2015 HOUSING FACT BOOK

Transcription

1 215 HOUSING FACT BOOK

2 ADVISORY BOARD Richard F. Staples, Jr. - Chair David Caldwell, Jr. - Vice Chair Robert I. Stolzman, Esq. - Secretary Stephen Antoni Michael Emmer, Ph.D. Paola Fernandez Joseph Garlick Eric Jacobs, Ph.D. Ian Lang Kelly Mahoney Rhonda Mitchell Amy Rainone June Speakman, Ph.D. Michelle Wilcox J. Scott Wolf WHO IS HOUSINGWORKS RI AT RWU? HousingWorks RI at Roger Williams University is an authoritative source of information about housing in. We conduct research and analyze data to inform public policy. We develop communications strategies and promote dialogue about the relationship between housing and the state s economic future. HousingWorks RI at Roger Williams University envisions a in which communities embrace a variety of housing choices so that residents, regardless of income, can live in healthy, quality homes in vibrant and thriving neighborhoods. ORIGINS & FUNDERS With funding from the Foundation, Housing, and the United Way of, HousingWorks RI began as a campaign to educate the public and business community about a rapidly emerging economic development problem: the lack of affordable housing options for the state s workforce. HousingWorks RI has since evolved to serve as the foremost clearinghouse for information on housing affordability in and to connect this information with other issue areas including economic development, education, and health. Roger Williams University has long valued a campus-wide commitment to the greater community and in 214 integrated HousingWorks RI as a research center. As part of Roger Williams University, HousingWorks RI at RWU acts as a bridge for the University and provides a think and do laboratory that faculty, students, and staff can leverage to better all of. ACKNOWLEDGEMENT & THANKS The 215 Housing Fact Book would not have been possible without the dedication, input, and energy of the following people: Stephen Antoni, LeeAnn Byrne, John Marcantonio, Rhonda Mitchell, Amy Rainone, Eric Rollins, Jamie Scurry, Richard Staples, the Community Development Corporations across the state, and all of our dedicated Advisory Board members. HousingWorks RI Founding Funders: 215 Housing Fact Book Funder: 215 Housing Fact Book Supporters:

3 Dear Reader: Welcome to the 215 Housing Fact Book. The goal of this annual publication has always been to provide you with easy to understand information about housing affordability in. This year s edition is bigger than ever before and includes many new indicators and data points that paint a more detailed picture of housing throughout the Ocean State. In Statewide Housing Indicators for example, we look at everything from how Millennials are interacting in the housing market, to the quality of the state s housing stock, to trends in the homebuyer and renter markets. Then we dig deeper to see how this relates to housing affordability for ers at different. We are also excited to unveil new housing facts for every city and town in. In Local Housing Facts, we offer each community a look at its own trends in housing prices and what this means for housing affordability. We also offer insight on each town s housing stock and the number of new units authorized for construction. Here are some of the more compelling findings from this year s analysis: g ranks second highest in the country for average number of housing units per square mile. g ranks fourth nationally for highest percent of housing stock built before 194. g Seventy-nine percent of all conventionally sold multi-family properties sold for under $25,. g In 214, households earning $3, or less about half of renter households could not affordably rent an average-priced 2-bedroom apartment in any city or town. As we look ahead to 216, HousingWorks RI at Roger Williams University will continue to advance housing affordability as a public policy priority. We hope that the 215 Housing Fact Book is a useful tool for you as you engage in initiatives to inform state and local decision makers on the importance of an integrated approach to improving housing affordability in. Richard Staples Board Chair, HousingWorks RI at RWU Nicole Lagace Director, HousingWorks RI at RWU

4 INSIDE THE HOUSINGWORKS RI 215 HOUSING FACT BOOK Who is HousingWorks RI at RWU?... Inside Cover Welcome Letter...1 STATEWIDE HOUSING INDICATORS POPULATION by Generation...5 Younger ers and Housing...6 Vacancy in s Housing Stock...8 New Construction...9 Age of Housing Stock...1 Heating Fuel Types...1 MARKET CONDITIONS Property Sales...11 Trends in Sale Prices...11 Trends in Rent Prices...12 Home Purchase Applications...13 Distressed s...13 WHERE CAN YOU AFFORD TO BUY/RENT?...14 OWNER/RENTER SPENDING & INCOME...16 HOUSING COST BURDENS What Do Cost Burdens Mean?...18 Cost Burdens and Severe Cost Burdens by Income...19 Cost Burdened Households Throughout...2 LOCAL HOUSING FACTS...22 Barrington...23 Bristol...24 Burrillville...25 Central Falls...26 Charlestown...27 Coventry...28 Cranston...29 Cumberland...3 East Greenwich...31 East Providence Housing Fact Book HousingWorks RWU

5 Exeter...33 Foster...34 Glocester...35 Hopkinton...36 Jamestown...37 Johnston...38 Lincoln...39 Little Compton...4 Middletown...41 Narragansett...42 Newport...43 New Shoreham...44 North Kingstown...45 North Providence...46 North Smithfield...47 Pawtucket...48 Portsmouth...49 Providence (without East Side)...5 Providence (East Side)...51 Richmond...52 Scituate...53 Smithfield...54 South Kingstown...55 Tiverton...56 Warren...57 Warwick...58 Westerly...59 West Greenwich...6 West Warwick...61 Woonsocket...62 PUBLIC INVESTMENT IN AFFORDABLE HOUSING Why?...64 Progress Toward Goals...65 s Investment in...66 APPENDIX Homeowner Data...68 Renter Data...7 Methods and References Housing Fact Book HousingWorks RWU 3

