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Woonsocket

MEDIAN HOME PRICE

$138,500

Assumed Down Payment

$4,848

Mortgage Amount

$133,653

Monthly Housing Payment

$1,233

$49,332

Annual Income Needed to Afford This

MEDIAN HOME PRICE: COMPARISON

*Adjusted to 2015 dollars

5 YEAR

2010

$154,369

2015

10% DECREASE

10 YEAR

2005

$287,335

2015

52% DECREASE

AVERAGE 2-BEDROOM RENT

$1,050

$42,000

Annual Income Needed to Afford This

AVERAGE 2-BEDROOM RENT: COMPARISON

*Adjusted to 2015 dollars

5 YEAR

2010

$1,059

2015

1% DECREASE

10 YEAR

2005

$1,354

2015

22% DECREASE

COST BURDENED OWNERS

39%

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

$1710

30% AVERAGE PRIVATE SECTOR WAGE

$432

30% MINIMUM WAGE IN RHODE ISLAND

HOUSING STOCK

TOTAL HOUSING UNITS

19,448

SINGLE-FAMILY

26%

MULTI-FAMILY

74%

BUILDING PERMITS:

9

(New units Authorized)

AFFORDABLE HOUSING

19,168

3,053

15.90%

0

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

1,276

1,620

157

97

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