Cost of Living in Chepachet, RI

With a cost of living index of 89, Chepachet, RI is a very affordable place to live. Living here is 11% cheaper than the national average and 22% below the Rhode Island state average of 111. Chepachet is a small community of 1,819 residents.

Housing costs are the biggest factor in Chepachet's cost of living. The median monthly rent is $977 (26% below the US median of $1,319), and the median home value sits at $285,600 (6% below the national median of $304,900). At current prices, the median home costs roughly 3x the median household income — well within traditional affordability guidelines.

The median household income in Chepachet is $95,423, which is 27% higher than the national median of $75,149. Residents spend roughly 12% of household income on rent. This is a comfortable ratio, well below the 30% threshold that financial experts recommend as a maximum.

Climate is another factor for anyone considering a move to Chepachet. The area sees an average annual temperature of 52.1°F, with summers averaging 72°F and winters around 33°F. Annual rainfall totals 47.5 inches spread over roughly 127 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.