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I am very unfamiliar with Rhode Island and trying to get a good idea what the cost of living is and what a good salary is for Providence. I've done cost of living calculators but they're all over the place, so I figured I would come here to get some real answers. My question is I am contemplating a potential job offer that is offering a 90K a year salary with a 45% bonus. Is that a good salary in Rhode Island for a 27 year old in IT hardware sales? The total compensation package would roughly give me a 35% raise. However does RI have a substantial higher cost of living then the west coast of Florida? We live a fairly good lifestyle on the west coast of Florida and able to take two trips out of the country a year, numerous weekend trips and eating out once a week at a nice restaurant. The cost of living in Florida is fairly inexpensive(However it is going up) and the weather is great however the money and job responsibilities intrigue me in Providence. I just want to make sure I'm doing the right thing and not selling myself short on compensation during my negotiations.
So my wife and I have a take home pay combined in the low $100K range. We live in the city of Providence with 2 kids in public school, a mortgage, and the usual monthly expenses. As long as you don't live way beyond your means, you should be able to enjoy a good lifestyle on your salary that you stated, especially with the bonus. The cost of living is definitely higher than Florida (the COL calculators I used were between 20-25%). Also, RI has state income tax, plus state disability and unemployment insurance that gets deducted from your paycheck. Sales tax is 7%, although some items such as food and clothing are exempt. There's also a annual excise tax on cars, although the Speaker of the House has made it his priority to phase this tax out. There's also an additional 1% sales tax on restaurant and prepared meals. Overall though, we love living here. Of course, YMMV. Hope that helps.
Last edited by HopeStreet; 05-24-2017 at 02:27 PM..
I am very unfamiliar with Rhode Island and trying to get a good idea what the cost of living is and what a good salary is for Providence. I've done cost of living calculators but they're all over the place, so I figured I would come here to get some real answers. My question is I am contemplating a potential job offer that is offering a 90K a year salary with a 45% bonus. Is that a good salary in Rhode Island for a 27 year old in IT hardware sales? The total compensation package would roughly give me a 35% raise. However does RI have a substantial higher cost of living then the west coast of Florida? We live a fairly good lifestyle on the west coast of Florida and able to take two trips out of the country a year, numerous weekend trips and eating out once a week at a nice restaurant. The cost of living in Florida is fairly inexpensive(However it is going up) and the weather is great however the money and job responsibilities intrigue me in Providence. I just want to make sure I'm doing the right thing and not selling myself short on compensation during my negotiations.
That is a very good salary for RI! Your salary plus bonus will likely put you in the top 10 percentile of 27 year somethings with college degrees in RI. While the cost of living here is higher than the west coast of FL, it's not 35% higher. I agree, visit first. RI can be an acquired taste, much different than FL. Winter here can run from December through at least March. It is hard to imagine wanting to leave Naples or Sarasota for RI. Much of the rest of it you can have.
I am very unfamiliar with Rhode Island and trying to get a good idea what the cost of living is and what a good salary is for Providence. I've done cost of living calculators but they're all over the place, so I figured I would come here to get some real answers. My question is I am contemplating a potential job offer that is offering a 90K a year salary with a 45% bonus. Is that a good salary in Rhode Island for a 27 year old in IT hardware sales? The total compensation package would roughly give me a 35% raise. However does RI have a substantial higher cost of living then the west coast of Florida? We live a fairly good lifestyle on the west coast of Florida and able to take two trips out of the country a year, numerous weekend trips and eating out once a week at a nice restaurant. The cost of living in Florida is fairly inexpensive(However it is going up) and the weather is great however the money and job responsibilities intrigue me in Providence. I just want to make sure I'm doing the right thing and not selling myself short on compensation during my negotiations.
Is that a 45% yearly bonus, or after X years? That is a very nice bonus if you get it in a yearly contract. You will find a distinct difference in cost of living in RI vs. the gulf coast of FL. Utilities, taxes, home prices/rent (property and motor vehicle); especially if you've never lived in the northeast or a cold climate. You could easily pay double in heating costs and also factor in wear and tear on automobiles. RI is one of the highest cost of living states in the country. (I am a native RI'er and also own property on the Gulf Coast of FL. The housing market is hot in both areas, and about twice as crazy here in the NC mountains.) Very best wishes on whatever path you take.
Thank you all for the replies. The process of moving across the country can be very overwhelming so I appreciate everyone's input. I used to live in Chicago so cold weather is not a problem and have moved a lot in my life so change isn't something that makes me scared. Our plan is to rent unless I find a great deal of we get married. I figure my heating costs even out with electric costs on the AC bill here in Florida. (For reference in a 495 sq foot studio my electric bill was $120 a month and was only there 75% of the time). Also based on discussion with my potential boss I could work remote after two years which would probably entice me to move to Texas or back to Florida for easier access to a hub airport. With that being said how realiable is this airport in PVD during the winter?
What is the state disability and unemployment tax? I lived in GA two years ago and my car cost me $1200 for a 6 year old car. I've found that GA is one of the most taxed states that people don't realize.
Also based on discussion with my potential boss I could work remote after two years which would probably entice me to move to Texas or back to Florida for easier access to a hub airport. With that being said how realiable is this airport in PVD during the winter?
Believe it or not, PVD is overall one of the least-delayed airports in the entire country. Obviously in the winter you're taking a risk anywhere up north, but you've got a better shot here than almost anywhere else.
The neat thing about Rhode Island is that Boston is right there, so if you find it more convenient to fly out of Logan, that's very much an option (depending on time of day; you probably wouldn't want to attempt it during rush hour).
[quote=mjp1089;48272310 I figure my heating costs even out with electric costs on the AC bill here in Florida. (For reference in a 495 sq foot studio my electric bill was $120 a month and was only there 75% of the time). Also based on discussion with my potential boss I could work remote after two years which would probably entice me to move to Texas or back to Florida for easier access to a hub airport. With that being said how realiable is this airport in PVD during the winter?
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Our airport is very easy to access. I think that once you live here- providing you pick a good location- you will appreciate the natural scenery and cultural attractions and amenities so much you won't want to return to either Fl or certainly Tx. (I've lived both places).
What is the state disability and unemployment tax? I lived in GA two years ago and my car cost me $1200 for a 6 year old car. I've found that GA is one of the most taxed states that people don't realize.
First of all, I need to correct an error in my post. The unemployment tax is not paid by employees, only employers, so you don't need to worry about that. Sorry about the confusion.
As far as state disability, the State of Rhode Island has a Temporary Disability Insurance program which provides benefits (about 60% of your weekly income for a number of weeks) to workers who are forced to miss work due to illness or injury (also covers maternity leave, etc). The program is funded by a payroll tax of 1.2% of adjusted gross income (net of pre-tax deductions) up to a limit of $68,100.
We moved from Chicago, via Houston. We find it way cheaper over Chicago. Houston is higher too or close to PVD (don't believe the Texas propaganda).
Winters are nothing compared to Chicago. We have a true four seasons here. We find all seasons beautiful and we have very easy access to beaches, mountains and big cities here in the Northeast. Our main reason for staying is lifestyle. Oh and corruption.... Lol these folks never lived in Chicago {we loved Chicago too).
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