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Westerly

MEDIAN HOME PRICE

$285,000

Assumed Down Payment

$9,975

Mortgage Amount

$275,025

Monthly Housing Payment

$1,863

$74,506

Annual Income Needed to Afford This

MEDIAN HOME PRICE: COMPARISON

*Adjusted to 2015 dollars

5 YEAR

2010

$300,857

2015

5% DECREASE

10 YEAR

2005

$406,577

2015

30% DECREASE

AVERAGE 2-BEDROOM RENT

$1,227

$49,080

Annual Income Needed to Afford This

AVERAGE 2-BEDROOM RENT: COMPARISON

*Adjusted to 2015 dollars

5 YEAR

2010

$1,206

2015

2% INCREASE

10 YEAR

2005

$1,268

2015

3% DECREASE

COST BURDENED OWNERS

28%

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

COST BURDENED RENTERS

53%

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.

$769

30% OF MEDIAN RENTER HOUSEHOLD INCOME

$921

30% AVERAGE PRIVATE SECTOR WAGE

$432

30% MINIMUM WAGE IN RHODE ISLAND

HOUSING STOCK

TOTAL HOUSING UNITS

12,388

SINGLE-FAMILY

67%

MULTI-FAMILY

33%

BUILDING PERMITS:

56

(New units Authorized)

AFFORDABLE HOUSING

10,430

538

5.20%

505

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

359

104

75

5

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