Cost of Living in Providence, RI
Housing
The housing market plays a significant role in determining the cost of living in Providence, RI.
- Housing Index: 125.0 / 100
- Median Home Price is: $335000
- Average Rent (2 BR Apartment): $2200 per month
- Average Rent (2 BR House): $2240 per month
Considering a move to Providence, RI? The region shows a housing index of 125.0—indicating it's moderately priced compared to national standards. The median home price sits at 335000, which could be a great investment opportunity, particularly for buyers seeking appreciation. In terms of rentals, the average cost for a 2-bedroom apartment is 2200, while a 2-bedroom house averages slightly higher at 2240. Overall, understanding these figures is essential when evaluating your budget and lifestyle expectations in this area.
Utilities
The cost of utilities such as electricity, natural gas, and other services can significantly impact the overall cost of living in Providence, 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.): $250 per month
Living in Providence, 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 $250 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 Providence is a financially viable option for your relocation.