Cost of Living in Charlestown, RI

With a cost of living index of 117, Charlestown, RI is a notably expensive place to live. Living here is 17% more expensive than the national average and 7% above the Rhode Island state average of 111. Charlestown is a small community of 1,648 residents.

Housing costs are the biggest factor in Charlestown's cost of living. The median monthly rent is $1,216 (8% below the US median of $1,319), and the median home value sits at $545,800 (79% above the national median of $304,900). At current prices, the median home costs roughly 4.8x the median household income — a stretch for many buyers, though not uncommon in today's market.

The median household income in Charlestown is $113,281, which is 51% higher than the national median of $75,149. Residents spend roughly 13% of household income on rent. This is a comfortable ratio, well below the 30% threshold that financial experts recommend as a maximum. While incomes are above average, they more than offset the higher cost of living.

Climate is another factor for anyone considering a move to Charlestown. The area sees an average annual temperature of 49.2°F, with summers averaging 68°F and winters around 31°F. Annual rainfall totals 51.6 inches spread over roughly 134 days.

Everyday prices in the Providence-Warwick, RI-MA (Metropolitan Statistical Area) metro area are generally below the national average. Out of 6 common items tracked by the Bureau of Labor Statistics, 5 are priced lower than the US average. These real-world prices — from groceries to electricity — add up and should be factored into any cost of living comparison.

Data sources: US Census Bureau (ACS 2023), Zillow Home Values, HUD Fair Market Rents, BEA Regional Price Parities, BLS Average Prices, and NOAA Climate Normals. Updated monthly.