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Providence Journal: Affordable housing in R.I. lags, says report

on October 11, 2017 in All News, Home News by Amy Cola

For families with household incomes below $50,000, the improving housing market in 2016 meant rising prices, and fewer homes and apartments they can afford to rent or buy, according to a new report from HousingWorks RI at Roger Williams University.

By Christine Dunn 
Journal Staff Writer 

Posted Oct 11, 2017 at 12:01 AM

PROVIDENCE, R.I. — For families with household incomes below $50,000, the improving housing market in 2016 meant rising prices, and fewer homes and apartments they can afford to rent or buy, according to a new report from HousingWorks RI at Roger Williams University.

The report found that in 2016, only two communities, Central Falls and Providence (not counting the East Side) offered “homes for sale that fit a household budget of under $50,000.”

For renters, there was no municipality in the state where the average cost of a two-bedroom rental apartment was affordable on a household income of $30,934, the median income for Rhode Island renters.

Even for renters earning less than $50,000, there were just six communities where the average rent price was “affordable:” Central Falls, Cranston, East Providence, Pawtucket, Providence (without the East Side) and Woonsocket.

To view the complete article, visit Providence Journal 

Courtesy of Providence Journal 

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