6 STATEWIDE HOUSING INDICATORS HousingWorks RWU 215 Housing Fact Book

7 POPULATION GREATEST Pre 1928 SILENT BOOMERS X MILLENNIALS Z Post Federal Reserve System established 1934 National Housing Act 1944 G.I. Bill 1954 Brown v. Board of Education 1968 Fair Housing Act 1978 Lead paint banned for use in housing 1989 Fall of Berlin Wall 27 Housing prices begin to plummet 21 September 11 RHODE ISLAND BY GENERATION GREATEST & SILENT Age in 215: 7-1 BOOMERS Age in 215: X Age in 215: 35-5 MILLENNIALS Age in 215: RI Total Population % OF POPULATION 12% 25% 21% 24% 1,51,695 People in RI MEDIAN PERSONAL INCOME $18,136 $36,272 $39,294 $14,59 $26,196 SHARE OF RI HOUSEHOLDS BY GENERATION 19% 37% 29% 15% 41,58 Households in RI OWNER HOUSEHOLDS VS. RENTER HOUSEHOLDS 69% OWN 31% RENT 71% OWN 29% RENT 6% OWN 4% RENT 26% OWN 74% RENT 61% OWN 39% RENT EDUCATIONAL ATTAINMENT (for those aged 25 and over) 28% 33% 18% 21% 13% 28% 27% 32% 11% 26% 29% 33% 11% 22% 31% 36% 15% 27% 27% 31% % No HS Diploma % HS Diploma or GED % Some College % Bachelor s or Higher RACE/ETHNICITY 92% 2% 1% 1% 4% 86% 4% 2% 2% 7% 75% 6% 3% 3% 13% 69% 6% 5% 4% 17% 76% 5% 3% 3% 13% % Non-Latino White % Non-Latino Black % Non-Latino Asian % Other % Latino Source: U.S. Census Bureau, American Community Survey, 5-Year Estimates Housing Fact Book HousingWorks RWU 5

8 POPULATION s total population grew less than 1 percent between 2 and 213, 1 and as the younger population shrinks and elders live longer it is increasingly aging. Sixty-one percent of all ers own their homes and traditionally ownership is higher among older households. Currently 71 percent of households ages 51 to 69, and 69 percent of households ages 7 and older are homeowners. 2 GENERATIONAL HOUSING NEEDS NEW HOUSEHOLDS As people age their housing needs change. In a typical housing market, older people may seek to downsize or move to an apartment, selling their homes to the next generation. However, s younger, more diverse population is delaying household formation. This could have implications for the future of the housing market in. APARTMENT SINGLE FAMILY HOME APARTMENT SMALLER HOME APARTMENT YOUNGER RHODE ISLANDERS AND HOUSING Millennials in are forming far fewer households than their peer age group did in 2. During that year, 41 percent of those ages 18 to 34 headed a household, compared to just 28 percent today. Thirty percent of Millennials head households nationally. 3 Young adults today face the unique challenge of starting their careers in the aftermath of a severe economic downturn and historic high rates of unemployment, so income may be a driving factor behind their lack of household formation. In 214, the unemployment rate for younger Millennials (ages 2 to 24) in was 12.5 percent, 4 the highest in New England. The median personal income for Millennials in is $14,59, much lower than the income needed to affordably rent the average priced 1-bedroom apartment in. 5 For those Millennials who have formed households, only a quarter were in married households in 213 compared to about a third of those ages 18 to 34 in Nearly half of today s Millennials live alone or in non-family households. HOUSEHOLD TYPE IN 25, 213: PEER AGE GROUP COMPARISON 7 34% 1% 6% 25 RHODE ISLAND 18-34YO 16% 17% 213 RHODE ISLAND MILLENNIALS 17% 24% 23% 9% 8% Non-family Households include people who either live alone or who share their home with unrelated residents. 19% 16% Housing Fact Book HousingWorks RWU

9 POPULATION In, total household formation has decelerated over time; since 21 there has been a 2 percent decline in the number of households formed across the state. 8 Household formation is important for economic growth as it drives new home construction and consumer spending in everything from durable goods to services such as utilities and telecommunications. PERCENT CHANGE IN HOUSEHOLD FORMATION FROM PREVIOUS DECADE 25% 2% 2% 15% 1% 14% 13% 16% 12% 8% 5% % 1% -2% -5% HOUSEHOLD TYPE BY GENERATION GREATEST/SILENT When looking at household type by generation, Millennials in Rhode Island are less likely to head a married couple household, a finding that is consistent with Millennials low marriage rates nationally. 9 Experts disagree on whether these low marriage rates signal a cultural shift among young people or if economic hardships such as low incomes and high student debt are to blame. If trends continue, members of this generation may drive demand for affordable rental housing in coming years. 3% 36% 15% 7% 3% 36% 3% BOOMERS 17% 12% 1% 5% 53% 4% 7% 12% 21% 6% 5% X MILLENNIALS 23% 8% 16% 19% 1% 24% Non-Family Single Female Living Alone Single Male Living Alone Single Female Family Single Male Family Married Couple 215 Housing Fact Book HousingWorks RWU 7

10 At the latest census count, had 462,516 housing units. 11 This ranks 44th in the nation for the count of housing units, but second highest for average number of housing units per square mile. 56% SINGLE-FAMILY Since 2, has had the second smallest increase in housing units among all states, totaling only 5 percent (22,679 housing units). Sixty-five percent of that increase was in single-family units. 12 Because population and household growth are relatively stagnant, the occupancy rate has remained flat, increasing by just.4 percent since 2. But, occupancy alone does not paint a complete picture, and we must also factor in vacancy rates for housing throughout. 44% MULTI-FAMILY HOUSING UNITS in RHODE ISLAND SINGLE-FAMILY v. MULTI-FAMILY 13 VACANCY IN RHODE ISLAND S The latest Housing Vacancy Survey shows vacancy for year-round housing units in at 9 percent in 213. Low vacancy rates signal a tight housing market and are a national trend, particularly for rental properties. Across the country, rental vacancies are at a 2-year low in many cities and communities. 14 In, for-rent year-round vacancies were 6.1 percent in 213, the lowest level since 24 and lower than the national rate of 8.3 percent. For-sale year-round vacancies were at 1.3 percent in 213, the lowest since 26 and lower than the US average of 2 percent. This points to having a low inventory in homes for sale in addition to a tight rental market. Year-round Housing Units include homes that are ready to be sold or rented, but exclude seasonal homes, homes under construction or uninhabitable properties. The Gross Vacancy rate sums the year-round vacant count with properties that are abandoned, under construction or considered seasonal. Gross vacancies for were at 13 percent in 213. The Housing Vacancy Survey found approximately 3 percent of all vacant properties were due to abandonment, construction, or seasonal rentals up from 24 percent in 25, the earliest year available for gross vacancy data Housing Fact Book HousingWorks RWU

