Rhode Island Cost Of Living Statistics


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Rhode Island Cost Of Living Statistics 2023: Facts about Cost Of Living in Rhode Island reflect the current socio-economic condition of the state.

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LLCBuddy editorial team did hours of research, collected all important statistics on Rhode Island Cost Of Living, and shared those on this page. Our editorial team proofread these to make the data as accurate as possible. We believe you don’t need to check any other resources on the web for the same. You should get everything here only 🙂

Are you planning to start a Rhode Island LLC business in 2023? Maybe for educational purposes, business research, or personal curiosity, whatever it is – it’s always a good idea to gather more information.

How much of an impact will Rhode Island Cost Of Living Statistics have on your day-to-day? or the day-to-day of your LLC Business? How much does it matter directly or indirectly? You should get answers to all your questions here.

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Top Rhode Island Cost Of Living Statistics 2023

☰ Use “CTRL+F” to quickly find statistics. There are total 12 Rhode Island Cost Of Living Statistics on this page 🙂

Rhode Island Cost Of Living “Latest” Statistics

  • In Rhode Island under the previous ERSRI system, the average cost of providing pension benefits for retirees was 11.4% of workers’ salaries.[1]
  • Retirees got a cost of living adjustment COLA maxed at 3% on the first $35,000 of their pensions, or up to $1,050 each year.[1]
  • In Rhode Island, the DB element of the new system is anticipated to have long-term typical costs to the state of around 24.3% of payroll.[1]

Rhode Island Cost Of Living “Be” Statistics

  • After 30 years, the average pension for a full-time state employee in Rhode Island would have been around $33,500 based on a replacement rate of 55.25%.[1]
  • Future full-time workers in Rhode Island will have an average benefit reduction of 14% as a consequence of RIRSA.[1]
  • With used car and truck prices and new vehicle prices typically moderating, the new and used motor vehicles index climbed by 12.5%, the lowest rise in the previous year.[2]
  • Despite a higher-than-average number of adults aged 55 and above still being employed, Rhode Island still has a lower median household income for those 65 and older than the rest of the country.[3]
  • According to research, Rhode Island’s status as one of the states with the oldest populations may be eroding since between 2010 and 2018, the median age increased at one of the nation’s slowest rates—just 1%.[3]
  • The Social Security Administration reports that the average life expectancy between ages 62 and 67 in Rhode Island is 20.9 years, and at age 67, it is 16.3 years.[1]

Rhode Island Cost Of Living “Other” Statistics

  • Although not a lot in comparison to other states, Rhode Island’s senior population is predicted to grow by 75% by 2040.[3]
  • As of fiscal 2010, Rhode Island state pension funds reported a combined funding ratio of just 49%, which is the secondlowest of all states According to Pew Center on the States 2012.[1]
  • A typical future employee in Rhode Island with a complete career, or 30 years of service, would receive about $8,000 less in retirement income annually, or a 14% reduction.[1]

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How Useful is Rhode Island Cost of Living

For the average Rhode Islander, the cost of living serves as a critical benchmark in setting personal financial goals, budgeting effectively, and making informed decisions on big-ticket items such as housing, transportation, healthcare, and education. By understanding and utilizing the information provided by cost of living indices, individuals can intelligently plan their finances, strategize for the future, and assess their standard of living relative to their peers within the state.

Furthermore, the cost of living in Rhode Island plays a key role in attracting and retaining talent, businesses, and investment within the state. For prospective residents and businesses, the affordability of everyday expenses is a primary consideration in choosing where to live and work. By transparently communicating the cost of living data, Rhode Island can position itself as a desirable destination for individuals seeking a high quality of life at a reasonable cost, enhancing both its economic vitality and social vibrancy.

On a deeper level, the cost of living in Rhode Island reflects underlying socioeconomic trends and disparities, shedding light on issues of income inequality, housing affordability, and economic opportunity within the state. By exploring variations in cost of living across different regions of Rhode Island, policymakers and stakeholders can identify areas of concern, target resources towards underserved communities, and promote inclusive growth strategies that benefit all residents, regardless of their socioeconomic background.

In addition to its practical utility, the cost of living in Rhode Island serves as a lens through which to examine broader questions of economic sustainability, environmental stewardship, and social equity. By considering the true cost of consumption, production, and resource allocation within the state, individuals and institutions can make more informed choices that balance short-term convenience with long-term sustainability, ensuring that future generations can enjoy the same benefits and opportunities as those living in the present.

Ultimately, the usefulness of Rhode Island’s cost of living lies not just in its numerical values and comparative rankings, but in the deeper insights and broader perspectives it offers on the interconnectedness of economic prosperity, social well-being, and environmental health. By engaging with the concept of cost of living in a nuanced and holistic manner, Rhode Islanders can harness its potential to drive positive change, foster a culture of responsibility and resilience, and build a more prosperous and sustainable future for all who call the Ocean State home.

Reference

  1. epi – https://www.epi.org/publication/ib366-rhode-islands-hybrid-pension-plan/
  2. bls – https://www.bls.gov/regions/mid-atlantic/news-release/consumerpriceindex_northeast.htm
  3. seniorliving – https://www.seniorliving.org/rhode-island/

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