F
29%
Overall NAT. AVG.
15%
Goods & Services NAT. AVG.
78%
Housing NAT. AVG.
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Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.
The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
Index Newport East Rhode Island National
Cost of living129112100
Goods & Services115115100
Groceries102102100
Health care108108100
Housing178120100
Transportation9393100
Utilities112112100

An Overview of Cost of Living in Newport East, RI

Knowing the cost of living in Newport East allows individuals to create a realistic budget. This helps them understand how their income will cover expenses and whether they need to make financial adjustments. The cost of living in any region can fluctuate due to various factors. To assess the cost of living consistently across different areas, a national average of 100 serves as the basis for the cost of living index. The cost of living in Newport East stands at 129, marking it 29% higher than the national average.

If you're in pursuit of an economical living environment, Newport East may not fit the bill, as it ranks among the most expensive places to reside in the United States. Just a minority of regions exhibit a cost of living that is more than 20% higher than the national average, and, unfortunately, Newport East falls within this bracket.

Housing costs are a major factor in the Newport East cost of living index, and they often eat up a big chunk of your take-home pay. Unfortunately, in this area, housing expenses for both homeownership and rentals were 77.7% higher than what's typical in an average city. That includes the prices of homes and rents, as well as mortgage rates and insurance.

Goods and services make up 33% of the total cost of living index score and are a large part of your everyday expenses. These items could include things like haircuts, salons, toothpaste, shampoo, clothes, movies, bowling, gym memberships or yoga. In Newport East, you can expect to pay 15.3% more than average for these items, making it a more expensive place to live.

Is Newport East Affordable?

Is Newport East an affordable place to live? That's a valid question to ask when you're thinking about moving to a new city. After all, how much it costs to live somewhere can be a huge factor in your decision. Affordability can be broken down into 3 common categories. The cost of living index (we talked about it earlier), housing expenses and income levels all play a big role in figuring out if a place is affordable. For instance, in Newport East, the median home price is 92.7% higher than what most folks pay across the country, and monthly rent prices are 42.5% higher than the usual rates. Income levels in Newport East come in at $75,036, which is 35.6% higher than the national average.

What Factors can Influence the Cost of Living in Newport East?

Groceries: Over the past 2-3 years, grocery expenses have experienced substantial upward trends. In certain markets, food prices have surged by over 20% during this period, while others have witnessed more modest increases. These fluctuations in food costs can wield significant influence over the overall cost of living in a given region. In Newport East, the groceries index is 1.7% higher than the national average.

Urbanization: Urban areas with extensive amenities and job opportunities tend to have a higher cost of living due to increased demand for services and relocation, resulting in higher home prices and higher rents. Less densely populated rural areas, or areas with less demand tend to have fewer amenities and slower job growth, which results in a lower cost of living.

Transportation: In areas where public transportation is scarce or unavailable, residents often find themselves compelled to own and upkeep vehicles, thereby increasing the overall cost of living. Monthly expenses encompass fuel, insurance, routine maintenance and potentially lease or financing payments. In Newport East, the transportation index is 7.5% lower than the national average.

Where is the Data From?

The Newport East cost of living data displayed above is derived from the C2ER cost of living index to provide a useful and reasonably accurate measure of living cost differences in urban areas. Published on a quarterly basis, it compiles data from more than 300 independent researchers, encompassing over 60 goods and services. These items have been meticulously selected to represent various consumer expenditure categories, in 6 categories. Weightings assigned to cost differentials draw from government survey data tracking spending patterns among professional and executive households. While the C2ER index excludes data on sales or income tax rates, AreaVibes incorporates tax rates into the overall cost of living score for each region.

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Cost Of Living Quick Facts

  • The cost of living in Newport East is 15% higher than the Rhode Island average
  • The cost of living in Newport East is 29% higher than the national average
  • Newport East housing is 78% higher than the national average
  • Rhode Island general sales tax is 37% higher than the national average
  • Rhode Island state income tax is 44% higher than the national average

Most Affordable Places to Live in and Around Newport East

See all the best places to live around Newport East

Compare Newport East, RI Cost of Living

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      Salary Calculator

      This is how much you would need to earn in
      Price difference in compared to
      Cost of living index
      Goods & Services index
      Groceries index
      Health care index
      Housing index
      Transportation index
      Utilities index

      Median Income & Debt-To-Income Ratio

      Median Income Per Year Per Month Max Budget (28% DTI) Max Budget (36% DTI)
      Owners$84,994$7,083$1,983$2,550
      Renters$57,955$4,830$1,352$1,739
      The affordability of the housing market in Newport East, RI as well as the overall cost of living can be predicted by what percent of the monthly income is spent on housing related costs. This is konwn as the debt-to-income ratio (DTI). The overall rule of thumb is that no more than 28% of your gross income should be spent on the overall costs related to housing and no more than 36% of gross income on all expenses and debts. Among Newport East homeowners, the median income is $84,994. This indicates that a monthly maximum of $1,983 should be spent by homeowners on all housing related costs. Renters have a median income of $57,955. This indicates that renters would have a maximum of $1,352 for their rent related monthly costs.

      Rhode Island Sales Tax

      State General Sales Tax With Max Surtax
      Rhode Island 7% 7%

      Rhode Island Income Tax

      State Income Tax (Low) Income Tax (High)
      Rhode Island 3.75% 5.99%

      Goods & Services

      Item Newport East National avg. Difference
      Haircut $31.50$24.2629.8%
      Beauty Salon $49.92$45.569.6%
      Toothpaste $3.46$3.706.5%
      Shampoo $1.43$1.2811.4%
      Movie $14.37$12.1318.4%
      Bowling $22.72$18.0026.2%

      Groceries

      Item Newport East National avg. Difference
      Ground Beef $5.85$5.840.2%
      Fried Chicken $1.43$1.578.9%
      Milk $4.74$4.671.4%
      Potatoes $5.00$4.931.3%
      Pizza $11.59$12.094.1%
      Beer $10.74$10.413.1%

      Health Care

      Item Newport East National avg. Difference
      Optometrist $104.45$125.6816.9%
      Doctor $169.83$135.7825.1%
      Dentist $130.28$113.2915.0%
      Ibuprofen $11.11$10.654.3%
      Lipitor $369.37$468.6021.2%

      Housing

      Item Newport East National avg. Difference
      Home Price $356,000.00$184,700.0092.7%
      Avg. Mortgage Payment $2,379.56$2,346.691.4%
      Apartment Rent $1,352.00$949.0042.5%

      Transportation

      Item Newport East National avg. Difference
      Gasoline $3.38$3.462.5%
      Tire Balancing $48.20$59.9219.6%

      Utilities

      Item Newport East National avg. Difference
      All Electricity $230.62$193.9918.9%
      Phone $195.18$192.251.5%
      Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

      Nearby cities with low cost of living

      City Population Cost of Living Index National Avg.
      Fall River, MA89,61811313.1%
      Warwick, RI81,04311414.2%
      Ocean Grove, MA2,43411514.8%
      Smith Mills, MA4,70611515.3%
      Tiverton, RI7,99611616.1%
      Newport East, RI11,28912929.4%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Guttenberg, NJ11,28413231.9%
      Summerfield, NC11,28312221.8%
      Guthrie, OK11,2968911.1%
      Show Low, AZ11,2801043.6%
      Berkley, CO11,29912019.6%
      Newport East, RI11,28912929.4%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.