Cost of Living Comparison for Providence, RI
Updated 2026 · Local data pre-filled
Providence's cost of living index is 115 — 15% more expensive than the national average. This factors in housing, groceries, utilities, transportation, and healthcare. Use this calculator to see how your purchasing power would change if you moved to another city.
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How Providence Compares to the National Average
Understanding how Providence stacks up helps you calibrate your financial planning.
| Metric | Providence, RI | US Average | Difference |
|---|---|---|---|
| Median Home Price | $380,000 | $420,800 | -9.7% |
| Median Monthly Rent | $1,725 | $1,713 | +0.7% |
| Median Household Income | $66,200 | $74,580 | -11.2% |
| Property Tax Rate | 1.40% | 1.10% | +27.3% |
| Cost of Living Index | 115 | 100 | +15.0% |
Sources: U.S. Census Bureau, BLS, Zillow, NAR (2024–2025). Green = favorable for residents; red = less favorable.
Providence Financial Snapshot
- Population (Metro)
- 1,640,000
- Unemployment
- 4.0%
- Avg Commute
- 25 min
- Median Age
- 37
- Price-to-Rent Ratio
- 18.4x
- Annual Property Tax
- $5,320
Frequently Asked Questions — Providence
What is the median home price in Providence, RI?
The median home price in Providence is $380,000 as of 2025–2026. This is below the national median of $420,800.
What is the average rent in Providence?
Median monthly rent in Providence is $1,725. That works out to $20,700/year, or 31% of the median household income — above the recommended 30% threshold.
Is Providence affordable?
Providence's cost of living index is 115 vs. the national average of 100. With a median household income of $66,200/year and a median home price of $380,000, the price-to-income ratio is 5.7x. Providence falls in the middle of the affordability spectrum for US cities.
What is the property tax rate in Providence?
The effective property tax rate in Providence is 1.40% of assessed value. On the median home of $380,000, that's roughly $5,320/year ($443/month).