Economy in Providence, RI

Providence, Rhode Island is an attractive city to live in. It is home to a vibrant arts scene, a variety of restaurants, and many universities. Local companies include Brown University, Hasbro, Citizens Bank, and FM Global. The cost of living in Providence is slightly higher than the US average but is definitely worth it for those looking for a diverse city with plenty of activities to choose from. Rent for two bedrooms is $1,490 per month while the US average for two bedrooms is $1,430 per month. The grocery cost index in Providence is also higher than the US average at 105 versus 100.

Providence has an unemployment rate of 8.6%. The US average is 6.0%.

Providence 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 28.6%, which is lower than the US average of 33.5%.

Tax Rates for Providence
- The Sales Tax Rate for Providence is 7.0%. The US average is 7.3%.
- The Income Tax Rate for Providence 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 Providence
- The average income of a Providence resident is $21,924 a year. The US average is $28,555 a year.
- The Median household income of a Providence resident is $55,787 a year. The US average is $69,021 a year.