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North Smithfield

MEDIAN HOME PRICE

$243,000

Assumed Down Payment

$8,505

Mortgage Amount

$234,495

Monthly Housing Payment

$1,700

$67,990

Annual Income Needed to Afford This

MEDIAN HOME PRICE: COMPARISON

*Adjusted to 2015 dollars

5 YEAR

2010

$272,809

2015

11% DECREASE

10 YEAR

2005

$394,441

2015

38% DECREASE

AVERAGE 2-BEDROOM RENT

$1,632

$65,280

Annual Income Needed to Afford This

AVERAGE 2-BEDROOM RENT: COMPARISON

*Adjusted to 2015 dollars

5 YEAR

2010

$1,328

2015

23% INCREASE

10 YEAR

2005

$1,399

2015

17% INCREASE

COST BURDENED OWNERS

24%

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

COST BURDENED RENTERS

58%

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

$863

30% AVERAGE PRIVATE SECTOR WAGE

$432

30% MINIMUM WAGE IN RHODE ISLAND

HOUSING STOCK

TOTAL HOUSING UNITS

5,026

SINGLE-FAMILY

64%

MULTI-FAMILY

36%

BUILDING PERMITS:

25

(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