11 NEW CONSTRUCTION 15 In 214, had new residential units authorized by building permits, 84 percent of which were single-family. In fact, only 1 municipalities out of 39 issued multi-family building permits in 214. ranked last nationally in 214 for count of units authorized by building permits and has consistently ranked last or within the bottom five states for building permits since 2. Units Authorized by Building Permits account for a single dwelling. A multi-family property may have several units permitted. Since 29, is one of only three states that did not increase the annual number of building permits issued. In 214, had the fewest permits of any state, but ranked 13th highest in average construction costs per unit, meaning the cost of construction associated with a building permit is high. Cities and towns may calculate the cost of construction differently. To the right we see the municipalities with the highest average construction costs per unit. CITY MUNICIPALITIES WITH HIGHEST AVERAGE CONSTRUCTION COSTS PER UNIT SINGLE-FAMILY AVERAGE CONSTRUCTION COSTS PER UNIT NEWPORT $73,323 NEW SHOREHAM $533,1 JAMESTOWN $469,883 CITY MULTI-FAMILY AVERAGE CONSTRUCTION COSTS PER UNIT HOPKINTON $175, PROVIDENCE $155,115 PAWTUCKET $131,56 From 25 to 213, year-round vacancy rates increased for all New England states. s year-round vacancy rate increased the least: from 8.9 percent in 25 to 9. percent in 213. Currently, s year-round vacancy rate is the second lowest in New England, behind Massachusetts. 12% YEAR-ROUND VACANCY RATES IN NEW ENGLAND: % 8.9% 9.% 1.1% 9.7% 9.6% 9.2% 8% 6% 7.2% 7.1% 6.4% 7.1% 5.5% 6.7% 4% 2% % Connecticut Maine Massachusetts New Hampshire Vermont 215 Housing Fact Book HousingWorks RWU 9

12 AGE OF has one of the nation s oldest housing stocks and age contributes to the deterioration of housing units. According to the American Housing Survey, metro area renter-occupied properties are twice as likely to have moderate or severe physical problems with plumbing or heating for example compared to owneroccupied properties. 17 Pre K 2K g AT RISK FOR LEAD-BASED 33% PAINT EXPOSURE 43% 18% 6% RENTER-OCCUPIED UNITS MORE AT RISK Renter-occupied units were more likely to be built prior to 194 than owner-occupied units. Forty-three percent of all renter-occupied units were built before 194 compared to 24 percent of owner-occupied units. 18 Eighty-one percent of renter-occupied units in were built before 198, putting renters at risk for exposure to lead-based paint. 19 HOW DOES RHODE ISLAND COMPARE NATIONALLY? In comparison, just 13 percent of all existing housing nationally was built before RI ranks 4th nationally for highest percent of housing stock built prior to 194. Only DC, MA, and NY rank above RI. 21 HEATING FUEL TYPES CHANGE IN HEATING FUEL TYPE % Fifty-two percent of all homes in are heated by utility gas, 32 percent by oil, and 1 percent by electricity. The remaining 5 percent are heated by wood, coal or other 2% 1% 17% 11% 2% energy sources such as solar power. 22 % -1% -5% Since 2, there has been a marked decline in the number of homes heated with oil in. Gas is now the overall most common heating fuel type and more renter-occupied units are heated with gas than owner units. 23-2% -3% -4% -17% -31% UTILITY GAS OIL ELECTRICITY % Change for Owner Units % Change for Renter Units Housing Fact Book HousingWorks RWU

13 MARKET CONDITIONS PROPERTY SALES 24 SINGLE-FAMILY Over 16, single-family homes were placed on the market in 214, representing approximately 6 percent of s singlefamily housing stock. Slightly more than half (53 percent) of single-family properties that went on the market in 214 were sold by the second quarter of 215. MULTI-FAMILY In 214, 2,86 multi-family properties were placed on the market for sale in representing about 7,15 housing units. Just under half (47 percent) of multi-family properties that were placed on the market in 214 were sold by the second quarter of 215. CONDOS In 214, 2,849 condominiums were placed on the market for sale in. Slightly more than half (52 percent) of condos that went on the market in 214 were sold by the second quarter of 215. There were more single-family and condo property sales in 214 than in 29, when prices saw a sharp decline. property sales increased 15 percent from 29 to 214 and condo sales increased 29 percent. Multifamily property sales, however, decreased 42 percent from 29 to 214. Time spent on the sales market has declined for single-family, multi-family, and condos alike. After increases between 29 and 212, the number of days on the market shrank in 214 to levels lower than in 29. TRENDS IN SALE PRICES The 214 median single-family home price was 37 percent below the 25 peak. Since 212, however, the median single-family home price has seen annual gains, reaching $215, in 214, a 1 percent increase. At $145,75, the 214 median multi-family home price was up 18 percent from 212, and had a third consecutive year of price appreciation. Unlike single-family and multi-family median prices, median condo prices have not increased year over year since 212. At $192,, the 214 median condo sales price fell 4 percent from 213. $4, MEDIAN HOME PRICES BY TYPE All figures calculated in 214 dollars $35, $3, $25, $2, $15, $1, Single-Family Condos Multi-Family $5, $ Housing Fact Book HousingWorks RWU 11

