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Smithfield

MEDIAN HOME PRICE

$245,000

Assumed Down Payment

$8,575

Mortgage Amount

$236,425

Monthly Housing Payment

$1,868

$74,718

Annual Income Needed to Afford This

MEDIAN HOME PRICE: COMPARISON

*Adjusted to 2014 dollars

5 YEAR

2009

$253,788

2014

3% DECREASE

10 YEAR

2004

$387,280

2014

37% DECREASE

AVERAGE 2-BEDROOM RENT

$1,169

$46,760

Annual Income Needed to Afford This

AVERAGE 2-BEDROOM RENT: COMPARISON

*Adjusted to 2014 dollars

5 YEAR

2009

$1,301

2014

10% DECREASE

10 YEAR

2004

$1,237

2014

5% DECREASE

COST BURDENED OWNERS

32%

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

COST BURDENED RENTERS

45%

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.

$686

30% OF MEDIAN RENTER HOUSEHOLD INCOME

$1950

30% AVERAGE PRIVATE SECTOR WAGE

$405

30% MINIMUM WAGE IN RHODE ISLAND

HOUSING STOCK

TOTAL HOUSING UNITS

7,652

SINGLE-FAMILY

66%

MULTI-FAMILY

34%

BUILDING PERMITS:

17

(New units Authorized)

AFFORDABLE HOUSING

7,845

398

5.10%

387

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

290

7

101

5

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