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Cardinal Lane Condominiums

Hopkinton at a Glance:

Hopkinton is a town in Washington County, Rhode Island. It is located on the Pawcatuck River on the Connecticut border. Hopkinton was incorporated in 1757, and consists of four villages: Ashaway, Bradford, Hope Valley and Rockville. According to the United States Census Bureau, the town has a total area of 44.1 square miles, of which 1.1 square miles is water. Hopkinton's governmental structure is made up of a five-member Town Council and a Town Manager.

Housing Facts: 2009

Typical monthly housing payment* for a $250,000 house $1,737
Household income required to afford a $250,000 house $69,478
Average monthly rent for a two-bedroom apartment $1,170
Household income required for that rent to be affordable $46,800
Average private-sector wage for jobs in Hopkinton $34,476
Housing Units in Hopkinton  
Number of year-round housing units 3,040
Housing units that quality as affordable 219
Affordable housing units reserved for the elderly 190
Affordable housing units reserved for families 3
Affordable housing units reserved for persons with special needs 26
Homes funded through Building Homes Rhode Island 20
How much housing is needed?  
Additional housing units necessary to meet the 10% threshold established by the State's Low and Moderate Income Housing Act of 2004 85

*Calculated using a 30-year mortgage at 5.04% interest (2009 average rate) with a 5.75% down payment (which includes a 3.5% down payment and a 2.25% one-time mortgage insurance fee), property taxes (the state's average rate of $14.36 per $1,000 of the home's valuation), hazard insurance ($60/month), and monthly mortgage insurance (0.6%/month).