What is the average income in Rhode Island?

The median household income in Rhode Island was $80,650 in 2022, which is 107.92% of the national median household income.

Bristol County had the highest median household income in Rhode Island in 2022 at $105,875, followed by Washington County at $99,510 and Newport County at $96,319.

The real median household income in Rhode Island peaked at $75,978 in 2020 but has since decreased to $74,008 as of 2022, which is still higher than the national median household income of $74,606.

According to the U.S.

Census Bureau, the median household income in Rhode Island was $74,489 between 2017 and 2021, with a per capita income of $39,603 during the same period.

The state's average income has been steadily increasing over the years, with the latest data indicating a continued upward trend.

In 2022, Rhode Island had a population of 1.09 million people with a median age of 40.1 and a median household income of $81,370.

Between 2021 and 2022, the population of Rhode Island grew from 1.09 million to 1.09 million, a 0.211% increase, and its median household income grew from $74,489 to $81,370, a 9.24% increase.

The median family income for Rhode Island was $97,304 in 2021, which is 114.98% higher than the median US family income.

The median value of owner-occupied housing units in Rhode Island was $292,600 between 2017 and 2021.

The median selected monthly owner costs with a mortgage in Rhode Island were $2,062 between 2017 and 2021.

As of May 2024, the average annual salary in Rhode Island is $65,915, which is equivalent to approximately $31.69 per hour, $1,267 per week, or $5,492 per month.

Most salaries in Rhode Island range between $47,231 (25th percentile) to $83,578 (75th percentile) annually.

The state's real median household income has been consistently higher than the national average since the 1980s, reflecting the relatively strong economic performance of the region.

The high-income areas in Rhode Island, such as Bristol, Washington, and Newport counties, are often associated with the state's affluent coastal communities and thriving tourism industry.

The state's median household income is influenced by the presence of a highly educated workforce, with a significant proportion of residents employed in industries like healthcare, education, and professional services.

Rhode Island's economic landscape has diversified in recent years, with the growth of sectors like renewable energy, advanced manufacturing, and life sciences contributing to the overall income levels.

The state's cost of living, particularly in areas like housing and healthcare, is higher than the national average, which partly offsets the relatively high median household income.

Policymakers in Rhode Island have implemented initiatives to address income inequality and support lower-income households, such as expanding the state's Earned Income Tax Credit and increasing the minimum wage.

The COVID-19 pandemic had a significant impact on Rhode Island's economy, leading to temporary declines in employment and household incomes, but the state has shown signs of recovery in recent years.

Rhode Island's economic performance and income levels are closely tied to the overall economic trends in the New England region, where the state's proximity to major metropolitan areas like Boston has historically provided economic advantages.