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North Providence

MEDIAN HOME PRICE

$173,000

Assumed Down Payment

$6,055

Mortgage Amount

$166,945

Monthly Housing Payment

$1,507

$60,294

Annual Income Needed to Afford This

MEDIAN HOME PRICE: COMPARISON

*Adjusted to 2014 dollars

5 YEAR

2009

$195,306

2014

11% DECREASE

10 YEAR

2004

$307,067

2014

44% DECREASE

AVERAGE 2-BEDROOM RENT

$1,207

$48,280

Annual Income Needed to Afford This

AVERAGE 2-BEDROOM RENT: COMPARISON

*Adjusted to 2014 dollars

5 YEAR

2009

$1,197

2014

1% INCREASE

10 YEAR

2004

$1,306

2014

8% DECREASE

COST BURDENED OWNERS

35%

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

COST BURDENED RENTERS

55%

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.

$686

30% OF MEDIAN RENTER HOUSEHOLD INCOME

$827

30% AVERAGE PRIVATE SECTOR WAGE

$405

30% MINIMUM WAGE IN RHODE ISLAND

HOUSING STOCK

TOTAL HOUSING UNITS

15,439

SINGLE-FAMILY

50%

MULTI-FAMILY

50%

BUILDING PERMITS:

30

(New units Authorized)

AFFORDABLE HOUSING

15,317

1,064

6.90%

468

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

922

14

128

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