Cost of Living in Narragansett Pier, RI

With a cost of living index of 151, Narragansett Pier, RI is one of the most expensive cities in the United States. Living here is 51% more expensive than the national average and 40% above the Rhode Island state average of 111. Narragansett Pier is a small community of 3,080 residents.

Housing costs are the biggest factor in Narragansett Pier's cost of living. The median monthly rent is $1,721 (30% above the US median of $1,319), and the median home value sits at $771,800 (153% above the national median of $304,900). At current prices, the median home costs roughly 9.7x the median household income — a challenging ratio that puts homeownership out of reach for many residents.

The median household income in Narragansett Pier is $79,683, which is 6% higher than the national median of $75,149. Residents spend roughly 26% of household income on rent. This is near the 30% threshold that financial experts generally consider the upper limit of affordability.

Climate is another factor for anyone considering a move to Narragansett Pier. 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.