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METHODS AND SOURCES:
The data and research presented on the website are obtained from the latest official, industry, and other expert sources, as well as from academic research databases, professional journals, and other peer-reviewed research sources. Data in tables, graphs, and infographics are rounded to the nearest decimal places and may not total to 100 percent.
Population Source: US Census Bureau, American Community Survey, 2009-2013 5-year estimates of total population.
Households Source: US Census Bureau, American Community Survey, 2009-2013 5-year estimates of total occupied housing units.
Owner and Renter Households Source: US Census Bureau, American Community Survey, 2009-2013 5-year estimates of tenure.
Median Home Price Source: Median sales price of single-family homes, Year-End 2014, Year-End 2009, and Year-End 2004 Single-Family Home Sales Statistics, Rhode Island Association of Realtors and Statewide Multiple Listing Service. Figures for 2009 and 2005 sales prices are inflation-adjusted to 2014 dollars.
Monthly housing payment for homeownership Methodology: Calculation of monthly housing payment is derived from:
- Assumed 3.5% down payment of 2014 median sale price of single-family homes
- 30-year mortgage at 4.17% interest rate, the 2014 annual average as reported by Freddie Mac at www.freddiemac.com/pmms/pmms30.htm
- Tax Year 2014 municipal property taxes for individual municipalities (excluding homestead exemptions); statewide calculations are based on the average of all RI Municipalities
- Estimated Hazard Insurance for each municipality
- FHA mortgage insurance at 1.35%/month
- Financed upfront 1.75% insurance fee required by FHA
Household income required to afford the median price home Methodology: Based on the generally accepted federal standard that a household should be spending no more than 30 percent of its income on housing payments (including mortgage, utilities, taxes, and insurance). Calculated by annualizing the typical housing payment and dividing by 30% to get the income required to pay no more than 30%.
Average 2-Bedroom Rent Source: 2014, 2009, and 2004 Year-End Rent Survey, Rhode Island Housing. Figures for 2009 and 2005 rents are inflation-adjusted to 2014 dollars. All rents have been adjusted (using HUD utility allowances for 2013) to include heat, cooking fuel, electricity, and hot water unless the listing stated that utilities were part of the contract rent, in which case the adjustment was not made.
Household income required to afford the average rent Methodology: Based on the generally accepted federal standard that a household should be spending no more than 30 percent of its income on housing payments (including rent, utilities, taxes, and insurance). Calculated by annualizing the typical housing payment and dividing by 30% to get the income required to pay no more than 30%.
Average wage for a private sector job in each city/town Source: Quarterly Census of Employment and Wages, Private Sector, Annual 2014. Rhode Island Department of Labor and Training (http://www.dlt.ri.gov/lmi/pdf/qcew14.pdf).
Median Renter Household Income by Area Source: US Census Bureau, American Community Survey, 2009-2013 5-year estimate of the median household income for renter households in each Rhode Island county and Statewide. A description of counties by cities and towns is here: http://www.dlt.ri.gov/lmi/maps/county.htm.
Minimum Wage in Rhode Island Source: Workforce Regulation and Safety, Labor Standards, Minimum Wage. Rhode Island Department of Labor and Training. The hourly wage is multiplied by 37.5 hours for a full week and then multiplied by 4 for a monthly figure.
Cost Burdened Owner and Renter Households Source: US Census Bureau, American Community Survey, 2009-2013 5-year estimates of tenure by housing costs as a percentage of household income in the past 12 months. Owner-occupied units that report zero or negative income and renter-occupied units that indicate “no cash rent” are excluded from cost burden calculations. Charlestown, Exeter, Foster, Glocester, Hopkinton, Jamestown, Little Compton, New Shoreham, Richmond, Scituate, and West Greenwich have estimates with high margins of error.
Total Units Source: US Census Bureau, American Community Survey, 2009-2013 5-year estimates of housing units.
Multi-Family and Single-Family Units Source: US Census Bureau, American Community Survey, 2009-2013 5-year estimates of units in structure. Single-family units defined as one unit detached or mobile homes. Multi-family units defined as one unit attached or over two units in structure. Boats, RVs, and other unconventional housing units are excluded from calculations.
Affordable Housing Source: Units that qualify as affordable as percent of year-round housing stock 2014 Low and Moderate Income Housing Chart. Rhode Island Housing.
Annual Building Permits Source: US Census Bureau, Building Permits Survey, 2000-2014, Annual Permits by Place; statewide figure based on Annual Permits by State.
Homes funded through Building Homes Rhode Island
Source: RI Housing Resources Commission, Rhode Island Housing (www.rhodeislandhousing.org).
Additional housing units necessary to meet the 10 percent threshold
Methodology: Calculated by subtracting the number of units that qualify as affordable from 10 percent of the city or town’s number of year-round housing units. (The Low and Moderate Income Housing Act established a goal that 10 percent of each community’s housing stock be affordable to people with low or moderate incomes. In order to count toward that threshold, a home must be subsidized by a federal, state, or municipal government subsidy under any program to assist the construction or rehabilitation of housing affordable to low or moderate income households and must remain affordable through a land lease and/or deed restriction for no less than 30 years from initial occupancy.)