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Housing Facts: 2009
| Typical monthly housing payment* for a $199,900 house | $1,394 |
| Household income required to afford a $199,900 house | $55,749 |
| Average monthly rent for a two-bedroom apartment | $1,170 |
| Household income required for that rent to be affordable | $46,800 |
| Average private-sector wage for jobs in Rhode Island | $39,416 |
| Housing Units in Rhode Island | |
|---|---|
| Number of year-round housing units | 425,610 |
| Housing units that quality as affordable | 36,478 |
| Affordable housing units reserved for the elderly | 19,425 |
| Affordable housing units reserved for families | 13,371 |
| Affordable housing units reserved for persons with special needs | 3,682 |
| Homes funded through Building Homes Rhode Island | 794 |
| How much housing is needed? | |
|---|---|
| Additional housing units necessary to meet the 10% threshold established by the State's Low and Moderate Income Housing Act of 2004 | 6,083 |
*Calculated using a 30-year mortgage at 5.04% interest (2009 average rate) with a 5.75% down payment (which includes a 3.5% down payment and a 2.25% one-time mortgage insurance fee), property taxes (the state's average rate of $14.36 per $1,000 of the home's valuation), hazard insurance ($60/month), and monthly mortgage insurance (0.6%/month).