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Wood River

Richmond at a Glance:

The town of Richmond is located in Washington County, Rhode Island. The villages of Alton, Arcadia, Carolina, Hope Valley, Kenyon, Shannock, Usquepaug, Woodville, and Wyoming are located (or partially located) in Richmond. The town of Richmond was originally part of the territory of Westerly, Rhode Island (1669 to 1747), which remained in dispute for several years between the British colonies of Rhode Island, Connecticut, and Massachusetts. In 1665, Charles II, the King of England, dissolved the different charters of the three colonies in dispute, assumed governance, and renamed the area King’s County. In May 1669, the General Assembly of Rhode Island and Providence Plantations organized King’s County into the town of Westerly. After this the town of Westerly organized itself into four separate areas: Westerly, Charlestown, Richmond, and Hopkinton. Richmond was incorporated as a separate and distinct town in 1747. It is bounded on the north by the town of Exeter, on the west by the Wood River, on the east by the towns of Exeter and South Kingstown, and on the south by the Pawcatuck River.
According to the United States Census Bureau, the town has a total area of 40.8 square miles, of which 0.2 square miles is water. A 2,359-acre tract in Richmond is owned by the state and managed for wildlife food and habitat as the Carolina Management Area. The Carolina Management Area is primarily forest (1,416 acres), but also includes wetlands and agricultural land.
The town government is directed by a 5-member Town Council that is headed by a council president. In May 2007, Richmond voters approved a referendum to create a Home Rule Charter Commission. The Charter Commission subsequently created a Richmond Home Rule Charter, and the Town Council unanimously approved its placement on the November 2008 ballot. Richmond voters approved the Charter by a 70%-30% margin. The Rhode Island General Assembly gave their approval on May 20, 2009, and the Charter took effect on May 28, 2009, when Governor Donald Carcieri allowed it to become law without his signature. The Charter retains many features of the prior government: the 5-member Town Council headed by a council president; an elected town clerk; and a Finance Board and an annual Financial Town Meeting. The major changes included 4-year terms for the town councillors instead of 2 years, effective in November 2010, and the creation of a Town Administrator who reports directly to the town council.

Housing Facts: 2009

Typical monthly housing payment* for a $265,000 house $1,841
Household income required to afford a $265,000 house $73,635
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 Richmond $26,832
Housing Units in Richmond  
Number of year-round housing units 2,592
Housing units that quality as affordable 59
Affordable housing units reserved for the elderly 0
Affordable housing units reserved for families 21
Affordable housing units reserved for persons with special needs 38
Homes funded through Building Homes Rhode Island 0
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 200

*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).