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Barrington

MEDIAN HOME PRICE

$398,000

Assumed Down Payment

$13,930

Mortgage Amount

$384,070

Monthly Housing Payment

$3,053

$122,110

Annual Income Needed to Afford This

MEDIAN HOME PRICE: COMPARISON

*Adjusted to 2014 dollars

5 YEAR

2009

$337,097

2014

18% INCREASE

10 YEAR

2004

$488,800

2014

19% DECREASE

AVERAGE 2-BEDROOM RENT

$1,292

$51,680

Annual Income Needed to Afford This

AVERAGE 2-BEDROOM RENT: COMPARISON

*Adjusted to 2014 dollars

5 YEAR

2009

$1,442

2014

10% DECREASE

10 YEAR Insufficient Data

COST BURDENED OWNERS

34%

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

COST BURDENED RENTERS

64%

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.

$878

30% OF MEDIAN RENTER HOUSEHOLD INCOME

$887

30% AVERAGE PRIVATE SECTOR WAGE

$405

30% MINIMUM WAGE IN RHODE ISLAND

HOUSING STOCK

TOTAL HOUSING UNITS

6,382

SINGLE-FAMILY

91%

MULTI-FAMILY

9%

BUILDING PERMITS:

10

(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