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Richmond

MEDIAN HOME PRICE

$239,500

Assumed Down Payment

$8,383

Mortgage Amount

$231,118

Monthly Housing Payment

$1,911

$76,442

Annual Income Needed to Afford This

MEDIAN HOME PRICE: COMPARISON

*Adjusted to 2014 dollars

5 YEAR

2009

$292,408

2014

18% DECREASE

10 YEAR

2004

$355,947

2014

33% 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 2014 dollars

5 YEAR Insufficient Data
10 YEAR Insufficient Data

COST BURDENED OWNERS

33%

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.

$917

30% OF MEDIAN RENTER HOUSEHOLD INCOME

$750

30% AVERAGE PRIVATE SECTOR WAGE

$405

30% MINIMUM WAGE IN RHODE ISLAND

HOUSING STOCK

TOTAL HOUSING UNITS

2,774

SINGLE-FAMILY

96%

MULTI-FAMILY

4%

BUILDING PERMITS:

25

(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