HousingWorks RI is out with its annual fact book, and the numbers are downright alarming.
More than a third of Rhode Island households are spending at least 30 percent of their annual income on housing costs, and Black and Hispanic families face the highest cost burdens. The cost of the average two-bedroom apartment is now $1,996 a month, which means you’d need to earn nearly $80,000 a year for it to be considered affordable.
When it comes owning a home, well, good luck.
You should dig through the whole fact book here, but here’s a look at the kind of income you’d need to buy a median-priced home in each city and town in Rhode Island.
Central Falls: $90,350
West Warwick: $108,678
North Providence: $121,630
East Providence: $122,159
North Smithfield: $130,106
South Kingstown: $170,024
West Greenwich: $174,924
North Kingstown: $174,933
East Greenwich: $219,205
Little Compton: $235,701
New Shoreham: $453,088
HousingWorks RI is unveiling its fact book at a breakfast this morning at the Providence Marriott Downtown. The nonprofit is also going to offer a review of the General Assembly’s legislative package that is designed to spur more housing development in the coming years.
As we know, the housing affordability crisis stretches beyond Rhode Island’s borders. The Globe’s Spotlight team just launched an in-depth series highlighting the challenges that Greater Boston is facing, and they sound awfully familiar.
This story first appeared in Rhode Map, our free newsletter about Rhode Island that also contains information about local events, links to interesting stories, and more. If you’d like to receive it via email Monday through Friday, you can sign up here.