Rhode Island

Analysis of state-to-state migration patterns and economic indicators for Rhode Island, based on 2022–2023 tax filing data and other sources.

Overview

• Net loss of 243 tax-filing households and 1,176 individuals (1.1 net people per 1,000 residents).
• Net gain of $34.3M in adjusted gross income (AGI).
• Largest inflow: 6,510 households from Massachusetts ($571.9M AGI).
• Largest outflow: 5,218 households to Massachusetts ($386.7M AGI).

Migration Trends

Between 2012 and 2023, Rhode Island experienced a net loss of $639.9M in AGI and 30,413 people. The 2022–2023 filing year marked a shift with a net gain of $34.3M in AGI despite a net loss of 1,176 individuals.

Income and Cost of Living

• Cost of living: 2% above the U.S. average (index: 102).
• Median household income: $86,372 (10% above U.S. median).
• Income per person: $67,769 (3% below U.S. average).
• Price parity by category:
  • Housing & rents: 102.7
  • Goods: 98.3
  • Utilities: 145.1
  • Other services: 102.7

Demographics

• Median age: 40.5 years.
• College degree: 37% of adults 25+.
• Poverty rate: 10.9%.
• Race and ethnicity (share of residents):
  • White: 69%
  • Hispanic: 17%
  • Black: 5%
  • Asian: 3%
  • Other: 5%

Housing

• Median home value: $368,800 (22% above U.S. median).
• Home-price appreciation (past 5 years): +57%.
• Median rent: $1,273 (6% below U.S. median).
• Homeownership rate: 63%.
• New housing units authorized in 2023: 1,169 (61% single-family, 39% multifamily).

Economy and Employment

• Unemployment rate: 3.0% (2023 annual average).
• Labor force: 581,465 (564,161 employed).
• Average commute time: 25 minutes.
• Broadband access: 91% of households.

Goods Trade (2022)

• Ships to other states: $25.8B (+29% since 2017).
• Receives from other states: $25.1B (+21% since 2017).
• Net balance: +$744M.
• Top goods shipped out:
  • Electronic and electrical equipment: $4.7B
  • Miscellaneous manufactured products: $3.4B
  • Articles of base metal: $2.8B
• Top trading partners (by total trade volume):
  • Massachusetts: $12.8B
  • New York: $4.9B
  • Connecticut: $4.0B

Migration by Income Bracket (2022–2023)

• $1–$10k: Net +45 households (-$104K AGI).
• $10k–$25k: Net +37 households (-$492K AGI).
• $25k–$50k: Net +70 households (-$2.9M AGI).
• $50k–$75k: Net +15 households (+$66K AGI).
• $75k–$100k: Net +11 households (+$406K AGI).
• $100k–$200k: Net +114 households (-$18.3M AGI).
• $200k+: Net +39 households (+$55.2M AGI).

Among the highest earners ($200k+), Rhode Island ranks #24 of 51 states for net household migration.