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Middletown

MEDIAN HOME PRICE

$361,000

Assumed Down Payment

$12,635

Mortgage Amount

$348,365

Monthly Housing Payment

$2,479

$99,167

Annual Income Needed to Afford This

MEDIAN HOME PRICE: COMPARISON

*Adjusted to 2015 dollars

5 YEAR

2010

$333,198

2015

8% INCREASE

10 YEAR

2005

$472,661

2015

24% DECREASE

AVERAGE 2-BEDROOM RENT

$1,406

$56,240

Annual Income Needed to Afford This

AVERAGE 2-BEDROOM RENT: COMPARISON

*Adjusted to 2015 dollars

5 YEAR

2010

$1,375

2015

2% INCREASE

10 YEAR Insufficient Data

COST BURDENED OWNERS

34%

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

COST BURDENED RENTERS

54%

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.

$1068

30% OF MEDIAN RENTER HOUSEHOLD INCOME

$1135

30% AVERAGE PRIVATE SECTOR WAGE

$432

30% MINIMUM WAGE IN RHODE ISLAND

HOUSING STOCK

TOTAL HOUSING UNITS

7,456

SINGLE-FAMILY

62%

MULTI-FAMILY

38%

BUILDING PERMITS:

17

(New units Authorized)

AFFORDABLE HOUSING

6,874

385

5.60%

302

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

99

185

101

0

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