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West Greenwich

MEDIAN HOME PRICE

$262,500

Assumed Down Payment

$9,188

Mortgage Amount

$253,313

Monthly Housing Payment

$2,127

$85,086

Annual Income Needed to Afford This

MEDIAN HOME PRICE: COMPARISON

*Adjusted to 2014 dollars

5 YEAR

2009

$284,132

2014

8% DECREASE

10 YEAR

2004

$470,000

2014

44% DECREASE

AVERAGE 2-BEDROOM RENT

N/A
Not enough data available

N/A

Annual Income Needed to Afford This

AVERAGE 2-BEDROOM RENT: COMPARISON

*Adjusted to 2014 dollars

5 YEAR Insufficient Data
10 YEAR Insufficient Data

COST BURDENED OWNERS

40%

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

COST BURDENED RENTERS

42%

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

$1966

30% AVERAGE PRIVATE SECTOR WAGE

$405

30% MINIMUM WAGE IN RHODE ISLAND

HOUSING STOCK

TOTAL HOUSING UNITS

2,370

SINGLE-FAMILY

89%

MULTI-FAMILY

11%

BUILDING PERMITS:

15

(New units Authorized)

AFFORDABLE HOUSING

2,334

33

1.40%

200

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

0

19

14

15

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