What's Up Newp: Newport’s Housing Paradox: Highest affordable stock; among least affordable homes

City exceeds state’s 10% low-income housing goal at 15.64%, but median $893,000 home price requires $284,479 income

by Frank Prosnitz

Characterizing housing affordability in “crisis,” RI Housing Works at Roger Williams University found only four communities in Rhode Island meeting the state “goal” of achieving 10 percent of its housing stock as Low- and Moderate-Income Housing.

That 10 percent figure, established in 1991, is well below actual needs, according to the 2024 HousingWorks RI’s 20th annual Housing Factbook. “…In actuality local housing needs have turned out to be far higher: statewide 26 percent of owner households and 48 percent of renter households today are cost burdened.”  Cost burdened is defined as paying more than one third of a household’s income on housing costs.

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