: 115% of U.S. average
- Median Rent Price: $2,200
- Home Price-to-Income Ratio: 6.5
- Average Property Tax: 1.72%
Housing Affordability: More than half of residents here are renters. The median rent is higher than in some other affordable cities in Rhode Island, but there are hundreds of apartments available at any one time. There are usually options for as little as $1,200 a month. Those interested in buying a home will find an average home value of $363,000, slightly above the national average.
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The Best Places to Live in Rhode Island for Retirees
Retiring in Rhode Island means you’re never far from a beach, but on the other hand, you can enjoy all four seasons and proximity to big-city pleasures in Boston, Hartford, or New York. And while overall costs can be high here, Rhode Island allows state taxpayers to exclude up to $15,000 of federally taxable income from pensions, 401(k) plans, annuities, or other such sources. Have a look at these best places to live in Rhode Island for retirees.
1. Woonsocket
Woonsocket’s relatively affordable cost of living makes it an attractive option for retirees on a fixed budget. And since Rhode Island is such a small state, retirees here are never far from their heart’s desire, whether that is hiking and walking at a state park, venturing south to the state’s lovely beaches, or enjoying the local cultural offerings (or taking advantage of those of Providence, less than a half-hour’s drive away). Medical care is also easily accessible, either in the local community hospital or at the state’s largest hospital in Providence.
- Population: 42,942
- Median Household Income: $48,822
- Cost of Living: 95% of U.S. average
- Median Rent Price: $1,550
- Home Price-to-Income Ratio: 6.9
- Average Property Tax: 1.72%
Housing Affordability: In addition to relatively affordable rental properties and home values that are less than the U.S. average, Woonsocket has several apartment buildings designated for the elderly, as well as multiple assisted living facilities.
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2. Central Falls
This diverse town just north of Pawtucket is a former manufacturing hub, and one of its retirement communities even occupies a historic mill building. Central Falls is small but very densely populated. Providence is less than a half-hour away by car, so access to the big city’s cultural offerings (and its medical care) is easy.
- Population: 22,490
- Median Household Income: $40,235
- Cost of Living: 100% of U.S. average
- Median Rent Price: $1,500
- Home Price-to-Income Ratio: 7.75
- Average Property Tax: 1.72%
Housing Affordability: The average home value here is well below the national average (unusual for Rhode Island) at $312,000. Rents are also fairly reasonable, and more than 70% of residents here are renters so there is usually a good selection of inventory.
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3. Tiverton
This small town at the eastern edge of Rhode Island is about 40 minutes away from Providence and is known as a place that tends to attract retirees. Residents here enjoy two beaches on the Sakonnet River for swimming, walking, fishing, or bird-watching. The Four Corners area is a meeting place for those who enjoy historic buildings as well as the local shops and restaurants.
- Population: 16,196
- Median Household Income: $85,522
- Cost of Living: 102% of U.S. average
- Median Rent Price: N/A
- Home Price-to-Income Ratio: 5.6
- Average Property Tax: 1.27%
Housing Affordability: Most residents here own their home, and the average home value tops $480,000. Countryview Estates, a 60-acre complex, caters to the 55-plus set, and The Villages on Mount Hope Bay, on the waterfront, is for active adults in the same age group.
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4. Westerly
What makes Westerly attractive to retirees? This picturesque small town on the south shore of Rhode Island, at the Connecticut border, has beautiful beaches, parks, and historic sites. The Westerly Senior Citizens Center offers billiards, bingo, and other activities plus meals and social services. And the community’s hospital is part of the Yale New Haven Health system. No wonder the area’s median population age is 50+.
- Population: 18,241
- Median Household Income: $79,565
- Cost of Living: 106% of U.S. average
- Median Rent Price: $1,850
- Home Price-to-Income Ratio: 6.6
- Average Property Tax: 1.29%
Housing Affordability: The average home value here is $528,000, and those interested in Westerly may want to explore purchasing as there are relatively few retirement communities here. A townhome in one of the area’s age-55+ developments is often priced around $1 million. Apartments and homes that aren’t near the waterfront are considerably more affordable.
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5. Pawtucket
Retirees are drawn to Pawtucket by its mix of arts and cultural opportunities, its affordability, and its proximity to Providence. A day here might be spent touring the Slater Mill Historic Site, enjoying a local festival, or enjoying some old-school pinball at the Electromagnetic Pinball Museum. The Leon Mathieu Senior Center is bustling with a mix of fitness and lifelong learning opportunities. Healthcare can be top-notch here as well.
- Population: 75,066
- Median Household Income: $56,427
- Cost of Living: 104% of U.S. average
- Median Rent Price: $1,695
- Home Price-to-Income Ratio: 6
- Average Property Tax: 1.72%
Housing Affordability: As noted above, more than half of residents here rent their home, and listings are abundant. Senior living options include independent living communities as well as all-inclusive assisted living and skilled nursing facilities.