14 MARKET CONDITIONS RI PROPERTY SALES BY TYPE 29 & 214 SINGLE-FAMILY MULTI-FAMILY % 24% 7% 3% % 62% 9% 6% % 1% 5% 1% % 18% 9% 4% Market Value Sales Real Estate Owned Transactions Short Sales Other Real Estate Owned Transactions (REOs) happen when a bank fails to sell a property at a foreclosure auction, and subsequently purchases the home instead of immediately selling the property. From 29, in the midst of the foreclosure crisis, to 214 there was a marked decline in the number of REOs, particularly with multi-family properties. RI PROPERTY SALES BY PRICE 214 SINGLE-FAMILY MULTI-FAMILY 6% 49% 34% 9% 2% 11% 68% 16% 3% 1% Under $1, $1,-$249, $25,-$499, $5,-$999,999 $1,, and over Fifty-five percent of single-family homes that had a market value sale were purchased for less than $25,. Most multi-family properties that had a market value sale sold for between $1, and $249,999. Seventy-nine percent of all conventionally-sold multi-family properties sold for under $25,. TRENDS IN RENT PRICES AVERAGE RI RENTS BY NUMBER OF BEDROOMS Today, a 2-bedroom apartment and utilities cost an average of, showing little change over the past several years. However, average rents for 3-bedroom apartments increased 4 percent from 213 to 214. If national forecasts hold true locally, rents in may increase in 215 due to high rental demand Housing Fact Book HousingWorks RWU $2, $1,8 $1,6 $1,4 $1,2 $1, $8 $6 $4 $2 $ All figures calculated in 214 dollars Bedroom 2-Bedroom 3-Bedroom

15 MARKET CONDITIONS HOME PURCHASE MORTGAGE APPLICATIONS 26 There were 1,748 home purchase applications submitted in 213. The state s loan origination rate was 73.5 percent, the second highest in New England behind Massachusetts. The state s mortgage application denial rate was third lowest at 12 percent. Origination Rate is the percentage of mortgage applications that have been approved. Eighty-two percent of statewide mortgage applications were submitted by Non-Latino whites. Although they submitted fewer applications, applicants of color experienced higher denial rates. The denial rate for Latinos in particular was 2 percent twice that of Non-Latino whites. MORTGAGE APPLICATIONS by Race/Ethnicity in 213 ORIGINATIONS by Race/Ethnicity in 213 DENIAL RATE by Race/Ethnicity in 213 9, 8, 7, 6, 5, 4, 3, 2, 1, 8, , 8, 7, 6, 5, 4, 3, 2, 1, 6, % 2% 15% 1% 5% % 1% 2% 19% 14% Non-Latino White Latino Non-Latino Black Non-Latino Asian DISTRESSED MORTGAGES 21.97% % RI QUARTERLY FORECLOSURES, MORTGAGE DELINQUENCIES, AND NEGATIVE EQUITY 1, Q1 Q2 1 Q3 1 Q4 1 Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14 Q4 14 Q1 15 Actual Foreclosure Count 3% 25% 2% 15% 1% 5% % Negative Equity Share Seriously Delinquent 15.7% % Nearly 16 percent of mortgages have negative equity, placing the Ocean State among the top five states in the US with the highest share of residential properties with negative equity. 27 Although the percentage of RI loans in serious delinquency has declined every quarter since Q3 212, has the second highest percentage of seriously delinquent mortgages in New England and ranks 5th in the nation. 28 Residential foreclosure deeds have been on a general decline since 29 and have begun to level off with roughly the same count for the past several quarters Housing Fact Book HousingWorks RWU 13

16 WHERE CAN YOU AFFORD TO BUY? In 214, a household earning the state s median household income of $55,92 would only be able to afford a median priced single-family home in six of Rhode Island s cities and towns. 3 What income do you need to affordably purchase a median priced single-family home in your community? How do your neighboring communities compare? HOUSEHOLDS EARNING: $3, In 214, households earning $3, or less could not affordably buy a median priced single family home in any city or town. HOUSEHOLDS EARNING: HOUSEHOLDS EARNING: HOUSEHOLDS EARNING: HOUSEHOLDS EARNING: Median household income $55,92 $5, $7, $1, > $1, Median owner household income $78,211 Town Annual income needed to affordably purchase a median priced home in this town CENTRAL FALLS $39,3 PROVIDENCE (without East Side) $4,399 PAWTUCKET $49,997 WOONSOCKET $51,64 WEST WARWICK $54,592 WARWICK $55,661 EAST PROVIDENCE $56,687 JOHNSTON $57,12 COVENTRY $57,89 NORTH PROVIDENCE $6,294 CRANSTON $61,19 HOPKINTON $64,711 BURRILLVILLE $65,41 GLOCESTER $67,163 NORTH SMITHFIELD $71,46 TIVERTON $72,741 WARREN $73,489 SMITHFIELD $74,718 FOSTER $76,35 RICHMOND $76,442 SCITUATE $78,92 WESTERLY $8,252 CUMBERLAND $8,359 EXETER $81,653 LINCOLN $85,68 WEST GREENWICH $85,86 CHARLESTOWN $88,462 SOUTH KINGSTOWN $9,856 BRISTOL $93,33 NORTH KINGSTOWN $93,21 PORTSMOUTH $95,826 MIDDLETOWN $12,137 NARRAGANSETT $13,991 JAMESTOWN $117,354 NEWPORT $118,948 BARRINGTON $122,11 EAST GREENWICH $131,38 LITTLE COMPTON $139,578 PROVIDENCE (East Side) $141,482 NEW SHOREHAM $32,639 $3, $5, $7, $1, > $1, Housing Fact Book HousingWorks RWU

