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South Kingstown

MEDIAN HOME PRICE

$301,875

Assumed Down Payment

$10,566

Mortgage Amount

$291,309

Monthly Housing Payment

$2,271

$90,856

Annual Income Needed to Afford This

MEDIAN HOME PRICE: COMPARISON

*Adjusted to 2014 dollars

5 YEAR

2009

$315,856

2014

4% DECREASE

10 YEAR

2004

$444,871

2014

32% DECREASE

AVERAGE 2-BEDROOM RENT

$1,301

$52,040

Annual Income Needed to Afford This

AVERAGE 2-BEDROOM RENT: COMPARISON

*Adjusted to 2014 dollars

5 YEAR

2009

$1,329

2014

2% DECREASE

10 YEAR Insufficient Data

COST BURDENED OWNERS

31%

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

COST BURDENED RENTERS

51%

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

$1031

30% AVERAGE PRIVATE SECTOR WAGE

$405

30% MINIMUM WAGE IN RHODE ISLAND

HOUSING STOCK

TOTAL HOUSING UNITS

13,232

SINGLE-FAMILY

79%

MULTI-FAMILY

21%

BUILDING PERMITS:

48

(New units Authorized)

AFFORDABLE HOUSING

10,900

592

5.40%

498

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

344

152

96

41

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