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Lincoln

MEDIAN HOME PRICE

$261,000

Assumed Down Payment

$9,135

Mortgage Amount

$251,865

Monthly Housing Payment

$2,127

$85,068

Annual Income Needed to Afford This

MEDIAN HOME PRICE: COMPARISON

*Adjusted to 2014 dollars

5 YEAR

2009

$265,926

2014

2% DECREASE

10 YEAR

2004

$413,537

2014

37% DECREASE

AVERAGE 2-BEDROOM RENT

$1,185

$47,400

Annual Income Needed to Afford This

AVERAGE 2-BEDROOM RENT: COMPARISON

*Adjusted to 2014 dollars

5 YEAR

2009

$1,301

2014

9% DECREASE

10 YEAR

2004

$1,438

2014

18% DECREASE

COST BURDENED OWNERS

25%

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

COST BURDENED RENTERS

39%

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.

$686

30% OF MEDIAN RENTER HOUSEHOLD INCOME

$1265

30% AVERAGE PRIVATE SECTOR WAGE

$405

30% MINIMUM WAGE IN RHODE ISLAND

HOUSING STOCK

TOTAL HOUSING UNITS

8,910

SINGLE-FAMILY

60%

MULTI-FAMILY

40%

BUILDING PERMITS:

58

(New units Authorized)

AFFORDABLE HOUSING

9,015

588

6.50%

314

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

371

155

62

2

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