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Warwick

MEDIAN HOME PRICE

$171,862

Assumed Down Payment

$6,015

Mortgage Amount

$165,847

Monthly Housing Payment

$1,392

$55,661

Annual Income Needed to Afford This

MEDIAN HOME PRICE: COMPARISON

*Adjusted to 2014 dollars

5 YEAR

2009

$185,376

2014

7% DECREASE

10 YEAR

2004

$282,000

2014

39% DECREASE

AVERAGE 2-BEDROOM RENT

$1,308

$52,320

Annual Income Needed to Afford This

AVERAGE 2-BEDROOM RENT: COMPARISON

*Adjusted to 2014 dollars

5 YEAR

2009

$1,287

2014

2% INCREASE

10 YEAR

2004

$1,395

2014

6% DECREASE

COST BURDENED OWNERS

35%

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

COST BURDENED RENTERS

50%

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.

$848

30% OF MEDIAN RENTER HOUSEHOLD INCOME

$1027

30% AVERAGE PRIVATE SECTOR WAGE

$405

30% MINIMUM WAGE IN RHODE ISLAND

HOUSING STOCK

TOTAL HOUSING UNITS

37,492

SINGLE-FAMILY

72%

MULTI-FAMILY

28%

BUILDING PERMITS:

45

(New units Authorized)

AFFORDABLE HOUSING

37,244

2,001

5.40%

1,723

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

1,657

150

194

30

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