Rhode Island · Population 190,214 · Updated March 2026
How far your income goes in Providence
State-level tax rates that affect your costs
Providence has a cost of living close to the national average, offering a balanced mix of expenses and amenities. With a cost index of 99 (where 100 equals the national median), Providence residents can expect to pay median rent of $1,333/month while earning a median household income of $66,772/year.
The median home value in Providence, RI is $322,800, with typical monthly owner costs around $1,467 including mortgage, insurance, and taxes. The median rent-to-income ratio of 24.0% means housing is relatively affordable here — well below the 30% threshold that HUD considers cost-burdened.
Rhode Island has a moderate income tax rate of 5.99%. Combined with a 7.0% sales tax rate and 1.53% effective property tax rate, the overall tax environment is a factor in the total cost of living in Providence.
Common questions about living costs in Providence
Similar-sized cities to compare
Compare the cost of living in Providence, RI with 299 other major U.S. cities