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East Greenwich

MEDIAN HOME PRICE

$406,000

Assumed Down Payment

$14,210

Mortgage Amount

$391,790

Monthly Housing Payment

$3,283

$131,308

Annual Income Needed to Afford This

MEDIAN HOME PRICE: COMPARISON

*Adjusted to 2014 dollars

5 YEAR

2009

$468,956

2014

13% DECREASE

10 YEAR

2004

$689,333

2014

41% DECREASE

AVERAGE 2-BEDROOM RENT

$1,358

$54,320

Annual Income Needed to Afford This

AVERAGE 2-BEDROOM RENT: COMPARISON

*Adjusted to 2014 dollars

5 YEAR

2009

$1,333

2014

2% INCREASE

10 YEAR

2004

$1,732

2014

22% 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

41%

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.

$848

30% OF MEDIAN RENTER HOUSEHOLD INCOME

$1067

30% AVERAGE PRIVATE SECTOR WAGE

$405

30% MINIMUM WAGE IN RHODE ISLAND

HOUSING STOCK

TOTAL HOUSING UNITS

5,377

SINGLE-FAMILY

74%

MULTI-FAMILY

26%

BUILDING PERMITS:

12

(New units Authorized)

AFFORDABLE HOUSING

5,342

234

4.40%

300

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

52

41

10

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