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Long-term affordable rental homes developed by Narragansett Affordable Housing Corporation. Funded in part through BHRI.

Narragansett at a Glance:

Narragansett is a town in Washington County, Rhode Island. It was incorporated as a town in 1901. Prior to that time, it was part of South Kingstown. According to the United States Census Bureau, the town has a total area of 37.8 square miles, of which 23.6 square miles is water. Narragansett's governmental structure is composed of a five-member Town Council and a Town Manager.

Housing Facts: 2011

Typical monthly housing payment* for a $355,000 house $2,484
Household income required to afford a $355,000 house $99,371
Average monthly rent for a two-bedroom apartment $1,387
Household income required for that rent to be affordable $55,480
Average private-sector wage for jobs in Narragansett $32,188
Foreclosures in Narragansett  
Actual number of foreclosures 4
Total number of mortgaged housing units 3,120
Foreclosures as a percentage of mortgaged stock 0.10%
Housing Units in Narragansett  
Number of year-round housing units 7,156
Housing units that quality as affordable 250
Affordable housing units reserved for the elderly 108
Affordable housing units reserved for families 120
Affordable housing units reserved for persons with special needs 22
Homes funded through Building Homes Rhode Island 2
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 466

*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).