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Long-term affordable ownership home developed by House of Hope CDC. Funded in part through BHRI.

Warwick at a Glance:

The city of Warwick is located in Kent County, Rhode Island. It is the second largest city in the state, with a population of 85,808 at the 2000 census. Warwick was founded as a town in 1642 by Samuel Gorton. It was then incorporated as a city in 1931. According to the United States Census Bureau, the city has a total area of 49.6 square miles, of which 14.1 square miles is water.

Warwick's governmental structure is composed of a nine-member City Council and a Mayor.

Housing Facts: 2010

Typical monthly housing payment* for a $167,889 house $1,324
Household income required to afford a $167,889 house $52,962
Average monthly rent for a two-bedroom apartment $1,130
Household income required for that rent to be affordable $45,200
Average private-sector wage for jobs in Warwick $37,076
Foreclosures in Warwick  
Actual number of foreclosures 225
Total number of mortgaged housing units 19,628
Foreclosures as a percentage of mortgaged stock 1.10%
Housing Units in Warwick  
Number of year-round housing units 36,592
Housing units that quality as affordable 1,984
Affordable housing units reserved for the elderly 1,657
Affordable housing units reserved for families 141
Affordable housing units reserved for persons with special needs 186
Homes funded through Building Homes Rhode Island 10
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 1,675

*Calculated using a 30-year mortgage at 4.69% interest (2010 average rate) with a 3.5% down payment, property taxes (the state's average rate of $16.44 per $1,000 of the home's valuation), hazard insurance ($75/month), and monthly mortgage insurance (1.15%/month).