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Twin Towers

Narragansett at a Glance:

Narragansett is a town in Washington County, Rhode Island. It was incorporated as a town in 1901. Prior to that time, it was part of South Kingstown. According to the United States Census Bureau, the town has a total area of 37.8 square miles, of which 23.6 square miles is water.
The following villages and neighborhoods are wholly or partially located in Narragansett: Saunderstown (shared with North Kingstown), South Ferry, Bonnet Shores, Narragansett Pier, Point Judith, Galilee, Great Island, Salt Pond, Mettatuxet, and Jerusalem (shared with South Kingstown). Narragansett's governmental structure is composed of a five-member Town Council and a Town Manager.

Housing Facts: 2009

Typical monthly housing payment* for a $337,000 house $2,146
Household income required to afford a $337,000 house $85,845
Average monthly rent for a two-bedroom apartment $1,358
Household income required for that rent to be affordable $54,320
Average private-sector wage for jobs in Narragansett $25,064
Housing Units in Narragansett  
Number of year-round housing units 7,124
Housing units that quality as affordable 243
Affordable housing units reserved for the elderly 108
Affordable housing units reserved for families 115
Affordable housing units reserved for persons with special needs 20
Homes funded through Building Homes Rhode Island 2
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 469

*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).