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Barrington

MEDIAN HOME PRICE

$422,000

Assumed Down Payment

$14,770

Mortgage Amount

$407,230

Monthly Housing Payment

$2,980

$119,192

Annual Income Needed to Afford This

MEDIAN HOME PRICE: COMPARISON

*Adjusted to 2015 dollars

5 YEAR

2010

$391,249

2015

8% INCREASE

10 YEAR

2005

$509,739

2015

17% DECREASE

AVERAGE 2-BEDROOM RENT

$1,336

$53,440

Annual Income Needed to Afford This

AVERAGE 2-BEDROOM RENT: COMPARISON

*Adjusted to 2015 dollars

5 YEAR

2010

$1,370

2015

2% DECREASE

10 YEAR

2005

$1,450

2015

8% DECREASE

COST BURDENED OWNERS

32%

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

COST BURDENED RENTERS

72%

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.

$884

30% OF MEDIAN RENTER HOUSEHOLD INCOME

$944

30% AVERAGE PRIVATE SECTOR WAGE

$432

30% MINIMUM WAGE IN RHODE ISLAND

HOUSING STOCK

TOTAL HOUSING UNITS

6,515

SINGLE-FAMILY

91%

MULTI-FAMILY

9%

BUILDING PERMITS:

19

(New units Authorized)

AFFORDABLE HOUSING

6,268

160

2.60%

467

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

60

65

35

61

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