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Long-term affordable ownership home developed by House of Hope CDC. Funded in part through BHRI.

Warwick at a Glance:

The city of Warwick is located in Kent County, Rhode Island. It is the second largest city in the state, with a population of 85,808 at the 2000 census. Warwick was founded as a town in 1642 by Samuel Gorton. It was then incorporated as a city in 1931. According to the United States Census Bureau, the city has a total area of 49.6 square miles, of which 14.1 square miles is water.

Warwick's governmental structure is composed of a nine-member City Council and a Mayor.

Housing Facts: 2011

Typical monthly housing payment* for a $155,000 house $1,254
Household income required to afford a $155,000 house $50,146
Average monthly rent for a two-bedroom apartment $1,208
Household income required for that rent to be affordable $48,320
Average private-sector wage for jobs in Warwick $41,132
Foreclosures in Warwick  
Actual number of foreclosures 249
Total number of mortgaged housing units 19,366
Foreclosures as a percentage of mortgaged stock 1.30%
Housing Units in Warwick  
Number of year-round housing units 37,244
Housing units that quality as affordable 1,983
Affordable housing units reserved for the elderly 1,657
Affordable housing units reserved for families 141
Affordable housing units reserved for persons with special needs 185
Homes funded through Building Homes Rhode Island 10
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 1,741

*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).