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Burlingame State Park

Charlestown at a Glance:

The town of Charlestown was incorporated in 1738. It is located in Washington County. It covers 59.3 square miles, 22.5 of which is water. Charlestown’s governmental structure is composed of a five-member elected Town Council and a Town Administrator.

Housing Facts: 2009

Typical monthly housing payment* for a $288,000 house $1,815
Household income required to afford a $288,000 house $72,618
Average monthly rent for a two-bedroom apartment $1,170
Household income required for that rent to be affordable $46,800
Average private-sector wage for jobs in Charlestown $32,916
Housing Units in Charlestown  
Number of year-round housing units 3,318
Housing units that quality as affordable 49
Affordable housing units reserved for the elderly 0
Affordable housing units reserved for families 9
Affordable housing units reserved for persons with special needs 40
Homes funded through Building Homes Rhode Island 1
How much housing is needed?  
Additional housing units necessary to meet the 10% threshold established by the State's Low and Moderate Income Housing Act of 2004 283

*Calculated using a 30-year mortgage at 5.04% interest (2009 average rate) with a 5.75% down payment (which includes a 3.5% down payment and a 2.25% one-time mortgage insurance fee), property taxes (the state's average rate of $14.36 per $1,000 of the home's valuation), hazard insurance ($60/month), and monthly mortgage insurance (0.6%/month).