The #1 Safest City In America Comes At A Major Cost

Everyone wants to feel safe in their hometown. Of course, residents want protection from personal harm, but they also long for safety in other ways, such as financial security or having less of a chance to endure natural disasters. A recent study from WalletHub examined various factors to determine which U.S. city is the safest. Warwick, Rhode Island took those honors. But while living in Warwick may give you a strong sense of security, it may not be quite as friendly to your bank account.

The study reviewed 182 U.S. cities — including the 150 most populated and at least two of the most populated cities in each state. Across each city it analyzed 41 metrics in three categories: home and community safety, natural disaster risk, and financial safety. Each city was given a score out of 100, with Warwick earning 71.21. "The safest cities in America protect residents from these threats of bodily harm and property damage, but on top of that, they also help secure people's financial safety," said Chip Lupo, an analyst with WalletHub. Warwick's score was largely due to the low rates of homicide and aggravated assaults, as well as its minimal risk of natural disasters, and low percentage of residents living in poverty or without health insurance. While this is certainly good news for residents of Warwick, there is a catch. According to the Economic Research Institute (ERI), the city's cost of living is approximately 14% above than the national average. As this falls in line with the rest of the state, it's no wonder Rhode Island is one of the worst states to retire in.

A major reason Warwick has a high cost of living is utility prices. According to PayScale, utilities are a whopping 39% higher than the national average. Energy bills are likely to cost you around $288 a month, while phone bills are about $272. This may not come as a shock since  Rhode Island is one of the states with the highest electricity bills in America. Housing is also 31% above the national average. Median home prices in Warwick are approximately $679,000, while the average monthly rent is over $2,000. Grocery and healthcare costs are only slightly above the national average –- 1% and 3%, respectively. On the bright side, the cost of transportation is 3% lower than average, with gas costing about $3.13 per gallon. This is significantly lower than California, one of the states with the highest gas prices, which cost around $4.65 per gallon of regular gas, according to AAA.

If the price to live in Warwick is too steep, you could consider the spot that came in second place on the list of safest cities — Overland Park, Kan. This city has safe roads and a low unemployment rate. It's also affordable. According to the ERI, the cost of living in Overland Park is 8% below the national average.