Portsmouth, RI is a popular destination for many people looking to settle down in New England. With its close proximity to nearby cities like Newport and Providence, visitors can easily take advantage of the many shopping centers, restaurants, and museums that these cities have to offer. For those who are looking to stay in Portsmouth itself, the average 2 bedroom rent is $2,370 which is higher than the US average at $1,430. That being said, the cost of living is still quite reasonable due to relatively low grocery costs with an index of 108 compared to 100 nationally. The local economy is bolstered by companies such as BankNewport, Newport Harbor Corporation LLC., and Hanley Investment Group which all provide quality services throughout the community.
Portsmouth has an unemployment rate of 6.7%. The US average is 6.0%.
Portsmouth 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 30.4%, which is lower than the US average of 33.5%.
Tax Rates for Portsmouth
- The Sales Tax Rate for Portsmouth is 7.0%. The US average is 7.3%.
- The Income Tax Rate for Portsmouth 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 Portsmouth
- The average income of a Portsmouth resident is $54,981 a year. The US average is $37,638 a year.
- The Median household income of a Portsmouth resident is $104,073 a year. The US average is $69,021 a year.