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Richmond

MEDIAN HOME PRICE

$239,900

Assumed Down Payment

$8,397

Mortgage Amount

$231,504

Monthly Housing Payment

$1,775

$71,010

Annual Income Needed to Afford This

MEDIAN HOME PRICE: COMPARISON

*Adjusted to 2015 dollars

5 YEAR

2010

$259,818

2015

8% DECREASE

10 YEAR

2005

$382,304

2015

37% DECREASE

AVERAGE 2-BEDROOM RENT

N/A
Not enough data available

N/A

Annual Income Needed to Afford This

AVERAGE 2-BEDROOM RENT: COMPARISON

*Adjusted to 2015 dollars

5 YEAR Insufficient Data
10 YEAR Insufficient Data

COST BURDENED OWNERS

30%

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

COST BURDENED RENTERS

13%

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

$771

30% AVERAGE PRIVATE SECTOR WAGE

$432

30% MINIMUM WAGE IN RHODE ISLAND

HOUSING STOCK

TOTAL HOUSING UNITS

2,862

SINGLE-FAMILY

93%

MULTI-FAMILY

7%

BUILDING PERMITS:

10

(New units Authorized)

AFFORDABLE HOUSING

2,911

57

2.00%

234

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

0

22

35

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