The median home price in Rhode Island is $432,687, which has increased by 3.3% since the last year. The Rhode Island housing market has witnessed a 6.3% year-over-year decline in the number of homes listed. With only a 2-month supply left, the tight inventory is expected to drive an increase in the median sale price.
As per our research, home prices are relatively higher in eastern areas like Burrillville, RI. On the other hand, as you move towards the western areas of the Ocean State, like Providence, you can find cheaper housing options.
4 Reasons to live in Rhode Island🌊
- Cheaper Houses: The median home sale price in Rhode Island is ~$432K. But you can get houses between $314K and $390K in cities like Central Falls, Woonsocket, and Pawtucket.
- Tax Benefits:Rhode Island provides property tax relief credits, like South Kingstown’s credit for qualifying homeowners.
- Affordable Healthcare: Healthcare in cities that are mentioned in this blog is up to 5% lower than the state average. In some cities, the average healthcare is even cheaper than the national average.
- Cheaper Rentals: The rent prices of these cities are lower than the national average. You can save up to $650 per month in rent.
Cheapest Places to Live in Rhode Island in 2024
This list provides insights into the average household income, median listing price, population, unemployment rate, and poverty rate of the cities.
| City | Median Household Income | Median Home Value | Population | Unemployment Rate | Poverty Rate |
|---|---|---|---|---|---|
| Fresno | $57,211 | $363,928 | 1,032,114 | 6.9% | 19.4% |
| Bakersfield | $69,014 | $377,282 | 410,647 | 7.5% | 16.3% |
| Visalia | $69,252 | $369,497 | 143,966 | 9.6% | 13.5% |
| Modesto | $67,011 | $428,187 | 218,069 | 6.0% | 12.8% |
| Stockton | $63,916 | $428,289 | 321,819 | 6.2% | 16.3% |
| Clovis | $89,769 | $497,596 | 124,556 | 4.4% | 8.1% |
| Sacramento | $71,074 | $467,948 | 528,001 | 4.8% | 14.8% |
7 Cheapest Places to Live in RI
The annual population growth of 3.8% since 2010 is reflective of people’s intention to move to Rhode Island. If you’re considering shifting to the Ocean State, here are some cities that offer affordable living options:
1. Central Falls
| 🟢 Cost of Living Compared to State Average | 3.3%⬇️ |
| 🏡 Median Home Price | $314,864 |
| 💲 Median Rent | $1,500 |
| 🌅 Known For | Adams Memorial Library |
Central Falls is an affordable place to live in Rhode Island. Its median house rent ranges from $1,250 – $2,200. It also has cheaper healthcare costs, which are 12.7% lower than the national average.
Central Falls boasts a vibrant cultural legacy and distinct New England allure. Residents are attracted to its renowned historic landmarks like the Slater Mill Historic Site. Additionally, the city ensures sufficient healthcare services for residents through reputable hospitals and medical facilities.
» Homes for Sale in Central Falls, RI: Find your dream home in this city.
2. Woonsocket
| 🟢 Cost of Living Compared to State Average | 3.3%⬇️ |
| 🏡 Median Home Price | $336,964 |
| 💲 Median Rent | $1,500 |
| 🏞️ Known For | St. Ann Arts and Cultural Center |
Woonsocket is one of the most budget-friendly rental destinations in Rhode Island with an average home rent ranging from $900 – $2,800. It also offers affordable healthcare, which is 12.7% lower than the national average.
Woonsocket, RI, located in Providence County, boasts attractions like the Museum of Work and Culture. The city anticipates a promising job market, with an expected 21.12% growth in employment opportunities in the coming years, suggesting abundant job openings currently exist.
» Homes for Sale in Woonsocket, RI: Browse thousands of property listings in Woony.
3. Pawtucket
| 🟢 Cost of Living Compared to State Average | 3.3%⬇️ |
| 🏡 Median Home Price | $341,579 |
| 💲 Median Rent | $1,750 |
| 🏖️ Known For | Slater Memorial Park |
With rental costs below the national average, Pawtucket stands as one of the most affordable cities to live in Rhode Island. The house rent is between $675 – $5,800.
Pawtucket boasts numerous local employers such as Slater Mill, Pawtucket Red Sox Stadium, Arcade Street Business District, and Blackstone Valley Visitor Center. This provides ample job prospects in the region.
