Five Staggering Numbers - The Costs to Live, Eat and Put a Roof Over Your Head in RI
Saturday, September 24, 2022
The cost of living, eating, turning on the lights, or getting sick is increasing at a staggering rate in Rhode Island.
The federal government produces a dizzying array of data about the condition of the economy and the rate of inflation but too often it's a macro look dwarfed by data from states like California. (If California were a sovereign nation in 2022, it would rank as the world's fifth largest economy, behind Germany and ahead of India.)
That hardly matters to the price of Del’s in Rhode Island. What does matter in Rhode Island is the price of Del’s -- and lots of other things we need for basic food and shelter.
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLASTHere are a few of the increases that are hitting or are soon coming to your wallet that will have a significant impact on how we live, save and enjoy a quality of life.
Roof Over Your Head
This week, Kim Marion with Mott & Chace Sotheby’s International pointed out that the average mortgage payment is up 53% (and that was before this week's latest interest rate hike by the Fed.)
Rents in the Providence metro area are now $2,035, according to Realtors.com. Renters pay 31.9% of their income — the 9th highest in the U.S.
Rents increased 15% year over year in the Providence market.
While home prices have exploded, wages have increased at a fraction of the rate — between 3% and 5% per year over the past five years.
Eat
A Black Pearl lobster sandwich cost $22.00 in 2020 at the Newport restrauant — now, $34.00 — a 54% increase in two years.
Turning on the Lights
On Friday, the Public Utilities Commission approved a rate increase for RI Energy of 47%. The impact on average will be hundreds of dollars for the average Rhode Island home, but for some who heat with electric heat, it will be thousands -- a staggering increase for customers on a fixed income.
Turning on the Heat
The majority of Rhode Islanders heat with natural gas — RI Energy has filed with the PUC to increase the cost of natural gas by 15% this winter.
Cost of Healthcare
This week the Rhode Island Office of Health Insurance Commissioner (OHIC) approved rate increases for the cost of health insurance -- the increases ranged from 3.1% to 9.7%.
The highest rate increase was the 9.7% approved for Blue Cross & Blue Shield of Rhode Island for small businesses.
According to data provided to GoLocal by OHIC, the total cost of the approved rate increases is in excess of $83 million for a blended over rate increase of over 7%.
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