Cost of Living in Wakefield-Peace Dale, RI

With a cost of living index of 110, Wakefield-Peace Dale, RI is somewhat more expensive than average. Living here is 10% more expensive than the national average and in line with the Rhode Island state average. Wakefield-Peace Dale is a smaller community of 9,812 residents, where everyday costs can differ substantially from nearby larger cities.

Housing costs are the biggest factor in Wakefield-Peace Dale's cost of living. The median monthly rent is $1,196 (9% below the US median of $1,319), and the median home value sits at $464,400 (52% above the national median of $304,900). At current prices, the median home costs roughly 4.2x the median household income — a moderately affordable ratio by today's standards.

The median household income in Wakefield-Peace Dale is $111,200, which is 48% 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.

Climate is another factor for anyone considering a move to Wakefield-Peace Dale. 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.