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Cumberland

MEDIAN HOME PRICE

$274,950

Assumed Down Payment

$9,623

Mortgage Amount

$265,327

Monthly Housing Payment

$1,923

$76,922

Annual Income Needed to Afford This

MEDIAN HOME PRICE: COMPARISON

*Adjusted to 2015 dollars

5 YEAR

2010

$269,602

2015

2% INCREASE

10 YEAR

2005

$394,380

2015

30% DECREASE

AVERAGE 2-BEDROOM RENT

$1,220

$48,800

Annual Income Needed to Afford This

AVERAGE 2-BEDROOM RENT: COMPARISON

*Adjusted to 2015 dollars

5 YEAR

2010

$1,160

2015

5% INCREASE

10 YEAR

2005

$1,364

2015

11% DECREASE

COST BURDENED OWNERS

30%

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

COST BURDENED RENTERS

42%

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

$1265

30% AVERAGE PRIVATE SECTOR WAGE

$432

30% MINIMUM WAGE IN RHODE ISLAND

HOUSING STOCK

TOTAL HOUSING UNITS

14,140

SINGLE-FAMILY

66%

MULTI-FAMILY

34%

BUILDING PERMITS:

86

(New units Authorized)

AFFORDABLE HOUSING

13,738

843

6.10%

531

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

622

161

60

56

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