Newport, RI is a popular coastal city located in the state of Rhode Island. It is well-known for its beautiful beaches, historic sites, and charming downtown area. The city has a high cost of living compared to many other parts of the country; for example, the average two bedroom rent in Newport is $2,130, compared to the US average of $1,430. Additionally, groceries also cost more in Newport than they do on average nationally; the grocery cost index is 110 versus 100 in the US. Despite this increased expense, many people choose to live in Newport due to its vibrant community and diverse economy. Popular local companies include Gurney's Beach Resort & Marina and The Breakers Mansion Museum. There are also numerous restaurants and bars that cater to all sorts of tastes.
Newport has an unemployment rate of 6.8%. The US average is 6.0%.
Newport has seen the job market increase by 1.5% over the last year. Future job growth over the next ten years is predicted to be 35.8%, which is higher than the US average of 33.5%.
Tax Rates for Newport
- The Sales Tax Rate for Newport is 7.0%. The US average is 7.3%.
- The Income Tax Rate for Newport is 3.8%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for Newport
- The average income of a Newport resident is $40,773 a year. The US average is $28,555 a year.
- The Median household income of a Newport resident is $77,092 a year. The US average is $69,021 a year.