Cost of Living in Warwick, RI

With a cost of living index of 101, Warwick, RI is right around the national average in cost. Living here is 1% more expensive than the national average and 9% below the Rhode Island state average of 111. With a population of 82,871, Warwick is a mid-sized community that balances access to services with a more manageable cost of living compared to larger metros.

Housing costs are the biggest factor in Warwick's cost of living. The median monthly rent is $1,299 (2% below the US median of $1,319), and the median home value sits at $322,000 (6% above the national median of $304,900). At current prices, the median home costs roughly 3.7x the median household income — a moderately affordable ratio by today's standards.

The median household income in Warwick is $87,536, which is 16% higher than the national median of $75,149. Residents spend roughly 18% 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 Warwick. 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.