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Paradise Valley Park

Middletown at a Glance:

The town of Middletown was incorporated in 1743. It is located in Newport County, Rhode Island. It covers 14.9 square miles, of which 2.0 square miles is water. Middletown's governmental structure is composed of a seven-member Town Council and a Town Administrator.

Housing Facts: 2011

Typical monthly housing payment* for a $310,000 house $2,305
Household income required to afford a $310,000 house $92,200
Average monthly rent for a two-bedroom apartment $1,289
Household income required for that rent to be affordable $51,560
Average private-sector wage for jobs in Middletown $44,200
Foreclosures in Middletown  
Actual number of foreclosures 13
Total number of mortgaged housing units 2,497
Foreclosures as a percentage of mortgaged stock 0.50%
Housing Units in Middletown  
Number of year-round housing units 6,874
Housing units that quality as affordable 567
Affordable housing units reserved for the elderly 99
Affordable housing units reserved for families 367
Affordable housing units reserved for persons with special needs 101
Homes funded through Building Homes Rhode Island 0
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 120

*Calculated using a 30-year mortgage at 4.45% interest (2011 average rate) with a 3.5% down payment, property taxes (the state's median rate of $17.95 per the $1000 of the home's valuation), hazard insurance ($100/month), monthly mortgage insurance (1.25%/month).