Providence is a small city located in Rhode Island with a metropolitan area population of 178,432. A couple could live a moderate lifestyle in Providence on a budget of $4,140 per month, or $49,675 per year.
Cost of Living in Providence, Rhode Island
As noted above, the cost of living in Providence, Rhode Island is $4,140 per month for a couple living a moderate lifestyle. This budget consists of $2,671 for housing related costs, $657 for food, and $812 for other costs, all of which will be broken down below.
- A one-bedroom apartment in the city center of Providence is estimated to cost $2,307
- Basic utilities including electricity, water, and gas will run about $257
- High-speed internet averages $107
- Typical grocery costs of $464 per month include things like bread, eggs, milk, cheese, rice, chicken breast, bottled water, fruits, and vegetables
- Alcohol including beer and wine for moderate home consumption costs about $91
- Frequent coffees in a neighborhood café are estimated to be about $103
- Meals out are estimated to be $500 per month, including 4 meals in mid-range restaurants and 8 in inexpensive restaurants
- Transportation costs of $175 for public transport passes and occasional taxis
- Fitness center memberships of $75
- Cinema tickets of $62 include several outings for international releases
Note that Providence, Rhode Island is a very walkable city with a Walk Score of 87/100, which means you won’t need a car if you are living in the city center and you may even save some money by not using public transportation and taxis very often.
Amount of Money Needed to Retire in Providence, Rhode Island
Many people searching the internet for the cost of living in Providence, Rhode Island are doing so to see if and when they can quit their jobs and retire. A popular and easy way to calculate your retirement number is using the 4% Rule.
The 4% Rule estimates that a person(s) could withdraw 4% of their retirement nest egg and never run out of money. Using this calculation, a couple would need an investment portfolio of $1,241,874 to live a moderate lifestyle in Providence, Rhode Island.
Annual expenses of $49,675 ÷ 4% = $1,241,874 portfolio needed.
Of course, everyone’s financial situation is different, and the above calculation could change based on any other sources of passive income and social security income.
Overall, the cost of living in Providence, Rhode Island is affordable coming in at $4,140 for a couple living a moderate lifestyle. Those seeking to retire could do so comfortably with a retirement portfolio of $1,241,874.