Cost of Living in Newport, RI

Housing

The housing market plays a significant role in determining the cost of living in Newport, RI.

• Housing Index: 0.0 / 100
• Median Home Price is: $564000
• Average Rent (2 BR Apartment): $0.0 per month
• Average Rent (2 BR House): $0.0 per month

If you're considering moving to Newport, RI, it's important to note that the housing market metrics point towards a higher demand. With a median home price of 564000, although the housing index reflects potential instability at 0.0, renting options seem virtually nonexistent as the average rent for a 2BR apartment and house are both priced at 0.0 and 0.0 respectively. This could suggest purchasing might be more advisable if viability in the market stabilizes. Consider local amenities, job growth, and community engagement to round out your decision-making process.

Utilities

The cost of utilities such as electricity, natural gas, and other services can significantly impact the overall cost of living in Newport, RI.

• Electricity Price: 27.03 USD (median by state)
• Natural Gas Price: $21.52 USD per Thousand Cubic Feet (median by state)
• Other Utilities (water, garbage, etc.): $0.0 per month

Living in Newport, RI could entail higher utility costs. Electricity costs sit at 27.03, while natural gas is priced at 21.52 per Thousand Cubic Feet—both aligning with state medians. Expect to budget about 0.0 monthly for other services like water and garbage. These utility expenses are vital considerations as they directly influence monthly living costs. Comparing these rates to other cities may help ascertain if Bethlehem is a financially viable option for your relocation.

Cost of Living Index

The cost of living index is a widely used metric to determine the relative affordability of cities and towns.

• Index score: 0.0

Median Income

The median income is an important factor to consider when evaluating the affordability of a city or town.

• Median Income: $81330

Educational and Social Amenities

Access to quality education, healthcare, and social services can significantly impact the overall quality of life in a city or town.

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Summary

When considering a move to Newport, RI, consider the following factors:

• Taxes: State income, property, and local income taxes can significantly impact your take-home pay.
• Job opportunities: The availability of jobs in your field can affect your quality of life.
• Cost of living: Housing costs, utilities, transportation, and other expenses should be considered when evaluating the affordability of a city or town.