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Little Compton at a Glance:

The town of Little Compton was established in 1682 and incorporated in 1746. It is located in Newport County, Rhode Island. It covers 28.9 square miles, of which 8.0 square miles is water. Little Compton is located in southeastern Rhode Island, between the Sakonnet River and the Massachusetts state border. The historic village of Adamsville is located in Little Compton. The town is governed by a five member Town Council. The members are elected at a general election to a two-year term. The President of the Council is chosen from among the five members and serves as the chief executive of the Town.

Housing Facts: 2009

Typical monthly housing payment* for a $462,500 house $2,770
Household income required to afford a $462,500 house $110,800
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 Little Compton $27,196
Housing Units in Little Compton  
Number of year-round housing units 1,516
Housing units that quality as affordable 2
Affordable housing units reserved for the elderly 0
Affordable housing units reserved for families 2
Affordable housing units reserved for persons with special needs 0
Homes funded through Building Homes Rhode Island 7
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 150

*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).