17 WHERE CAN YOU AFFORD TO RENT? In 214, a household earning the state s median renter household income of $3,437 could not affordably rent the average priced 2-bedroom apartment in any city or town. 31 What income do you need to affordably rent an average priced 2-bedroom apartment in your community? How do your neighboring communities compare? HOUSEHOLDS EARNING: HOUSEHOLDS EARNING: HOUSEHOLDS EARNING: HOUSEHOLDS EARNING: HOUSEHOLDS EARNING: Median household income $55,92 $3, In 214, households earning $3, or less could not affordably rent an average priced 2-bedroom apartment in any city or town. $5, $7, $1, > $1, Median renter household income $3,437 Town CENTRAL FALLS $35,72 WOONSOCKET $39,32 PAWTUCKET $4,84 BURRILLVILLE $41,88 PROVIDENCE (without East Side) $42,68 WEST WARWICK $43, WARREN $46,2 COVENTRY $46,24 WESTERLY $46,68 SMITHFIELD $46,76 NORTH SMITHFIELD $46,92 LINCOLN $47,4 CRANSTON $47,48 NORTH PROVIDENCE $48,28 CUMBERLAND $48,92 BRISTOL $49,28 EAST PROVIDENCE $49,28 TIVERTON $49,52 SCITUATE $49,6 JOHNSTON $51, NARRAGANSETT $51,12 PORTSMOUTH $51,24 BARRINGTON $51,68 SOUTH KINGSTOWN $52,4 CHARLESTOWN $52,28 WARWICK $52,32 NORTH KINGSTOWN $53,32 PROVIDENCE (East Side) $53,32 EAST GREENWICH $54,32 MIDDLETOWN $55,92 NEWPORT $56,96 EXETER FOSTER GLOCESTER HOPKINTON JAMESTOWN LITTLE COMPTON NEW SHOREHAM RICHMOND WEST GREENWICH N/A: Insufficient data Annual income needed to affordably rent a 2-bedroom apartment in this town N/A N/A N/A N/A N/A N/A N/A N/A N/A $3, $5, $7, $1, > $1, 215 Housing Fact Book HousingWorks RWU 15

18 OWNER SPENDING & INCOME Below, homeowner households have been ordered by income and then divided into five equally sized groups. The analysis is further refined by looking only at homeowner households with mortgages. By doing this, the differences in housing affordability for different income groups in can be seen. This data shows the percent change since 2 in housing spending for homeowner households compared to the percent change in household incomes for each of the five income groups. 5% 4% PERCENT CHANGE SINCE 2 IN RI HOMEOWNER HOUSEHOLD SPENDING & INCOME 32 According to income group Spending on housing peaked in 28 for all but the middle income group. Highest Income: Housing Costs Highest Income: Incomes Upper Middle Income: Housing Costs Upper Middle Income: Incomes 3% Middle Income: Housing Costs Middle Income: Incomes 2% Lower Middle Income: Housing Costs Lower Middle Income: Incomes Lowest Income: Housing Costs Lowest Income: Incomes 1% % The changes in spending and income over time have been isolated for three of our five income groups below. -1% RI Lowest Income Owners RI Middle Income Owners RI Highest Income Owners h11% i7% Spending on housing for lowest income owner households grew by 11 percent between 2 and 213. Incomes for lowest income owner households fell by 7 percent between 2 and 213. h2% i2% Spending on housing for middle income owner households grew by 2 percent between 2 and 213. Incomes for middle income owner households fell by 2 percent between 2 and 213. h26% h12% Spending on housing for highest income owner households grew by 26 percent between 2 and 213. Incomes for highest income owner households grew by 12 percent between 2 and Housing Fact Book HousingWorks RWU

19 RENTER SPENDING & INCOME Below, renter households have been ordered by income and then divided into five equally sized groups. By doing this, the differences in housing affordability for different income groups in can be seen. This data shows the percent change since 2 in housing spending for renter households compared to the change in household incomes for each of the five income groups. 6% 5% PERCENT CHANGE SINCE 2 IN RI RENTER HOUSEHOLD SPENDING & INCOME 33 Since 2, middle income renter households experienced a 7 percent decline in income, the greatest decline of any income group. According to income group The highest income renter households saw a 4 percent increase in household spending. Highest Income: Housing Costs Highest Income: Incomes 4% Upper Middle Income: Housing Costs Upper Middle Income: Incomes 3% Middle Income: Housing Costs Middle Income: Incomes Lower Middle Income: Housing Costs Lower Middle Income: Incomes Lowest Income: Housing Costs Lowest Income: Incomes 2% 1% % The changes in spending and income over time have been isolated for three of our five income groups below. -1% -2% RI Lowest Income Renters RI Middle Income Renters RI Highest Income Renters h9% h5% Spending on housing for lowest income renter households grew by 9 percent between 2 and 213. Incomes for lowest income renter households grew by 5 percent between 2 and 213. h19% i7% Spending on housing for middle income renter households grew by 19 percent between 2 and 213. Incomes for middle income renter households fell by 7 percent between 2 and 213. h4% h4% Spending on housing for highest income owner households grew by 4 percent between 2 and 213. Incomes for highest income renter households grew by 4 percent between 2 and Housing Fact Book HousingWorks RWU 17

20 HOUSING COST BURDENS WHAT DO COST BURDENS MEAN? A household is considered cost burdened if it spends more than 3 percent of its annual income on housing costs. For example, for a household earning $5,, housing and utility costs combined should not exceed $15, annually or about $1,25 monthly. The 3 percent rule was established by the Federal government and adopted by housing and mortgage agencies. 34 The rationale is that households spending up to 3 percent of their income on housing will still be able to afford other nondiscretionary items such as food, health care, transportation, and childcare expenses. CHANGE IN COST BURDENED RI HOUSEHOLDS Cost Burdened Homeowner Households with a 27% in 2 36% in % INCREASE The 3 Percent Rule for Housing Affordability $ ANNUAL HOUSEHOLD INCOME 3% of Annual Household Income Cost Burdened Homeowner Households without a 15% in 2 21% in 213 4% INCREASE Households spending more than 5 percent of their income on housing are considered severely housing cost burdened. High housing cost burdens make it difficult for lower-income workers to save money or invest in education as a way to move out of poverty. Cost Burdened Renter Households From 2 to 213, the percent of both homeowner and renter households that are considered cost burdened have increased in. As of 213, half of all renter households, about 1 in 3 homeowner households with a mortgage, and 1 in 5 homeowner households without a mortgage are cost burdened. 37% in 2 51% by % INCREASE Housing Fact Book HousingWorks RWU

