Methods & Sources

HousingWorks RI relies on the most recent available government, industry and academic-researched data, professional journals, and peer-reviewed academic literature. Data in tables, graphs, and infographics are rounded to the nearest decimal places and may not total to 100 percent.

Methodologies and sources for research studies and other publications are described within each publication. Primary sources for this website and the Housing Fact Book include:

Population Source: US Census Bureau, American Community Survey, 2011-2015 5-year estimates of total population.

Households Source: US Census Bureau, American Community Survey, 2011-2015 5-year estimates of total occupied housing units.

Owner and Renter Households Source: US Census Bureau, American Community Survey, 2011-2015 5-year estimates of tenure.

Median Home Price

Median Home Price Source: Median sales price of single-family homes, Year-End2016, Year-End 2011, and Year-End 2006 Single-Family Home Sales Statistics, from www.riliving.com, website of the Rhode Island Association of Realtors and Statewide Multiple Listing Service. Figures for 2011 and 2006 are inflation-adjusted to 2016 dollars.

Monthly Housing Payment for Homeownership Methodology:

Calculation of monthly housing payment is derived from:

  • Assumed 3.5% down payment of 2016 median sale price of single family homes
  • 30-year mortgage at 3.65% interest rate, the 2016 annual average as reported by Freddie Mac at www.freddiemac.com/pmms/pmms30.htm
  • Tax Year 2016 municipal property taxes for individual municipalities (excluding homestead exemptions); statewide calculations are based on the average of all RI municipalities
  • Estimated Hazard Insurance for each municipality
  • FHA mortgage insurance at .85%/month
  • Financed upfront 1.75% insurance fee required by FHA

Household Income Required to Afford the Median-Price Home Methodology:

Based on the generally accepted federal standard that a household should be spending no more than 30 percent of its income on housing payments (including rent or mortgage, utilities, taxes, and insurance). Calculated by annualizing the typical housing payment and dividing by 30% to get the income required to pay no more than 30%.

Average 2-Bedroom Rent

Average 2-Bedroom Rent Source: 2016, 2011, and 2006 Year-End Rent Survey, Rhode Island Housing. All rents have been adjusted (using HUD utility allowances for 2016) to include heat, cooking fuel, electricity, and hot water unless the listing stated that utilities were part of the contract rent, in which case the adjustment was not made. Figures for 2011 and 2006 are inflation-adjusted to 2016 dollars.

Household Income Required to Afford the Average Rent Methodology:

Based on the generally accepted federal standard that ahousehold should be spending no more than 30 percent of its income on housing payments (including rent, utilities, taxes, and insurance). Calculated by annualizing the typical housing payment and dividing by 30% to get the income required to pay no more than 30%.

Affordability

Average Wage for a Private Sector Job in Each Municipality Source: QuarterlyCensus of Employment and Wages, Private Sector, Annual 2016 – Rhode Island Department of Labor and Training. The average weekly wage is multiplied by 52 weeks for an annualized figure.

Median Renter Household Income by Area Source: US Census Bureau, AmericanCommunity Survey, 2011-2015 5-year estimate of the median household income for renter households in each Rhode Island county and Statewide. View a description of counties by cities and towns

Minimum Wage in Rhode Island Source: Workforce Regulation and Safety, Labor Standards, Minimum Wage Rhode Island Department of Labor and Training. The hourly wage is multiplied by 37.5 hours for a full week and then multiplied by 52 weeks and divided by 12 for a monthly figure.

Cost Burdened Owner and Renter Households Source: US Census Bureau, American Community Survey, 2011-2015 5-year estimates of tenure by housing costs as a percentage of household income in the past 12 months. Owner-occupied units that report zero or negative income and renter-occupied units that indicate “no cash rent” are excluded from cost burden calculations.

Housing Stock

Total Units Source: US Census Bureau, American Community Survey, 2011-2015 5-year estimates of housing units.

Multifamily and Single Family Units Source: US Census Bureau, American Community Survey, 2011-2015 5-year estimates of units in structure. Single family units defined as one unit detached or mobile homes. Multi-family units defined as one unit attached or over two units in structure. Boats, RVs, and other unconventional housing units are excluded from calculations.

Affordable Housing Source: Units that qualify as long-term affordable as percent of year-round housing stock 2016 Low and Moderate Income Housing Chart, Rhode Island Housing.

Annual Building Permits

Source: US Census Bureau, Building Permits Survey, 2000-2016, Annual Permits by Place; statewide figure based on Annual Permits by State.

See our latest research at Publications & Reports

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