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East Greenwich

MEDIAN HOME PRICE

$410,000

Assumed Down Payment

$14,350

Mortgage Amount

$395,650

Monthly Housing Payment

$3,086

$123,452

Annual Income Needed to Afford This

MEDIAN HOME PRICE: COMPARISON

*Adjusted to 2015 dollars

5 YEAR

2010

$471,532

2015

13% DECREASE

10 YEAR

2005

$640,207

2015

36% DECREASE

AVERAGE 2-BEDROOM RENT

$1,396

$55,840

Annual Income Needed to Afford This

AVERAGE 2-BEDROOM RENT: COMPARISON

*Adjusted to 2015 dollars

5 YEAR

2010

$1,266

2015

10% INCREASE

10 YEAR

2005

$1,549

2015

10% DECREASE

COST BURDENED OWNERS

31%

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

COST BURDENED RENTERS

40%

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.

$852

30% OF MEDIAN RENTER HOUSEHOLD INCOME

$1097

30% AVERAGE PRIVATE SECTOR WAGE

$432

30% MINIMUM WAGE IN RHODE ISLAND

HOUSING STOCK

TOTAL HOUSING UNITS

5,404

SINGLE-FAMILY

72%

MULTI-FAMILY

28%

BUILDING PERMITS:

13

(New units Authorized)

AFFORDABLE HOUSING

5,342

244

4.60%

290

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

141

62

41

11

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