21 HOUSING COST BURDENS COST BURDENS AND SEVERE COST BURDENS BY INCOME 36 Three categories of households homeowners with a mortgage, homeowners without a mortgage, and renters are seen below. Each category has been divided into five equally sized income groups to illustrate the percent of households that are cost burdened or severely cost burdened. Cost Burdened Homeowner Households with a Ninety percent of the lowest income owner households with a mortgage 1% 9% 8% 7% 6% 9% 62% 57% spend 3 percent or more of their 5% income on housing costs. On average, these households spend nearly $11, more annually than what is generally considered affordable. 18 4% 3% 2% 1% % $ - $47,255 LOWEST 11% $47,256 - $75,567 LOWER MIDDLE 21% 3% $75,568 - $12,871 MIDDLE 8% $12,872 - $15,125 UPPER MIDDLE 1% 4% % > $15,125 HIGHEST Cost Burdened Homeowner 1% Households without a Even after paying off a mortgage, some homeowner households are still burdened by housing costs such 9% 8% 7% 6% 5% 84% 49% as utilities, insurance, and property 4% taxes. On average the lowest income mortgage-free households spend $4,19 more annually than what is generally considered affordable. 3% 2% 1% % $ - $24,211 LOWEST 19% $24,212 - $45,44 LOWER MIDDLE 4% 2% % % % % % $45,441 - $7,528 MIDDLE $7,529 - $15,893 UPPER MIDDLE > $15,893 HIGHEST Cost Burdened Renter Households 1% Sixty-five percent of the lowest income renter households spend 5 percent or more of their income on housing costs. On average, 9% 8% 7% 6% 5% 77% 77% 65% 49% 68% these households spend nearly 4% $7, more annually than what is generally considered affordable. 3% 2% 1% % $ - $13,199 LOWEST $13,2 - $23,174 LOWER MIDDLE 15% $23,175 - $38,287 MIDDLE 24% $38,288 - $63,476 UPPER MIDDLE 1% 3% 1% > $63,476 HIGHEST Cost Burdened Severely Cost Burdened 215 Housing Fact Book HousingWorks RWU 19

22 HOUSING COST BURDENS COST BURDENED HOUSEHOLDS THROUGHOUT RHODE ISLAND The state s low vacancy rate, low rates of new housing authorized by building permits and high costs of construction have resulted in housing costs that are high relative to incomes in. We see cost burdens among renter and homeowner households alike and across income groups; ers in every community are struggling. Urban areas show the highest percent of residents who are burdened by their housing costs, but more than 5 percent of households in some rural areas are cost burdened as well. These housing cost burdens decrease the purchasing power of many Rhode Islanders and hold back the state s economy. Policymakers need to advance housing affordability as a public policy priority and invest in housing as an economic driver for. PERCENT OF HOUSEHOLDS CONSIDERED HOUSING COST BURDENED 37 < 29% 3-39% 4-49% > 5% Housing Fact Book HousingWorks RWU

23 LOCAL HOUSING FACTS HousingWorks RWU 215 Housing Fact Book

24 RHODE ISLAND POPULATION 1,51,695 HOUSEHOLDS 41,58 61% OWN 39% RENT spends 3% or less of its income on housing costs. $215, $67,552 1 YEAR $7,525 $27, $22,575 3% DECREASE $331,757 35% DECREASE $2,5 $2, $1,5 $1, $5 $ COST BURDENED OWNERS: 35% Below are affordable housing s of certain $1,186 3% Average Private Sector Wage in $766 3% Median Renter Household Income $45 3% Minimum Wage in A household is considered burdened if if it it spends more than 3% of of its its income on on housing costs costs $46,88 1 YEAR $1,291 9% DECREASE $1,45 17% DECREASE $2,5 $2, $1,5 $1, $5 $ $1,186 COST BURDENED RENTERS: 51% Below are affordable housing s of certain 3% Average Private Sector Wage in $766 3% Median Renter Household Income $45 3% Minimum Wage in A household is considered burdened if if it it spends more than 3% of of its its income on on housing costs costs : 462,516 44% 56% 8.3% 2,5 2, 1,5 1, LOCAL HOUSING FACTS HousingWorks RWU 215 Housing Fact Book

25 BARRINGTON POPULATION 16,298 HOUSEHOLDS 12% 6,25 88% OWN RENT $398, $122,11 1 YEAR $13,93 $384,7 $3, $337,97 18% INCREASE $488,8 19% DECREASE $2,5 $2, $1,5 $1, $5 $ $3,53 Barrington spends 3% or less of its income on housing costs. Below are affordable housing s of certain $887 3% Average Private Sector Wage in Barrington $878 3% Median Renter Household Income $45 3% Minimum Wage in COST BURDENED OWNERS: 34% : 35% A household is considered burdened if it spends more than 3% of its income on housing costs $1,292 $51,68 1 YEAR $1,442 1% DECREASE N/A N/A N/A: Insufficient data $2,5 $2, $1,5 $1, $5 $ $1,292 Barrington Below are affordable housing s of certain $887 3% Average Private Sector Wage in Barrington $878 3% Median Renter Household Income $45 3% Minimum Wage in COST BURDENED RENTERS: 64% : 51% A household is considered burdened if it spends more than 3% of its income on housing costs Barrington: 6,382 9% 91% 2.6% : 462,516 44% 56% 8.3% 2 1 Barrington ,5 2, 1,5 1, HousingWorks RWU 215 Housing Fact Book LOCAL HOUSING FACTS 23

26 BRISTOL POPULATION 22,531 HOUSEHOLDS 8,724 69% OWN 31% RENT $32, $93,33 1 YEAR $11,2 $38,8 $2, $275,857 16% INCREASE $422,6 24% DECREASE $ $2,5 $2, $1,5 $1, $5 $2,326 Bristol spends 3% or less of its income on housing costs. Below are affordable housing s of certain $957 3% Average Private Sector Wage in Bristol $878 3% Median Renter Household Income $45 3% Minimum Wage in COST BURDENED OWNERS: 36% : 35% A household is considered burdened if it spends more than 3% of its income on housing costs $1,232 $49,28 1 YEAR $1,394 12% DECREASE N/A N/A N/A: Insufficient data $2,5 $2, $1,5 $1, $5 $ $1,232 Bristol Below are affordable housing s of certain $957 3% Average Private Sector Wage in Bristol $878 3% Median Renter Household Income $45 3% Minimum Wage in COST BURDENED RENTERS: 54% : 51% A household is considered burdened if it spends more than 3% of its income on housing costs Bristol: 9,525 38% 62% 5.9% : 462,516 44% 56% 8.3% 2 1 Bristol ,5 2, 1,5 1, LOCAL HOUSING FACTS HousingWorks RWU 215 Housing Fact Book

