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North Smithfield

MEDIAN HOME PRICE

$237,000

Assumed Down Payment

$8,295

Mortgage Amount

$228,705

Monthly Housing Payment

$1,786

$71,460

Annual Income Needed to Afford This

MEDIAN HOME PRICE: COMPARISON

*Adjusted to 2014 dollars

5 YEAR

2009

$259,305

2014

9% DECREASE

10 YEAR

2004

$376,000

2014

37% DECREASE

AVERAGE 2-BEDROOM RENT

$1,173

$46,920

Annual Income Needed to Afford This

AVERAGE 2-BEDROOM RENT: COMPARISON

*Adjusted to 2014 dollars

5 YEAR Insufficient Data
10 YEAR

2004

$1,351

2014

13% DECREASE

COST BURDENED OWNERS

27%

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

COST BURDENED RENTERS

53%

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

$837

30% AVERAGE PRIVATE SECTOR WAGE

$405

30% MINIMUM WAGE IN RHODE ISLAND

HOUSING STOCK

TOTAL HOUSING UNITS

5,118

SINGLE-FAMILY

66%

MULTI-FAMILY

34%

BUILDING PERMITS:

32

(New units Authorized)

AFFORDABLE HOUSING

5,047

415

8.20%

90

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

295

60

60

65

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