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Rhode Island

MEDIAN HOME PRICE

$215,000

Assumed Down Payment

$7,525

Mortgage Amount

$207,475

Monthly Housing Payment

$1,689

$67,552

Annual Income Needed to Afford This

MEDIAN HOME PRICE: COMPARISON

*Adjusted to 2014 dollars

5 YEAR

2009

$220,575

2014

3% DECREASE

10 YEAR

2004

$331,757

2014

35% DECREASE

AVERAGE 2-BEDROOM RENT

$1,172

$46,880

Annual Income Needed to Afford This

AVERAGE 2-BEDROOM RENT: COMPARISON

*Adjusted to 2014 dollars

5 YEAR

2009

$1,291

2014

9% DECREASE

10 YEAR

2004

$1,405

2014

17% DECREASE

COST BURDENED OWNERS

35%

A household is cost burdened if it spends more than 30% of its income on housing costs

COST BURDENED RENTERS

51%

A household is cost burdened if it spends more than 30% of its income on housing costs

AFFORDABILITY GAP

Housing is considered affordable when a household spends less than 30% of its income on housing costs.

$766

30% OF MEDIAN RENTER HOUSEHOLD INCOME

$1186

30% AVERAGE PRIVATE SECTOR WAGE

$405

30% MINIMUM WAGE IN RHODE ISLAND

HOUSING STOCK

TOTAL HOUSING UNITS

462,516

SINGLE-FAMILY

56%

MULTI-FAMILY

44%

BUILDING PERMITS:

952

(New units Authorized)

AFFORDABLE HOUSING

445,902

36,994

8.30%

13,103

Number of year-round housing units

Housing units that qualify as affordable

% of year-round housing that is affordable

Affordable housing needed to meet 10% goal

19,580

13,593

3,821

2,473

Affordable housing units reserved for the elderly

Affordable housing units reserved for families

Affordable housing units reserved for persons with special needs

Homes funded through Building Homes Rhode Island

Methods and Sources