While it seems that every few days there’s another announcement of an affordable housing project, those projects are years from completion, and the number of communities that have achieved the state’s affordable housing threshold has dropped to five, from a high of seven a couple of years ago.
That threshold, a goal set by the state says that 10 percent of housing in a community is considered affordable, based on median income and housing costs. Newport is among the five that have achieved the threshold, at 16.05 percent. The other communities achieving the minimum are Central Falls (10.02 percent), Exeter (10.35 percent), Providence (14.29 percent), and Woonsocket (15.46 percent), according to HousngWorksRI annual publication trends, released today.
Besides the individual community and regional reports, HousingWorks found that evictions are on the rise with the expiration of eviction protection programs in 2022, and foreclosures were up by 76 percent in 2022.
This year’s report took into account changes in the lead mitigation law that could result in the inspection and mitigation of tens of thousands of rental units.
In the Newport County area, HousingWorks found:
- Newport: found 16.05 percent of the housing stock is affordable; the median home price of $807,750, an increase in just two years of $182,750; to afford a median-priced home it would take an income of $231,852 (compared to $149,671 in 2021); average two-bedroom rental of $1,769 monthly, requiring an annual income of $70,742; median household income of $77,092.
- Jamestown: found 4.42 percent of the housing stock is affordable; median single-family home price of $997,500, requiring an annual income of $278,304; median household income of $120,129..
- Little Compton: found 0.53 percent of the housing stock is affordable; the median home price is $875,000, requiring an annual income of $235,701; median household income of $96,111.
- Middletown: found 4.8 percent of the housing stock is affordable; median single-family home price is $675,000, requiring an annual income of $200,192; average two-bedroom rent of $1,977, requiring an annual income of 79,062; median household income of $88.211.
- Portsmouth: found 2.66 percent of the housing stock is affordable; median single-family home price is $640,000, requiring an annual income of $197,470; average two-bedroom rent of $1,723, requiring an annual income of $68,902; median household income of $104,073; median household income of $104,073.
- Tiverton: found 4.26 percent of the housing stock is affordable; median single-family home price is $423,000, requiring an annual income of $131,641; average two-bedroom rent of $1,901, requiring an annual income of $76,022; median household income of $85,522.
Some of the other HousingWorks findings were:
- More than a third of Rhode Island households (142,470) pay more than 30 percent of their income toward housing costs, making them housing cost-burdened.
- Black and Hispanic homeowner households suffer the highest rates of housing cost burdens at 37 percent and 39 percent respectively.
- The one municipality a household could affordably purchase a home with an income less than $100,000 is Central Falls.
- Renting the average two-bedroom apartment costs $1,996 according to RIHousing’s 2022 rental survey, which would require an income of nearly $80,000 to affordably rent, nearly double the state’s median renter income.
- Positive outcomes in health, education, and economic stability, all hinge on housing stability.