Rhode Island Cost Of Living Statistics


Steve Goldstein
Steve Goldstein
Business Formation Expert
Steve Goldstein runs LLCBuddy, helping entrepreneurs set up their LLCs easily. He offers clear guides, articles, and FAQs to simplify the process. His team keeps everything accurate and current, focusing on state rules, registered agents, and compliance. Steve’s passion for helping businesses grow makes LLCBuddy a go-to resource for starting and managing an LLC.

All Posts by Steve Goldstein →
Business Formation Expert  |   Fact Checked by Editorial Staff
Last updated: 
LLCBuddy™ offers informative content for educational purposes only, not as a substitute for professional legal or tax advice. We may earn commissions if you use the services we recommend on this site.
At LLCBuddy, we don't just offer information; we provide a curated experience backed by extensive research and expertise. Led by Steve Goldstein, a seasoned expert in the LLC formation sector, our platform is built on years of hands-on experience and a deep understanding of the nuances involved in establishing and running an LLC. We've navigated the intricacies of the industry, sifted through the complexities, and packaged our knowledge into a comprehensive, user-friendly guide. Our commitment is to empower you with reliable, up-to-date, and actionable insights, ensuring you make informed decisions. With LLCBuddy, you're not just getting a tutorial; you're gaining a trustworthy partner for your entrepreneurial journey.

Rhode Island Cost Of Living Statistics 2023: Facts about Cost Of Living in Rhode Island reflect the current socio-economic condition of the state.

rhode-island

LLCBuddy editorial team did hours of research, collected all important statistics on Rhode Island Cost Of Living, and shared those on this page. Our editorial team proofread these to make the data as accurate as possible. We believe you don’t need to check any other resources on the web for the same. You should get everything here only 🙂

Are you planning to start a Rhode Island LLC business in 2023? Maybe for educational purposes, business research, or personal curiosity, whatever it is – it’s always a good idea to gather more information.

How much of an impact will Rhode Island Cost Of Living Statistics have on your day-to-day? or the day-to-day of your LLC Business? How much does it matter directly or indirectly? You should get answers to all your questions here.

Please read the page carefully and don’t miss any words.

Top Rhode Island Cost Of Living Statistics 2023

☰ Use “CTRL+F” to quickly find statistics. There are total 12 Rhode Island Cost Of Living Statistics on this page 🙂

Rhode Island Cost Of Living “Latest” Statistics

  • In Rhode Island under the previous ERSRI system, the average cost of providing pension benefits for retirees was 11.4% of workers’ salaries.[1]
  • Retirees got a cost of living adjustment COLA maxed at 3% on the first $35,000 of their pensions, or up to $1,050 each year.[1]
  • In Rhode Island, the DB element of the new system is anticipated to have long-term typical costs to the state of around 24.3% of payroll.[1]

Rhode Island Cost Of Living “Be” Statistics

  • After 30 years, the average pension for a full-time state employee in Rhode Island would have been around $33,500 based on a replacement rate of 55.25%.[1]
  • Future full-time workers in Rhode Island will have an average benefit reduction of 14% as a consequence of RIRSA.[1]
  • With used car and truck prices and new vehicle prices typically moderating, the new and used motor vehicles index climbed by 12.5%, the lowest rise in the previous year.[2]
  • Despite a higher-than-average number of adults aged 55 and above still being employed, Rhode Island still has a lower median household income for those 65 and older than the rest of the country.[3]
  • According to research, Rhode Island’s status as one of the states with the oldest populations may be eroding since between 2010 and 2018, the median age increased at one of the nation’s slowest rates—just 1%.[3]
  • The Social Security Administration reports that the average life expectancy between ages 62 and 67 in Rhode Island is 20.9 years, and at age 67, it is 16.3 years.[1]

Rhode Island Cost Of Living “Other” Statistics

  • Although not a lot in comparison to other states, Rhode Island’s senior population is predicted to grow by 75% by 2040.[3]
  • As of fiscal 2010, Rhode Island state pension funds reported a combined funding ratio of just 49%, which is the secondlowest of all states According to Pew Center on the States 2012.[1]
  • A typical future employee in Rhode Island with a complete career, or 30 years of service, would receive about $8,000 less in retirement income annually, or a 14% reduction.[1]

Also Read

How Useful is Rhode Island Cost of Living

One of the key factors that make Rhode Island’s cost of living distinctive is its size. While it may be small geographically, the state is densely populated, especially in urban areas like Providence and Newport. This high population density can drive up the cost of housing, with limited space available and demand outpacing supply.

Moreover, Rhode Island’s location on the East Coast, nestled between Connecticut and Massachusetts, also contributes to its cost of living. The state’s proximity to major cities like Boston and New York City can lead to higher prices for goods and services, as well as increased competition for jobs and housing.

On the flip side, Rhode Island’s cost of living is offset by factors that can make it more affordable for residents. For example, the state does not have a sales tax on necessities like groceries and prescription drugs, which can provide some relief for families on a tight budget. Additionally, Rhode Island offers a range of public transportation options, such as buses and trains, which can help residents save money on commuting expenses.

Another aspect of Rhode Island’s cost of living that is worth considering is its healthcare system. The state boasts a strong network of hospitals and healthcare providers, as well as programs like Medicaid and CHIP that help low-income residents access medical care. This can be a crucial factor for individuals and families navigating the rising costs of healthcare nationwide.

Despite these benefits, there are also challenges that residents of Rhode Island face in terms of affordability. The state has relatively high property taxes, which can put a strain on homeowners and renters alike. In addition, the cost of childcare and education can be significant for families, making it difficult for some to make ends meet.

Ultimately, the usefulness of Rhode Island’s cost of living depends on individual circumstances and priorities. For those who value access to quality healthcare, a rich cultural scene, and a strong sense of community, the state may be worth the investment. However, for others who are looking for more affordable housing options or lower tax rates, Rhode Island may not be the best choice.

In conclusion, Rhode Island’s cost of living is a complex and multifaceted issue that requires careful consideration. While the state offers many advantages in terms of quality of life and amenities, there are also challenges that residents must navigate in order to thrive. By understanding the factors that contribute to Rhode Island’s cost of living, individuals can make informed decisions about whether the state is the right fit for them.

Reference


  1. epi – https://www.epi.org/publication/ib366-rhode-islands-hybrid-pension-plan/
  2. bls – https://www.bls.gov/regions/mid-atlantic/news-release/consumerpriceindex_northeast.htm
  3. seniorliving – https://www.seniorliving.org/rhode-island/

Leave a Comment