D+
14%
Overall NAT. AVG.
15%
Goods & Services NAT. AVG.
27%
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 Warwick Rhode Island National
Cost of living114112100
Goods & Services115115100
Groceries102102100
Health care108108100
Housing127120100
Transportation9393100
Utilities112112100

An Overview of Cost of Living in Warwick, RI

Are you thinking about relocating, but curious about the potential cost of living in Warwick? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Warwick stands at 114, making it 14% higher than the national average. The cost of living directly affects the affordability of one's desired lifestyle. Knowing the cost of housing, transportation, groceries and other essentials in the new area allows people to gauge whether they can maintain their preferred standard of living.

Housing costs are a very significant part of the Warwick cost of living index and generally encompass a large percentage of take-home income. Unfortunately, in this area, the housing costs for both homes and rentals were 27.2% more than the average city. This includes things like home and rent prices, mortgage rates and insurance.

Recurring goods and services expenses like haircuts, toothpaste, gym memberships and movie nights are a big part of your spending and make up 33% of the cost of living index. In Warwick, these items will cost you 15.3% more than what most folks pay, making it a bit more expensive to live here.

What Do Locals Say About the Cost of Living in Warwick?

When it comes to knowing a city, its residents are the experts. We conducted a survey with 7 locals to understand their opinions on the cost of living in Warwick. The results indicated that 43% found it reasonably priced with decreasing prices of goods and services, while 57% viewed it as quite expensive, with increasing prices.

Is Warwick Affordable?

Is Warwick affordable? This is a pivotal question, especially when mulling over a move, as affordability carries substantial weight in your decision-making process. Factors such as the cost of living index (discussed earlier), housing expenses and income levels all contribute to a location's affordability. For instance, in Warwick, the median home price is 29% higher than the national average and monthly rent prices are 23.1% higher than the typical rates. Additionally, the median income levels play a role in affordability, with Warwick boasting a median household income of $73,285, 32.5% higher than the national average.

What Factors can Influence the Cost of Living in Warwick?

Housing: When everyone's vying for homes in popular areas, it drives up property prices and rents, making the overall cost of living surge. On the flip side, in less sought-after locales, where housing demand is low, prices tend to dip, resulting in a more economical cost of living. In Warwick, the housing index comes in at 27.2% higher than the national average.

Transportation: When public transportation options are limited or non-existent, residents frequently resort to vehicle ownership, which can significantly contribute to the overall cost of living. Monthly financial obligations encompass fuel, insurance, regular maintenance and potentially lease or financing expenses. In Warwick, the transportation index is 7.5% lower than the national average.

Urbanization: Urban areas with a wealth of amenities and employment opportunities tend to come with a higher price tag for living. Why? Well, more people want to be there, which drives up home prices and rents. On the flip side, less densely populated rural areas or places where there's not as much demand usually mean fewer attractions, things to do and slower job growth. That often results in a lower cost of living.

Where is the Data From?

The Warwick cost of living data you see above is sourced from the C2ER cost of living index, providing a practical and accurate means of comparing living expenses in urban areas. Updated quarterly, this index gathers data from over 300 independent researchers, covering more than 60 goods and services, in 6 different categories. These selections are made meticulously to represent a wide range of consumer expenditure categories. The weightings applied to cost differences are based on government survey data that tracks spending patterns among professional and executive households. It's important to note that while the C2ER index excludes data on sales or income tax rates, AreaVibes factors 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 Warwick is 2% higher than the Rhode Island average
  • The cost of living in Warwick is 14% higher than the national average
  • Warwick housing is 27% 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 Warwick

See all the best places to live around Warwick

Compare Warwick, 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$88,201$7,350$2,058$2,646
      Renters$40,901$3,408$954$1,227
      The affordability of the housing market in Warwick, 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 Warwick homeowners, the median income is $88,201. This indicates that a monthly maximum of $2,058 should be spent by homeowners on all housing related costs. Renters have a median income of $40,901. This indicates that renters would have a maximum of $954 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 Warwick 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 Warwick 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 Warwick 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 Warwick National avg. Difference
      Home Price $238,300.00$184,700.0029.0%
      Avg. Mortgage Payment $2,379.56$2,346.691.4%
      Apartment Rent $1,168.00$949.0023.1%

      Transportation

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

      Utilities

      Item Warwick 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.
      Clayville, RI811098.7%
      Central Falls, RI19,4371044.5%
      Pawtucket, RI71,8211099.2%
      Providence, RI179,47211111.3%
      East Providence, RI47,44211211.9%
      Warwick, RI81,04311414.2%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Silver Spring, MD81,06915050.2%
      Manteca, CA81,07814141.4%
      Lynchburg, VA80,970955.0%
      Farmington Hills, MI80,93711312.6%
      Auburn, WA80,91413232.1%
      Warwick, RI81,04311414.2%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.