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Foster

MEDIAN HOME PRICE

$245,900

Assumed Down Payment

$8,607

Mortgage Amount

$237,294

Monthly Housing Payment

$1,835

$73,407

Annual Income Needed to Afford This

MEDIAN HOME PRICE: COMPARISON

*Adjusted to 2015 dollars

5 YEAR

2010

$261,993

2015

6% DECREASE

10 YEAR

2005

$473,268

2015

48% DECREASE

AVERAGE 2-BEDROOM RENT

N/A
Not enough data available

N/A

Annual Income Needed to Afford This

AVERAGE 2-BEDROOM RENT: COMPARISON

*Adjusted to 2015 dollars

5 YEAR Insufficient Data
10 YEAR Insufficient Data

COST BURDENED OWNERS

28%

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

COST BURDENED RENTERS

66%

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

$739

30% AVERAGE PRIVATE SECTOR WAGE

$432

30% MINIMUM WAGE IN RHODE ISLAND

HOUSING STOCK

TOTAL HOUSING UNITS

1,726

SINGLE-FAMILY

93%

MULTI-FAMILY

7%

BUILDING PERMITS:

7

(New units Authorized)

AFFORDABLE HOUSING

1,760

36

2.00%

140

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

30

0

6

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