Woonsocket, RI

Below Avg · 82

Rhode Island · Population 43,074 · Updated March 2026

$1,116
Median Rent / Month
$58,614
Median Income
$268,000
Median Home Value
$1,186
Owner Costs / Month

Affordability

How far your income goes in Woonsocket

22.8%
Rent-to-Income Ratio
Affordable
Rent takes less than 25% of median income — considered affordable by HUD standards.

Tax Burden in Rhode Island

State-level tax rates that affect your costs

5.99%
Income Tax (Top Rate)
7.0%
Sales Tax
1.53%
Property Tax Rate

Estimated Annual Costs

$13,392
Annual Rent
$3,511
State Income Tax
$4,100
Property Tax (est.)

Cost of Living Overview

Woonsocket is significantly cheaper than the national average, making it an attractive option for budget-conscious individuals and families. With a cost index of 82 (where 100 equals the national median), Woonsocket residents can expect to pay median rent of $1,116/month while earning a median household income of $58,614/year.

The median home value in Woonsocket, RI is $268,000, with typical monthly owner costs around $1,186 including mortgage, insurance, and taxes. The median rent-to-income ratio of 22.8% 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 Woonsocket.

Frequently Asked Questions

Common questions about living costs in Woonsocket

What is the cost of living in Woonsocket, RI?
The cost of living index in Woonsocket, RI is 82 (US average = 100). Median monthly rent is $1,116, median household income is $58,614/year, and the median home value is $268,000.
Is Woonsocket, RI affordable?
Yes, Woonsocket is more affordable than the national average with a cost index of 82. The rent-to-income ratio is 22.8%—below the 30%% threshold considered affordable by HUD.
What is the average rent in Woonsocket, RI?
The median gross rent in Woonsocket, RI is $1,116 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $13,392.
What is the median household income in Woonsocket?
The median household income in Woonsocket, RI is $58,614 per year. This compares to the national median of approximately $80,000.
What are the taxes like in Rhode Island?
Rhode Island has a top income tax rate of 5.99%, a sales tax of 7.0%, and an effective property tax rate of 1.53%.