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Central Falls

MEDIAN HOME PRICE

$115,000

Assumed Down Payment

$4,025

Mortgage Amount

$110,975

Monthly Housing Payment

$959

$38,358

Annual Income Needed to Afford This

MEDIAN HOME PRICE: COMPARISON

*Adjusted to 2015 dollars

5 YEAR

2010

$90,773

2015

27% INCREASE

10 YEAR

2005

$237,757

2015

52% DECREASE

AVERAGE 2-BEDROOM RENT

$960

$38,400

Annual Income Needed to Afford This

AVERAGE 2-BEDROOM RENT: COMPARISON

*Adjusted to 2015 dollars

5 YEAR

2010

$1,014

2015

5% DECREASE

10 YEAR Insufficient Data

COST BURDENED OWNERS

51%

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

COST BURDENED RENTERS

61%

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.

$769

30% OF MEDIAN RENTER HOUSEHOLD INCOME

$827

30% AVERAGE PRIVATE SECTOR WAGE

$432

30% MINIMUM WAGE IN RHODE ISLAND

HOUSING STOCK

TOTAL HOUSING UNITS

7,730

SINGLE-FAMILY

12%

MULTI-FAMILY

88%

BUILDING PERMITS:

1

(New units Authorized)

AFFORDABLE HOUSING

7,473

835

11.20%

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

151

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