Cost of Living in Hope Valley, RI

With a cost of living index of 113, Hope Valley, RI is somewhat more expensive than average. Living here is 13% more expensive than the national average and in line with the Rhode Island state average. Hope Valley is a small community of 2,147 residents.

Housing costs are the biggest factor in Hope Valley's cost of living. The median monthly rent is $1,393 (6% above the US median of $1,319), and the median home value sits at $424,100 (39% above the national median of $304,900). At current prices, the median home costs roughly 4.3x the median household income — a moderately affordable ratio by today's standards.

The median household income in Hope Valley is $98,481, which is 31% higher than the national median of $75,149. Residents spend roughly 17% 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 Hope Valley. The area sees an average annual temperature of 49.5°F, with summers averaging 68°F and winters around 31°F. Annual rainfall totals 51.3 inches spread over roughly 136 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.