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Central Falls

MEDIAN HOME PRICE

$110,000

Assumed Down Payment

$3,850

Mortgage Amount

$106,150

Monthly Housing Payment

$983

$39,300

Annual Income Needed to Afford This

MEDIAN HOME PRICE: COMPARISON

*Adjusted to 2014 dollars

5 YEAR

2009

$99,308

2014

11% INCREASE

10 YEAR

2004

$244,400

2014

55% DECREASE

AVERAGE 2-BEDROOM RENT

$893

$35,720

Annual Income Needed to Afford This

AVERAGE 2-BEDROOM RENT: COMPARISON

*Adjusted to 2014 dollars

5 YEAR

2009

$995

2014

10% DECREASE

10 YEAR

2004

$1,104

2014

19% DECREASE

COST BURDENED OWNERS

63%

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

COST BURDENED RENTERS

57%

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.

$686

30% OF MEDIAN RENTER HOUSEHOLD INCOME

$823

30% AVERAGE PRIVATE SECTOR WAGE

$405

30% MINIMUM WAGE IN RHODE ISLAND

HOUSING STOCK

TOTAL HOUSING UNITS

7,783

SINGLE-FAMILY

10%

MULTI-FAMILY

90%

BUILDING PERMITS:

0

(New units Authorized)

AFFORDABLE HOUSING

7,473

884

11.80%

0

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

632

200

52

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