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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: 2010

Typical monthly housing payment* for a $306,500 house $2,250
Household income required to afford a $306,500 house $90,002
Average monthly rent for a two-bedroom apartment $1,265
Household income required for that rent to be affordable $50,600
Average private-sector wage for jobs in Middletown $39,156
Foreclosures in Middletown  
Actual number of foreclosures 6
Total number of mortgaged housing units 2,528
Foreclosures as a percentage of mortgaged stock 0.20%
Housing Units in Middletown  
Number of year-round housing units 6,152
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 48

*Calculated using a 30-year mortgage at 4.69% interest (2010 average rate) with a 3.5% down payment, property taxes (the state's average rate of $16.44 per $1,000 of the home's valuation), hazard insurance ($75/month), and monthly mortgage insurance (1.15%/month).