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Narragansett

MEDIAN HOME PRICE

$382,500

Assumed Down Payment

$13,388

Mortgage Amount

$369,113

Monthly Housing Payment

$2,428

$97,117

Annual Income Needed to Afford This

MEDIAN HOME PRICE: COMPARISON

*Adjusted to 2015 dollars

5 YEAR

2010

$380,487

2015

1% INCREASE

10 YEAR

2005

$524,430

2015

27% DECREASE

AVERAGE 2-BEDROOM RENT

$1,393

$55,720

Annual Income Needed to Afford This

AVERAGE 2-BEDROOM RENT: COMPARISON

*Adjusted to 2015 dollars

5 YEAR

2010

$1,397

2015

0% DECREASE

10 YEAR Insufficient Data

COST BURDENED OWNERS

32%

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

COST BURDENED RENTERS

59%

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.

$769

30% OF MEDIAN RENTER HOUSEHOLD INCOME

$771

30% AVERAGE PRIVATE SECTOR WAGE

$432

30% MINIMUM WAGE IN RHODE ISLAND

HOUSING STOCK

TOTAL HOUSING UNITS

10,055

SINGLE-FAMILY

80%

MULTI-FAMILY

20%

BUILDING PERMITS:

37

(New units Authorized)

AFFORDABLE HOUSING

7,156

272

3.80%

444

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

108

134

30

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