F
21%
Overall NAT. AVG.
15%
Goods & Services NAT. AVG.
50%
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 Westerly Rhode Island National
Cost of living121112100
Goods & Services115115100
Groceries102102100
Health care108108100
Housing150120100
Transportation9393100
Utilities112112100

An Overview of Cost of Living in Westerly, RI

Getting a feel for the cost of living in Westerly is essential for anyone planning to relocate, as it empowers them to make informed financial decisions, secure a comfortable lifestyle and maintain financial stability in their new environment. The cost of living in Westerly is 121, which is 21% higher than the national average. Relocating individuals may need to adjust their savings and investment strategies based on the cost of living in the new location. It influences decisions about retirement planning, investments and financial goals.

The cost of living in Westerly is among the highest in the country, making it a very expensive place to live. Only a small fraction of regions boast a cost of living that is at least 20% higher than the national average, and regrettably, Westerly falls into this category, which may not be suitable for those seeking an economically favorable living environment.

Housing costs are a major factor in the Westerly 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 50.2% higher than what's typical in an average city. That includes the prices of homes and rents, as well as mortgage rates and insurance.

The things you purchase regularly, like clothes, haircuts, movie tickets and gym memberships, can make a big dent in your budget and make up 33% of the cost of living index. Unfortunately in Westerly, these items will cost you 15.3% more than what's considered the norm, making it a more expensive place to call home.

Is Westerly Affordable?

Is Westerly 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 Westerly, the median home price is 66.6% higher than what most folks pay across the country, and monthly rent prices are 12% higher than the usual rates. Income levels in Westerly come in at $75,200, which is 35.9% higher than the national average.

What Factors can Influence the Cost of Living in Westerly?

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 cities with limited or no public transportation, residents may find it necessary to own and maintain vehicles, thereby elevating the cost of living. Monthly expenditures include fuel, insurance, routine maintenance and potential lease or financing commitments. In Westerly, the transportation index stands at 7.5% lower than the national average.

Groceries: Grocery expenditures have undergone notable escalation over the last 2-3 years. In some markets, the cost of food products has surged by more than 20%, while others have experienced only modest increments. These fluctuations in food costs can have a significant impact on the overall cost of living in any region. In Westerly, the groceries index registers 1.7% higher than the national average.

Where is the Data From?

The cost of living in Westerly, presented above is derived from the C2ER cost of living index, offering a practical method for assessing living cost disparities in urban areas. Published quarterly, this index compiles data from more than 300 independent researchers, encompassing over 60 goods and services in 6 categories. The weightings assigned to cost variances are informed by government survey data tracking the expenditure patterns of professional and executive households. It should be noted that the C2ER index does not include data on sales or income tax rates, however, AreaVibes incorporates tax rates into the overall cost of living score for each area.

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Cost Of Living Quick Facts

  • The cost of living in Westerly is 8% higher than the Rhode Island average
  • The cost of living in Westerly is 21% higher than the national average
  • Westerly housing is 50% 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 Westerly

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Compare Westerly, 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$99,838$8,320$2,329$2,995
      Renters$40,842$3,404$953$1,225
      The percent of monthly income spent on housing can be a good indicator of the affordability of housing in Westerly, RI, as well as the overall cost of living. As a general rule of thumb, the debt-to-income ratio (DTI) for homeowners or renters should be not more than 28 percent of gross income to be spent on housing related costs and not more than 36 percent of income on all expenses, including debts. The median income for Westerly homeowners, is $99,838. This would allow for a maximum of $2,329 per month to be spent on housing costs. For renters, the median monthly income is $40,842 which would result in a maximum of $953 to be spent on rental 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 Westerly 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 Westerly 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 Westerly 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 Westerly National avg. Difference
      Home Price $307,700.00$184,700.0066.6%
      Avg. Mortgage Payment $2,379.56$2,346.691.4%
      Apartment Rent $1,063.00$949.0012.0%

      Transportation

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

      Utilities

      Item Westerly 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.
      Fishers Island, NY611099.5%
      Hopkinton, RI6121032.6%
      Poquonock Bridge, CT1,6401055.3%
      Norwich, CT39,1121044.5%
      New London, CT27,0011066.1%
      Westerly, RI17,84212121.1%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Radford, VA17,833955.1%
      Jenison, MI17,8511000.1%
      El Dorado, AR17,8267920.7%
      Canby, OR17,86012827.8%
      Amsterdam, NY17,8238910.5%
      Westerly, RI17,84212121.1%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.