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The Meadows

North Smithfield at a Glance:

North Smithfield is a town in Providence County, Rhode Island. It was settled as a farming community in the 17th century and incorporated into its present form in 1871. North Smithfield includes the historic villages of Forestdale, Primrose, Waterford, Branch Village, Union Village, Park Square, and Slatersville. It covers a total area of 24.7 square miles, of which 0.7 square miles is water. The Branch River and Blackstone Rivers provided much of the power for the early mills in the town. North Smithfield's governmental structure is composed of a five-member Town Council and a Town Administrator.

Housing Facts: 2009

Typical monthly housing payment* for a $235,000 house $1,616
Household income required to afford a $235,000 house $64,623
Average monthly rent for a two-bedroom apartment $1,170
Household income required for that rent to be affordable $46,800
Average private-sector wage for jobs in North Smithfield $32,344
Housing Units in North Smithfield  
Number of year-round housing units 4,058
Housing units that quality as affordable 381
Affordable housing units reserved for the elderly 295
Affordable housing units reserved for families 36
Affordable housing units reserved for persons with special needs 50
Homes funded through Building Homes Rhode Island 27
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 25

*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).