27 BURRILLVILLE POPULATION 16,15 HOUSEHOLDS 6,83 73% OWN 27% RENT $28,75 $65,41 1 YEAR $7,36 $21,444 $1, $233,99 1% DECREASE $39,573 33% DECREASE $2,5 $2, $1,5 $1, $5 $ $1,635 Burrillville spends 3% or less of its income on housing costs. Below are affordable housing s of certain $98 3% Average Private Sector Wage in Burrillville $686 3% Median Renter Household Income $45 3% Minimum Wage in COST BURDENED OWNERS: 35% : 35% A household is considered burdened if it spends more than 3% of its income on housing costs $1,47 $41,88 1 YEAR $1,355 23% DECREASE N/A N/A N/A: Insufficient data $2,5 $2, $1,5 $1, $5 $ $1,47 Burrillville Below are affordable housing s of certain $98 3% Average Private Sector Wage in Burrillville $686 3% Median Renter Household Income $45 3% Minimum Wage in COST BURDENED RENTERS: 5% : 51% A household is considered burdened if it spends more than 3% of its income on housing costs Burrillville: 6,572 33% 67% 8.6% : 462,516 44% 56% 8.3% 2 1 Burrillville ,5 2, 1,5 1, HousingWorks RWU 215 Housing Fact Book LOCAL HOUSING FACTS 25

28 CENTRAL FALLS POPULATION 19,387 HOUSEHOLDS 6,544 27% OWN 73% RENT $11, $39,3 1 YEAR $3,85 $16,15 $ $99,38 11% INCREASE $244,4 55% DECREASE $ $2,5 $2, $1,5 $1, $5 $983 Central Falls spends 3% or less of its income on housing costs. Below are affordable housing s of certain $823 3% Average Private Sector Wage in Central Falls $686 3% Median Renter Household Income $45 3% Minimum Wage in COST BURDENED OWNERS: 63% : 35% A household is considered burdened if it spends more than 3% of its income on housing costs $893 $35,72 1 YEAR $995 1% DECREASE $1,14 19% DECREASE $2,5 $2, $1,5 $1, $5 $ $893 Central Falls Below are affordable housing s of certain $823 3% Average Private Sector Wage in Central Falls $686 3% Median Renter Household Income $45 3% Minimum Wage in COST BURDENED RENTERS: 57% : 51% A household is considered burdened if it spends more than 3% of its income on housing costs Central Falls: 7,783 9% 1% 11.8% : 462,516 44% 56% 8.3% 2 1 Central Falls 18 2,5 2, 1,5 1, LOCAL HOUSING FACTS HousingWorks RWU 215 Housing Fact Book

29 CHARLESTOWN POPULATION 7,821 HOUSEHOLDS 3,159 82% OWN 18% RENT $315, $88,462 1 YEAR $11,25 $33,975 $2, $317,787 1% DECREASE $431,773 27% DECREASE $2,5 $2, $1,5 $1, $5 $ $2,212 Charlestown spends 3% or less of its income on housing costs. Below are affordable housing s of certain $995 3% Average Private Sector Wage in Charlestown $917 3% Median Renter Household Income $45 3% Minimum Wage in COST BURDENED OWNERS: 32% : 35% A household is considered burdened if it spends more than 3% of its income on housing costs $1,37 $52,28 1 YEAR N/A N/A N/A N/A N/A: Insufficient data $2,5 $2, $1,5 $1, $5 $ $1,37 Charlestown Below are affordable housing s of certain $995 3% Average Private Sector Wage in Charlestown $917 3% Median Renter Household Income $45 3% Minimum Wage in COST BURDENED RENTERS: 5% : 51% A household is considered burdened if it spends more than 3% of its income on housing costs Charlestown: 5,64 1% 9% 2.1% : 462,516 44% 56% 8.3% 2 1 Charlestown ,5 2, 1,5 1, HousingWorks RWU 215 Housing Fact Book LOCAL HOUSING FACTS 27

30 COVENTRY POPULATION 34,989 HOUSEHOLDS 13,723 8% OWN 2% RENT $18, $57,89 1 YEAR $6,3 $173,7 $1, $26,341 13% DECREASE $317,93 43% DECREASE $ $2,5 $2, $1,5 $1, $5 $1,447 Coventry spends 3% or less of its income on housing costs. Below are affordable housing s of certain 3% Median Renter Household Income $848 $841 3% Average Private Sector Wage in Coventry $45 3% Minimum Wage in COST BURDENED OWNERS: 36% : 35% A household is considered burdened if it spends more than 3% of its income on housing costs $1,156 $46,24 1 YEAR $1,14 1% INCREASE $1,42 19% DECREASE $2,5 $2, $1,5 $1, $5 $ $1,156 Coventry Below are affordable housing s of certain 3% Median Renter Household Income $848 $841 3% Average Private Sector Wage in Coventry $45 3% Minimum Wage in COST BURDENED RENTERS: 47% : 51% A household is considered burdened if it spends more than 3% of its income on housing costs Coventry: 14,53 17% 83% 5.4% : 462,516 44% 56% 8.3% 2 1 Coventry ,5 2, 1,5 1, LOCAL HOUSING FACTS HousingWorks RWU 215 Housing Fact Book

