Living in Rhode Island: Income, Housing, Taxes & Cost of Living (2026)
By Wealthvieu
·
Updated
Table of Contents
Rhode Island at a Glance
| Metric |
Value |
National Rank |
| Population (2024) |
1.1 million |
44th |
| Median household income |
$74,489 |
Above average |
| Median home price |
$420,000 |
Above average |
| Cost of living index |
107 |
Above average |
| State income tax |
3.75-5.99% |
Average |
| Sales tax |
7% |
Above average |
| Property tax (effective rate) |
1.40% |
Above average |
Income and Housing
| City/Area |
Median Income |
Median Home Price |
Median Rent (2BR) |
| Providence |
$52,000 |
$380,000 |
$1,450 |
| Cranston |
$65,000 |
$370,000 |
$1,350 |
| Warwick |
$68,000 |
$380,000 |
$1,350 |
| East Greenwich |
$120,000 |
$600,000 |
$1,800 |
| Newport |
$72,000 |
$650,000 |
$1,800 |
| Woonsocket |
$42,000 |
$280,000 |
$1,100 |
| South Kingstown |
$85,000 |
$500,000 |
$1,500 |
Newport is a notable outlier — tourism and Navy presence drive prices well above local wages.
Rhode Island Pros and Cons
| Financial Pros |
Financial Cons |
| Access to Boston job market (1hr from Providence) |
Above-average housing costs |
| No tax on Social Security |
7% sales tax |
| Moderate income tax (5.99% max) |
Above-average property taxes |
| Coastal New England lifestyle |
Small state, limited job market |
| Healthcare quality above average |
Winter heating costs |
Related: Cost of Living by State | State Income Tax Rates | Property Tax by State
