Housing Facts: 2010

Typical monthly housing payment* for a $210,000 house $1,619
Household income required to afford a $210,000 house $64,766
Average monthly rent for a two-bedroom apartment $1,165
Household income required for that rent to be affordable $46,600
Average private-sector wage for jobs in Rhode Island $41,808
Foreclosures in Rhode Island  
Actual number of foreclosures 1,887
Total number of mortgaged housing units 185,234
Foreclosures as a percentage of mortgaged stock 1.02%
Housing Units in Rhode Island  
Number of year-round housing units 425,610
Housing units that quality as affordable 36,668
Affordable housing units reserved for the elderly 19,487
Affordable housing units reserved for families 13,491
Affordable housing units reserved for persons with special needs 3,690
Homes funded through Building Homes Rhode Island 1,255
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 11,583

*Calculated using a 30-year mortgage at 4.69% interest (2010 average rate) with a 3.5% down payment, property taxes (the state's average rate of $16.44 per $1,000 of the home's valuation), hazard insurance ($75/month), and monthly mortgage insurance (1.15%/month).