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Cranston

MEDIAN HOME PRICE

$185,000

Assumed Down Payment

$6,475

Mortgage Amount

$178,525

Monthly Housing Payment

$1,530

$61,190

Annual Income Needed to Afford This

MEDIAN HOME PRICE: COMPARISON

*Adjusted to 2014 dollars

5 YEAR

2009

$197,182

2014

6% DECREASE

10 YEAR

2004

$300,800

2014

38% DECREASE

AVERAGE 2-BEDROOM RENT

$1,187

$47,480

Annual Income Needed to Afford This

AVERAGE 2-BEDROOM RENT: COMPARISON

*Adjusted to 2014 dollars

5 YEAR

2009

$1,202

2014

1% DECREASE

10 YEAR

2004

$1,407

2014

16% DECREASE

COST BURDENED OWNERS

37%

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

COST BURDENED RENTERS

52%

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

$1028

30% AVERAGE PRIVATE SECTOR WAGE

$405

30% MINIMUM WAGE IN RHODE ISLAND

HOUSING STOCK

TOTAL HOUSING UNITS

32,189

SINGLE-FAMILY

62%

MULTI-FAMILY

38%

BUILDING PERMITS:

24

(New units Authorized)

AFFORDABLE HOUSING

32,935

1,777

5.40%

1,517

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

1,345

229

203

0

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