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Housing Facts: 2011

Typical monthly housing payment* for a $195,000 house $1,548
Household income required to afford a $195,000 house $61,925
Average monthly rent for a two-bedroom apartment $1,150
Household income required for that rent to be affordable $46,000
Average private-sector wage for jobs in Rhode Island $46,176
Foreclosures in Rhode Island  
Actual number of foreclosures 2,095
Total number of mortgaged housing units 184,813
Foreclosures as a percentage of mortgaged stock 1.10%
Housing Units in Rhode Island  
Number of year-round housing units 445,902
Housing units that quality as affordable 36,802
Affordable housing units reserved for the elderly 19,487
Affordable housing units reserved for families 13,577
Affordable housing units reserved for persons with special needs 3,738
Homes funded through Building Homes Rhode Island 1,301
How much housing is needed?  
Additional housing units necessary to meet the 10% threshold established by the State's Low and Moderate Income Housing Act of 2004 13,246

*Calculated using a 30-year mortgage at 4.45% interest (2011 average rate) with a 3.5% down payment, property taxes (the state's median rate of $17.95 per the $1000 of the home's valuation), hazard insurance ($100/month), monthly mortgage insurance (1.25%/month).