Additionally, outdoor enthusiasts can explore various parks like Slater Memorial Park and Taunton River Park. These parks offer biking, hiking, and walking trails for different recreational preferences.
» Homes for Sale in Pawtucket, RI: View all the properties for sale in this city.
4. Warwick
| 🟢 Cost of Living Compared to State Average | 5.8%⬇️ |
| 🏡 Median Home Price | $361,458 |
| 💲 Median Rent | $2,200 |
| 🏖️ Known For | Warwick Neck Lighthouse |
Warwick offers cheaper housing with rent prices ranging from $1,100 – $4,500. Moreover, this city’s healthcare costs are 13% below the national average.
Warwick boasts historical attractions like Forge Pond Farm and The Aldrich Mansion for history enthusiasts. Outdoor enthusiasts can enjoy activities such as golfing at Quidnessett Country Club or exploring Goddard State Memorial Park.
» Homes for Sale in Warwick, RI: Browse through thousands of affordable properties.
5. Providence
| 🟢 Cost of Living Compared to State Average | 3.3%⬇️ |
| 🏡 Median Home Price | $368,130 |
| 💲 Median Rent | $2,021 |
| 🎨 Known For | The Rhode Island School of Design |
Providence is an affordable place to live in Rhode Island. Its house rent costs range from $600 – $13,000. A low cost of living and affordable housing has led to a population growth of 5.2% between 2020 and 2021.
Providence is the capital city of Rhode Island. The city is known for its universities and colleges. There are several institutions like Brown University, Johnson & Wales University, and Rhode Island School of Design in the city.
Residents can also enjoy attractions like Waterplace Park and Roger Williams Park Zoo. All these places make Providence a great place to live in.
» Homes for Sale in Providence, RI: Browse through thousands of properties in this city.
6. East Providence
| 🟢 Cost of Living Compared to State Average | 3.3%⬇️ |
| 🏡 Median Home Price | $383,404 |
| 💲 Median Rent | $1,850 |
| 🏫 Known For | East Providence Yacht Club |
The house rent in East Providence is between $1,200 – $3,800. With an average household income of $68,400, you can comfortably live in this city.
East Providence, located on Narragansett Bay across from Providence, offers convenient access to scenic bay beaches and city amenities. With a blend of coastal beauty and urban conveniences, it boasts diverse dining, shopping, and lovely parks for outdoor leisure.
» Homes for Sale in East Providence, RI: Find a home in one of the cheapest places to live in Rhode Island.
7. Cranston
| 🟢 Cost of Living Compared to State Average | 3.3%⬇️ |
| 🏡 Median Home Price | $389,953 |
| 💲 Median Rent | $1,900 |
| 🖼️ Known For | Sprague Mansion |
Cranston is one of the best places to live in Rhode Island, with a slight year-over-year median home price increase of 7% in December 2023. The average cost of healthcare is 12.7% lower than the state average.
Cranston is renowned for its picturesque landscapes, featuring historic sites such as the Pawtuxet Village Historic District and Jenks Park.
Cranston provides several job opportunities for its residents. Companies like MetLife, Amica Mutual Insurance, and Hasbro are some of the major employers in the city.
» Homes for Sale in Cranston, RI: Get yourself a home in this city.
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The Bottom Line
The cost of living in Rhode Island is 12.5% higher than the national average. It is also home to some of the most expensive cities in America. However, if you want to shift to Rhode Island, you can find affordable housing in cities like Cranston, Warwick, and Providence.
Cities like Clovis and Sacramento have a slightly expensive cost of living but provide better job opportunities. You must research the city’s home prices and living costs before relocating.
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Research Methodology
We’ve created this list by considering factors such as cost of living, median home price, and rental price range. We have also accounted for the population, median household income, poverty rate, and unemployment rate in these cities.
To compile this list of the cheapest areas to live in Rhode Island, we have drawn data from the Economic Research Institute, World Population Review, Rent Cafe, and Zillow.
FAQs
What is the cheapest place to live in Rhode Island?
The cheapest place to live in Rhode Island is Central Falls. It offers affordable healthcare, which is 6.9% lower than the national average.
» 7 Cheapest Places to Live in Rhode Island: Find out the other cheapest places to live in Rhode Island.
Is Rhode Island the cheapest place to live in?
No, it is not. The median home value is $432,687. If you're looking for cities with affordable housing and a low cost of living, you can try your luck in some of these cheapest places in America.
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