Rhode Island is a small state located in the Northeastern United States. Its population of 1,059,639 makes it one of the smallest states in the country. The cost of living in Rhode Island is slightly higher than the national average, with an average two bedroom rent of $1,430 and a grocery cost index of 107 compared to 100 in the US. Despite its small size, Rhode Island has a lot to offer economically. It is home to several large companies including Johnson & Wales University, CVS Health Corporation, Textron Inc., Hasbro Inc., and Fidelity Investments. Each of these companies have headquarters or major offices located within Rhode Island and are integral parts of the state's economy.
Rhode Island has an unemployment rate of 7.2%. The US average is 6.0%.
Rhode Island has seen the job market decrease by -8.9% over the last year. Future job growth over the next ten years is predicted to be 30.1%, which is lower than the US average of 33.5%.
Tax Rates for Rhode Island
- The Sales Tax Rate for Rhode Island is 7.0%. The US average is 7.3%.
- The Income Tax Rate for Rhode Island is 3.8%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for Rhode Island
- The average income of a Rhode Island resident is $39,603 a year. The US average is $37,638 a year.
- The Median household income of a Rhode Island resident is $74,489 a year. The US average is $69,021 a year.