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Tiverton

MEDIAN HOME PRICE

$225,000

Assumed Down Payment

$7,875

Mortgage Amount

$217,125

Monthly Housing Payment

$1,645

$65,808

Annual Income Needed to Afford This

MEDIAN HOME PRICE: COMPARISON

*Adjusted to 2015 dollars

5 YEAR

2010

$249,491

2015

10% DECREASE

10 YEAR

2005

$375,568

2015

40% DECREASE

AVERAGE 2-BEDROOM RENT

$1,467

$58,680

Annual Income Needed to Afford This

AVERAGE 2-BEDROOM RENT: COMPARISON

*Adjusted to 2015 dollars

5 YEAR

2010

$1,000

2015

47% INCREASE

10 YEAR

2005

$1,465

2015

0% INCREASE

COST BURDENED OWNERS

34%

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.

$1068

30% OF MEDIAN RENTER HOUSEHOLD INCOME

$852

30% AVERAGE PRIVATE SECTOR WAGE

$432

30% MINIMUM WAGE IN RHODE ISLAND

HOUSING STOCK

TOTAL HOUSING UNITS

7,443

SINGLE-FAMILY

79%

MULTI-FAMILY

21%

BUILDING PERMITS:

35

(New units Authorized)

AFFORDABLE HOUSING

7,138

358

5.00%

356

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

120

192

46

128

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