Rhode Island only has 1,059,361 residents, but it is also the smallest state in the nation, encompassing only 1,033 square miles. The state earned the nicknames "Little Rhody" and "the Smallest State" due to its size. But don't let its small size fool you - despite its size, it holds the headquarters of Fortune 500 companies such as CVS Health, United Natural Foods, Textron, Citizens Financial Group, and FM Global. Hasbro and Amica Mutual Insurance, which are on the Fortune 1000 list, are also located in Rhode Island. It is a great place to live thanks to its history, rustic feel, location, economy, and the many rent-to-own homes available in the state.
The cost of living in Rhode Island is 10.6% higher than average for the U.S. due to high grocery, housing, utility, and transportation costs. Newport is 34.3% higher than the national average, while Providence and Woonsocket are 5.1% and 3.6% higher, respectively. It won't be easy to find a cheap place to live in the state to live, but some municipalities are at or close to average.
Average Home Prices in Rhode Island
If you're looking for an affordable home in Rhode Island, you'll have to do your research. You can pay over $1 million for a house in New Shoreham or as low as $186,800 in Central Falls. The median price of a home in the state is $285,200, well above the national average of $231,200, but with some digging, you can find plenty of affordable housing in the state. If you're thinking of buying a rent-to-own home, Rhode Island is definitely a viable option.
Rhode Island Statistics
If you're interested in Rhode Island rent-to-own homes, don't forget to consider important factors in addition to monthly living costs, such as average commute, taxes, crime rates, etc. The following are some common Rhode Island statistics compared to the U.S. national average.
| ||Rhode Island Averages ||National Averages |
|One-Way Commute ||24.6 minutes ||26.4 minutes |
|Violent Crime ||15.4 ||22.7 |
|Property Crime ||27.5 ||35.4 |
|Unemployment Rate ||3.7% ||3.9% |
|Income Tax Rate ||3.8% ||4.6% |
|Air Quality ||68 ||58 |
|Water Quality ||46 ||55 |
|Median Household Income ||$56,423 ||$53,482 |
|Median Property Taxes ||$4,000 ||$2,200 |
|Utilities ||$980/month ||$112/month |
|Monthly Rent ||$1,077 ||$1,470 |
|Median Home Cost ||$285,200 ||$231,200 |
|Median Home Age ||57 years ||40 years |
Popular Rhode Island Cities
Newport really packs some punch for a 7.67-square-mile city with a population of only 24,334. The first U.S. men's singles tennis championship was held in the city in 1881, and it is the home of the International Tennis Hall of Fame. During the Gilded Age of the late 19th century, the rich and famous built summer homes in Newport. You can now visit these mansions with guided tours of the amazing architecture and luxury while learning about the wealthy families that once occupied the homes. If you like music, the oldest jazz festival in the country is held in Newport.
Providence is the capital of Rhode Island and its most populous city with its 179,883 residents making up nearly 17% of the state's population. The city has seven universities and eight hospitals that provide local employment. Providence uses Rhode Island Public Transport Authority buses as its primary source of transportation. The municipal government encourages bike riding by constantly adding bike lanes to its infrastructure, and the city also has a bike-share program and a unique autonomous vehicle shuttle service.
New Shoreham is the smallest town in the state at slightly less than 10 square miles. It is the only town located on Block Island, and you can only get there by ferry or airplane. Residents and visitors enjoy beautiful ocean views, 17 miles of beach, and 30 miles of walking trails. Most of Block Island's attractions are outdoors, including a self-guided bike tour of the island. If you're tired of typical shopping experiences, you'll enjoy the island's local, unique shops and eateries.
Popular Amenities and Attractions in Rhode Island
Rhode Island's official nickname is "the Ocean State." It has more than 400 miles of shoreline thanks to its location along the Atlantic Ocean and its many little islands off the coast. It is the third wettest state in the country, with 33.1% water coverage. Boating rentals of all sorts are available along its shores and inlets, and you can partake in almost any type of water sport during the warmer weather.
If you're into history, Rhode Island will satisfy your palate. You can visit the Old Slater Mill - the first mill in the U.S., founded in 1793 - the Sylvanus Brown House building built in 1758, and the Wilkinson Mill established in 1819. All three properties are on the same complex and serve as museums that teach visitors how the textile industry operated back in the day. Spell Hall is a 1770 home where Major General Nathanael Green lived with his family. There are also lots of seasonal war reenactments commemorating Rhode Island's involvement in 18th and 19th-century wars.
A rich history, lots of water, plenty of jobs, and a rustic vibe make Rhode Island a great state for people who are looking to relocate.