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Bristol

MEDIAN HOME PRICE

$320,000

Assumed Down Payment

$11,200

Mortgage Amount

$308,800

Monthly Housing Payment

$2,326

$93,033

Annual Income Needed to Afford This

MEDIAN HOME PRICE: COMPARISON

*Adjusted to 2014 dollars

5 YEAR

2009

$275,857

2014

16% INCREASE

10 YEAR

2004

$422,060

2014

24% DECREASE

AVERAGE 2-BEDROOM RENT

$1,232

$49,280

Annual Income Needed to Afford This

AVERAGE 2-BEDROOM RENT: COMPARISON

*Adjusted to 2014 dollars

5 YEAR

2009

$1,394

2014

12% DECREASE

10 YEAR Insufficient Data

COST BURDENED OWNERS

36%

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

COST BURDENED RENTERS

54%

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

$957

30% AVERAGE PRIVATE SECTOR WAGE

$405

30% MINIMUM WAGE IN RHODE ISLAND

HOUSING STOCK

TOTAL HOUSING UNITS

9,525

SINGLE-FAMILY

62%

MULTI-FAMILY

38%

BUILDING PERMITS:

13

(New units Authorized)

AFFORDABLE HOUSING

9,015

534

5.90%

368

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

359

99

76

19

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