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West Warwick

MEDIAN HOME PRICE

$159,950

Assumed Down Payment

$5,598

Mortgage Amount

$154,352

Monthly Housing Payment

$1,278

$51,135

Annual Income Needed to Afford This

MEDIAN HOME PRICE: COMPARISON

*Adjusted to 2015 dollars

5 YEAR

2010

$185,841

2015

14% DECREASE

10 YEAR

2005

$298,258

2015

46% DECREASE

AVERAGE 2-BEDROOM RENT

$1,151

$46,040

Annual Income Needed to Afford This

AVERAGE 2-BEDROOM RENT: COMPARISON

*Adjusted to 2015 dollars

5 YEAR

2010

$1,162

2015

1% DECREASE

10 YEAR Insufficient Data

COST BURDENED OWNERS

33%

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

COST BURDENED RENTERS

56%

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.

$852

30% OF MEDIAN RENTER HOUSEHOLD INCOME

$1123

30% AVERAGE PRIVATE SECTOR WAGE

$432

30% MINIMUM WAGE IN RHODE ISLAND

HOUSING STOCK

TOTAL HOUSING UNITS

13,849

SINGLE-FAMILY

43%

MULTI-FAMILY

57%

BUILDING PERMITS:

19

(New units Authorized)

AFFORDABLE HOUSING

13,813

1,127

8.20%

254

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

714

295

118

4

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