Cost of Living in Westerly, RI

With a cost of living index of 106, Westerly, RI is somewhat more expensive than average. Living here is 6% more expensive than the national average and 5% below the Rhode Island state average of 111. Westerly is a smaller community of 18,528 residents, where everyday costs can differ substantially from nearby larger cities.

Housing costs are the biggest factor in Westerly's cost of living. The median monthly rent is $1,243 (6% below the US median of $1,319), and the median home value sits at $400,200 (31% above the national median of $304,900). At current prices, the median home costs roughly 4.9x the median household income — a stretch for many buyers, though not uncommon in today's market.

The median household income in Westerly is $82,333, which is 10% 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 Westerly. The area sees an average annual temperature of 52.5°F, with summers averaging 71°F and winters around 34°F. Annual rainfall totals 42.8 inches spread over roughly 123 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.