How Much Money Do You Need To Live Comfortably In Rhode Island?

Living Wage Calculation for Rhode Island

Is Rhode Island cost of living high?

Rhode Island has a cost of living index of 117.2, making it the ninth most expensive in the United States. Housing costs are 21% higher than the national average, with a typical single-family dwelling costing $372,809. The average rent for a two-bedroom apartment in Rhode Island is $1,043 a month.

What is a good hourly wage in Rhode Island?

$14.24 is the 25th percentile. Wages below this are outliers. $40.06 is the 90th percentile. Wages above this are outliers.
What are Top 10 Highest Paying Cities for Hourly Rate Jobs in Rhode Island.

What is the average pay in Rhode Island?

Average Salary in Rhode Island

What is a good salary in Providence RI?

A good salary in Providence, RI is anything over $48,000. That’s because the median income in Providence is $48,000, which means if you earn more than that you’re earning more than 50% of the people living in Providence. The average salary in Providence is $58,611. A good hourly wage in Providence is $23.08 per hour.

What is a good salary for a single person in Rhode Island?

A person working in Rhode Island typically earns around 84,200 USD per year. Salaries range from 21,300 USD (lowest average) to 376,000 USD (highest average, actual maximum salary is higher). This is the average yearly salary including housing, transport, and other benefits.

What is the poorest city in Rhode Island?

Central Falls, Rhode Island
Central Falls is the poorest town in Rhode Island. The $28,901 median annual household income in Central Falls is less than half that of the Newport East area, the state’s next poorest town, where the typical household earns $59,680 a year.

What is considered poverty level in RI?

The poverty line is $24,860 for a family of four. 12.9% of Rhode Island residents live in poverty.

Is Rhode Island a good state to move to?

The Ocean State low crime rate, top quality education, affordable housing, and natural beauty makes it one of the best places to live in the country. If you love festivals and events, great tasty food, sports, and an eco-friendly environment, moving to Rhode Island is perfect for you.

What is the minimum wage in Rhode Island for 2022?

$12.25 per hour
Rhode Island Minimum Wage for 2021, 2022. Rhode Island’s state minimum wage rate is $12.25 per hour. This is greater than the Federal Minimum Wage of $7.25.

What is Rhode Island like in the winter?

Rhode Island’s climate is milder than that of the other New England states. Winters are relatively cold with temperatures ranging from -6.1 to 2.2°C (21 to 36°F) and summer temperatures averaging between 17.2 and 27.2°C (63 to 81°F). Precipitation is fairly evenly distributed throughout the year.

Can you live in Rhode Island and work in Massachusetts?

If a Rhode Island resident works in another state, such as Massachusetts or Connecticut, the wages will be taxed in the state where the wages are earned. The Rhode Island resident may claim a credit for income tax paid to the other state on the RI-1040 resident income tax return.

Is Rhode Island cheap to live in?

The cost of living is 9% lower than the state average and the cost of housing is 17% lower than the national average. Woonsocket is the 6th largest city in Rhode Island. The cost of living in this vibrant community is 9% lower than the state average.

What is the state tax for Rhode Island?

7.00 percent
Rhode Island has a 7.00 percent state sales tax rate and does not levy local sales taxes. Rhode Island’s tax system ranks 40th overall on our 2022 State Business Tax Climate Index.

What is the minimum salary in Rhode Island?

The bill will increase the minimum wage from $11.50 to: $12.25 on January 1, 2022; $13 on January 1, 2023; $14 on January 1, 2024 and $15 on January 1, 2025. “Rhode Islanders deserve a living wage, and this legislation will help get us there,” said Lieutenant Governor Sabina Matos.

How much money do you need a month to live comfortably?

It helps to use what’s called the 50-30-20 rule. In general, you’ll want your monthly necessities (housing, transportation, etc) to be around 50% of your monthly net income. This means it should be under $2,000 based on a $60,000 income. That is where the 50 in the 50-20-30 rule comes from.

How much money does a single person need to live comfortably?

This means a single person needs to make at least $66,434 after taxes to live comfortably. After their basic living expenses are covered, an individual could spend $19,930 on wants and set $13,287 aside for savings or debt paydown.

What is the richest town in RI?

Jamestown, located west of Newport, is actually the richest community in the state. Other notable affluent areas include Barrington and East and West Greenwich. Besides these areas, Rhode Island is mostly a middle-income state, as a majority of the population lives in the urban city Providence.

What is the nicest part of Rhode Island?

Here is our guide to the best spots in the state.

• Newport. Museum.
• Block Island. Natural Feature.
• Bristol. Historical Landmark.
• Jamestown. Natural Feature.
• Tiverton. Natural Feature.
• Westerly. Architectural Landmark.
• South Kingstown. Natural Feature.
• Middletown. Natural Feature. © Mira / Alamy.

Who is the largest employer in Rhode Island?

This statistic illustrates the leading companies headquartered in Rhode Island in 2020, by number of employees. In that year, CVS Health was the largest company headquartered in Rhode Island, employing about 295,000 people.

Is Providence RI A poor city?

PROVIDENCE – In a recent study, a national research and policy nonprofit found that Providence ranks among the U.S. cities with the highest concentrations of poverty, and a major part of the solution lies in supporting small businesses and those owned by people of color.