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Best Places to Live in Rhode Island Near the Beach
A home with proximity to sand and salty air is almost always going to fetch a premium price. Here are some of the more affordable places to live in Rhode Island near the beach.
1. Warren
Warren offers easy access to both beaches and farmland from its location on the East Bay between Providence and Newport. It has an abundance of art galleries and studios, gourmet food shops, and quaint stores. A level bike path along an old railroad spur connects local schools and a park. Residents praise the warm, welcoming community, the historic downtown, and the city’s work to revitalize the waterfront. The town beach has great amenities for families with young kids.
- Population: 11,119
- Median Household Income: $75,755
- Cost of Living: 102% of U.S. average
- Median Rent Price: $1,800
- Home Price-to-Income Ratio: 6
- Average Property Tax: 1.6%
Housing Affordability: The average home value here, at $459,000, is above national average but reasonable by Rhode Island waterfront standards. Expect to pay at least $1,600 for an apartment, and don’t count on water views at the lower end of the price spectrum.
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2. Westerly
Yes, Westerly is putting in a second appearance on this list. One of the few places in Rhode Island that directly borders the ocean (vs. the bay or a riverfront), this small town has a buzzing scene of shops, restaurants, and bars, plus a waterfront amusement park with a century-old carousel. In the summer, the Chamber of Commerce screens movies on the beach.
- Population: 18,241
- Median Household Income: $79,565
- Cost of Living: 106% of U.S. average
- Median Rent Price: $1,850
- Home Price-to-Income Ratio: 6.6
- Average Property Tax: 1.29%
Housing Affordability: As noted above, homes on the seaside command a high price, but the average home value here, at $528,000, indicates there are inland properties that are more affordable.
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3. Bristol
Bristol has beaches in abundance. Popular options include Bristol Town Beach, Juniper Trail Beach, and Walley Street Beach. Residents might come here for the bayside vibes, but they undoubtedly stay thanks to other quality-of-life factors, such as the vigorous performing, cultural, and literary arts scene.
- Population: 22,128
- Median Household Income: $80,727
- Cost of Living: 107% of U.S. average
- Median Rent Price: $2,700
- Home Price-to-Income Ratio: 6.5
- Average Property Tax: 1.6%
Housing Affordability: As noted above, both home values and rents can be higher here than in many other places on our list, with the average home value sitting at $528,000.
Image Credit: danlogan/istockphoto.
4. Middletown
Middletown, attractive to young adults, would also be a great spot for anyone who wants to live near the beach. Surrounded on three sides by water, this small but bustling community offers miles of beaches but also historic sites, many opportunities for outdoor recreation, a bird sanctuary, and plenty of restaurants.
- Population: 16,815
- Median Household Income: $88,211
- Cost of Living: 108% of U.S. average
- Median Rent Price: N/A
- Home Price-to-Income Ratio: 7.6
- Average Property Tax: 1.27%
Housing Affordability: It’s more common here to own your home vs. rent, and rentals tend to be entire houses, to the tune of $3,000 to $4,000 per month. The median home value here is $671,000; residents pay a premium because the town is close to both Portsmouth and Newport.
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5. Newport
The famous city of Newport makes its first appearance on our list thanks to its lovely beaches as well as its other waterside features, such as the Gilded Age mansions and ocean views from the Cliff Walk. Many of those who live in Newport work in nearby Portsmouth or Middletown. In Newport, the primary employer is the U.S. Navy, which maintains a base there, and the service sector catering to a strong tourism economy.
- Population: 24,684
- Median Household Income: $77,092
- Cost of Living: 114% of U.S. average
- Median Rent Price: $3,000
- Home Price-to-Income Ratio: 10.7
- Average Property Tax: 1.27%
Housing Affordability: The average home value here is a breathtaking $822,000, driven by the many properties that are valued in the millions (and millions) of dollars. (Of all the cities on our list, Newport is probably the one where buyers are most likely to need a jumbo mortgage loan.) But buyers willing to bide their time as they search could find a small home in the $500,000 to $600,000 range. The rental market is large here, so despite the high median rent price, there are usually some spots here for rent at between $2,000 and $2,400.
Image Credit: Daniel Hanscom/istockphoto.
The Takeaway
Whether you’re seeking a sweet spot to retire, a place where your family can enjoy water views year-round, or a city with lots of opportunities for recent grads, Rhode Island has you covered. Yes, the overall cost of living can be high, but there are pockets of affordability and, settled into one of these towns, you can have a great home base to enjoy all New England has to offer.
This article originally appeared on SoFi.com and was syndicated by MediaFeed.org.
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