Cost of Living in Providence, RI in 2025

Providence, RI Cost of Living: Quick Takeaways

• Housing Costs: Average rent for a one-bedroom apartment rose from $900 in 2010 to $1,450 in 2025.
• Transportation Expenses: Public transit monthly passes cost $70, with gas prices around $3.50 per gallon.
• Healthcare Costs: Employer-sponsored health insurance averages $150 monthly, with Silver plan premiums near $500.
• Income Levels: Median household income increased from $40,000 in 2010 to $57,000 projected for 2025.

Providence, Rhode Island, presents a comprehensive cost of living profile reflecting steady growth across all sectors.

This analysis provides a detailed breakdown of expenses encompassing housing, transportation, utilities, and more for 2025.

1. Housing Costs in Providence, RI

Understanding housing is crucial, as rent prices have steadily increased over recent years:

• 2010: Approximately $900 for a one-bedroom apartment
• 2015: Around $1,000
• 2020: Approximately $1,200
• 2024: Reached $1,400
• 2025: Projected at $1,450

This steady rise reflects demand and market dynamics in Providence’s rental sector.

For hospitality employers in Providence, understanding real estate market trends can help in planning workforce accommodations efficiently.

2. Homeownership and Real Estate Trends in Providence, RI

The housing market shows consistent appreciation in property prices:

• 2010: Median home price was around $200,000
• 2015: Increased to $250,000
• 2020: Approximately $300,000
• 2024: Reached $350,000
• 2025: Projected at $360,000

This growth indicates both opportunity and affordability challenges for prospective homeowners.

3. Transportation Expenses in Providence, RI

Transportation costs include various modes and factors:

• Public Transit: One-way fare is about $2.00, with monthly passes costing $70
• Fuel Prices: Average cost per gallon is $3.50
• Vehicle Maintenance: Annual maintenance averages $1,200

These figures reflect typical commuting and travel expenses.

4. Utility Costs in Providence, RI

Monthly utility expenses for a standard household include:

• Electricity: $150
• Internet: $60
• Total Utilities: Approximately $210

Utility costs vary by usage and provider but remain significant.

5. Grocery and Food Expenses in Providence, RI

Grocery costs per person typically reach about $300 monthly.

Dining out varies with casual meals around $15 and mid-range restaurant meals averaging $50.

Restaurants in Providence also face staffing challenges; employers can benefit from guidance on reducing employee turnover to maintain smooth operations.

6. Healthcare Costs in Providence, RI

Healthcare costs cover insurance and medical services:

• Employer-Sponsored Health Insurance: About $150 monthly
• Silver Plan Premiums: Monthly cost is around $500

Costs can vary based on coverage and individual health needs.

Hospitality workers' health concerns are crucial; learn more about burnout versus stress and how employers can help staff cope.

7. Educational Expenses in Providence, RI

Educational costs include:

• Public Schools: Generally tuition-free as funded by taxes
• Private Schools: Average tuition around $15,000 annually
• In-State University Tuition: Estimated at $12,000 per year

These expenses impact family budgets significantly.

8. Entertainment and Leisure in Providence, RI

Entertainment options come with varied costs:

• Movie Tickets: $12 each
• Gym Membership: $40 monthly
• Mid-Range Restaurant Meal: $50 per meal
• Annual Entertainment: Estimated total is $2,000

These activities contribute to lifestyle and well-being.

9. Taxes and Miscellaneous Fees in Providence, RI

Tax obligations affecting residents include:

• State Income Tax: Ranges between 3.75% and 5.99%
• Sales Tax: Total sales tax rate is approximately 7%
• Property Tax: Average rate is 1.65%

Understanding these rates is important for financial planning.

10. Childcare and Family Expenses in Providence, RI

Childcare costs to factor in include:

• Daycare: Around $1,200 monthly
• After-School Programs: Approximately $500 monthly
• Extracurricular Activities: $200 monthly

Family budgeting must account for these significant expenses.

11. Clothing and Personal Care in Providence, RI

Monthly expenditures cover:

• Clothing: $100
• Personal Care Products and Services: $50

These costs vary by lifestyle and preferences.

12. Insurance Costs in Providence, RI

Insurance premiums contribute majorly to monthly budgets:

• Health Insurance: Average $500 monthly for individual plans
• Auto Insurance: $1,500 annually
• Homeowners Insurance: $1,200 annually
• Renters Insurance: $200 annually

Insurance offers financial security but adds to living costs.

13. Miscellaneous Expenses in Providence, RI

Additional lifestyle costs include:

• Entertainment: $2,000 annually
• Personal Care Services: $600 annually
• Miscellaneous Goods and Services: $500 annually

These expenses can vary widely with individual choices.

14. Income and Salaries in Providence, RI

Median household incomes have risen steadily:

• 2010: Approximately $40,000
• 2015: $45,000
• 2020: $50,000
• 2023: $55,000
• 2025: Projected $57,000

Income growth partially offsets increased costs of living.

For hospitality employers, posting clear restaurant job postings with salaries helps attract qualified talent in competitive markets like Providence.

15. Comparison with National Averages

Providence’s cost of living compares as follows:

• Overall Cost of Living: 5% higher than national average
• Housing: Housing expenses are roughly 10% above national averages
• Utilities: Approximately 5% higher
• Food: About 3% more expensive
• Healthcare: Around 2% higher
• Transportation: 4% more costly than average
• Goods and Services: 3% increase over national figures

This comparison highlights areas where Providence’s living costs exceed nationwide levels, important for prospective residents.

Our Methodology for Providence, RI Cost of Living Figures

We compile data from authoritative sources including government statistics, consumer reports and trusted databases. Estimates are used when exact data is unavailable to ensure a comprehensive overview.

Providence, RI Cost of Living: Conclusion

The cost of living in Providence reflects a city balancing economic opportunities with rising expenses.

Housing, transportation and healthcare costs have increased steadily alongside incomes, impacting affordability.

Aware planning and understanding of these details help residents and newcomers manage their budgets effectively in this dynamic urban environment.

Hospitality businesses considering expansion in Providence may benefit from insights on restaurant staff hiring to attract local talent amid competitive labor markets.