Regional Price Parities: Services: Housing for Rhode Island
RIRPPSERVERENT • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
102.35
Year-over-Year Change
-11.23%
Date Range
1/1/2008 - 1/1/2023
Summary
The Regional Price Parities: Services: Housing for Rhode Island measures regional cost-of-living differences for housing services across the United States. This metric is important for economists and policymakers to understand geographic variations in the real purchasing power of incomes.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
The Regional Price Parities for Services: Housing tracks spatial differences in rental costs and housing prices within the United States. This data is used to adjust nominal incomes for regional price level differences, providing a more accurate picture of real economic activity and standards of living across states and metropolitan areas.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a weighted-average approach based on rental and housing cost surveys.
Historical Context
This metric informs economic policy decisions and market analysis related to regional competitiveness, affordability, and cost-of-living adjustments.
Key Facts
- Rhode Island's services housing costs were 106.9% of the national average in 2020.
- Housing costs in Rhode Island are above the U.S. median, reflecting its status as a high cost-of-living state.
- The Regional Price Parities data is published annually by the Bureau of Economic Analysis.
FAQs
Q: What does this economic trend measure?
A: The Regional Price Parities: Services: Housing for Rhode Island measures regional differences in the cost of housing services, including rental rates and home prices, compared to the national average.
Q: Why is this trend relevant for users or analysts?
A: This metric is important for understanding real regional differences in standards of living and purchasing power, which informs economic and policy decisions related to cost-of-living, affordability, and competitiveness.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using a weighted-average approach based on rental and housing cost surveys.
Q: How is this trend used in economic policy?
A: The Regional Price Parities data is used by economists, policymakers, and market analysts to adjust nominal incomes for regional price level differences, providing a more accurate picture of real economic activity and standards of living across states and metropolitan areas.
Q: Are there update delays or limitations?
A: The Regional Price Parities data is published annually by the Bureau of Economic Analysis, with a delay of approximately one year from the reference period.
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Citation
U.S. Federal Reserve, Regional Price Parities: Services: Housing for Rhode Island (RIRPPSERVERENT), retrieved from FRED.