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North Kingstown

MEDIAN HOME PRICE

$297,500

Assumed Down Payment

$10,413

Mortgage Amount

$287,088

Monthly Housing Payment

$2,330

$93,210

Annual Income Needed to Afford This

MEDIAN HOME PRICE: COMPARISON

*Adjusted to 2014 dollars

5 YEAR

2009

$322,201

2014

8% DECREASE

10 YEAR

2004

$470,000

2014

37% DECREASE

AVERAGE 2-BEDROOM RENT

$1,333

$53,320

Annual Income Needed to Afford This

AVERAGE 2-BEDROOM RENT: COMPARISON

*Adjusted to 2014 dollars

5 YEAR

2009

$1,334

2014

0% DECREASE

10 YEAR

2004

$1,628

2014

18% DECREASE

COST BURDENED OWNERS

32%

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

COST BURDENED RENTERS

38%

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.

$917

30% OF MEDIAN RENTER HOUSEHOLD INCOME

$1184

30% AVERAGE PRIVATE SECTOR WAGE

$405

30% MINIMUM WAGE IN RHODE ISLAND

HOUSING STOCK

TOTAL HOUSING UNITS

11,226

SINGLE-FAMILY

74%

MULTI-FAMILY

26%

BUILDING PERMITS:

40

(New units Authorized)

AFFORDABLE HOUSING

10,953

889

8.10%

206

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

207

545

137

67

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