31 CRANSTON POPULATION 8,47 HOUSEHOLDS 3,33 66% OWN 34% RENT $185, $61,19 1 YEAR $6,475 $178,525 $1, $197,182 6% DECREASE $3,8 38% DECREASE $2,5 $2, $1,5 $1, $5 $ $1,53 Cranston spends 3% or less of its income on housing costs. Below are affordable housing s of certain $1,28 3% Average Private Sector Wage in Cranston $686 3% Median Renter Household Income $45 3% Minimum Wage in COST BURDENED OWNERS: 37% : 35% A household is considered burdened if it spends more than 3% of its income on housing costs $1,187 $47,48 1 YEAR $1,22 1% DECREASE $1,47 16% DECREASE $2,5 $2, $1,5 $1, $5 $ $1,187 Cranston Below are affordable housing s of certain $1,28 3% Average Private Sector Wage in Cranston $686 3% Median Renter Household Income $45 3% Minimum Wage in COST BURDENED RENTERS: 52% : 51% A household is considered burdened if it spends more than 3% of its income on housing costs Cranston: 32,189 38% 62% 5.4% : 462,516 44% 56% 8.3% 2 1 Cranston ,5 2, 1,5 1, HousingWorks RWU 215 Housing Fact Book LOCAL HOUSING FACTS 29

32 CUMBERLAND POPULATION 33,75 HOUSEHOLDS 13,345 75% OWN 25% RENT $264,5 $8,359 1 YEAR $9,258 $255,243 $2, $267,857 1% DECREASE $372,24 29% DECREASE $ $2,5 $2, $1,5 $1, $5 $2,9 Cumberland spends 3% or less of its income on housing costs. Below are affordable housing s of certain $1,219 3% Average Private Sector Wage in Cumberland $686 3% Median Renter Household Income $45 3% Minimum Wage in COST BURDENED OWNERS: 33% : 35% A household is considered burdened if it spends more than 3% of its income on housing costs $1,223 $48,92 1 YEAR $1,291 5% DECREASE $1,453 16% DECREASE $2,5 $2, $1,5 $1, $5 $ $1,223 Cumberland Below are affordable housing s of certain $1,219 3% Average Private Sector Wage in Cumberland $686 3% Median Renter Household Income $45 3% Minimum Wage in COST BURDENED RENTERS: 45% : 51% A household is considered burdened if it spends more than 3% of its income on housing costs Cumberland: 13,936 34% 66% 5.8% : 462,516 44% 56% 8.3% Cumberland ,5 2, 1,5 1, LOCAL HOUSING FACTS HousingWorks RWU 215 Housing Fact Book

33 EAST GREENWICH POPULATION 13,124 HOUSEHOLDS 5,39 78% OWN 22% RENT $46, $131,38 1 YEAR $14,21 $391,79 $3, $468,956 13% DECREASE $689,333 41% DECREASE $2,5 $2, $1,5 $1, $5 $ $3,283 East Greenwich spends 3% or less of its income on housing costs. Below are affordable housing s of certain $1,67 3% Average Private Sector Wage in East Greenwich $848 3% Median Renter Household Income $45 3% Minimum Wage in COST BURDENED OWNERS: 31% : 35% A household is considered burdened if it spends more than 3% of its income on housing costs $1,358 $54,32 1 YEAR $1,333 2% INCREASE $1,732 22% DECREASE $2,5 $2, $1,5 $1, $5 $ $1,358 East Greenwich Below are affordable housing s of certain $1,67 3% Average Private Sector Wage in East Greenwich $848 3% Median Renter Household Income $45 3% Minimum Wage in COST BURDENED RENTERS: 41% : 51% A household is considered burdened if it spends more than 3% of its income on housing costs East Greenwich: 5,377 26% 74% 4.3% : 462,516 44% 56% 8.3% 2 1 East Greenwich ,5 2, 1,5 1, HousingWorks RWU 215 Housing Fact Book LOCAL HOUSING FACTS 31

34 EAST PROVIDENCE POPULATION 47,99 HOUSEHOLDS 2,235 57% OWN 43% RENT $171, $56,687 1 YEAR $5,985 $165,15 $1, $29,651 18% DECREASE $296,413 42% DECREASE $ $2,5 $2, $1,5 $1, $5 $1,417 East Providence spends 3% or less of its income on housing costs. Below are affordable housing s of certain $1,87 3% Average Private Sector Wage in East Providence $686 3% Median Renter Household Income $45 3% Minimum Wage in COST BURDENED OWNERS: 37% : 35% A household is considered burdened if it spends more than 3% of its income on housing costs $1,232 $49,28 1 YEAR $1,197 3% INCREASE $1,291 5% DECREASE $2,5 $2, $1,5 $1, $5 $ $1,232 East Providence Below are affordable housing s of certain $1,87 3% Average Private Sector Wage in East Providence $686 3% Median Renter Household Income $45 3% Minimum Wage in COST BURDENED RENTERS: 45% : 51% A household is considered burdened if it spends more than 3% of its income on housing costs East Providence: 21,713 46% 54% 9.8% : 462,516 44% 56% 8.3% 2 1 East Providence ,5 2, 1,5 1, LOCAL HOUSING FACTS HousingWorks RWU 215 Housing Fact Book

35 POPULATION 6,683 HOUSEHOLDS 2,396 84% OWN EXETER 16% RENT $275, $81,653 1 YEAR $9,625 $265,375 $2, $314,477 13% DECREASE $393,547 3% DECREASE $2,5 $2, $1,5 $1, $5 $ $2,41 Exeter spends 3% or less of its income on housing costs. Below are affordable housing s of certain $1,44 3% Average Private Sector Wage in Exeter $917 3% Median Renter Household Income $45 3% Minimum Wage in COST BURDENED OWNERS: 3% : 35% A household is considered burdened if it spends more than 3% of its income on housing costs N/A N/A 1 YEAR N/A N/A N/A N/A N/A: Insufficient data $2,5 $2, $1,5 $1, $5 $ N/A Exeter Below are affordable housing s of certain $1,44 3% Average Private Sector Wage in Exeter $917 3% Median Renter Household Income $45 3% Minimum Wage in COST BURDENED RENTERS: 64% : 51% A household is considered burdened if it spends more than 3% of its income on housing costs Exeter: 2,549 4% 96% 2.3% : 462,516 44% 56% 8.3% 2 1 Exeter ,5 2, 1,5 1, HousingWorks RWU 215 Housing Fact Book LOCAL HOUSING FACTS 33

36 FOSTER POPULATION 4,628 HOUSEHOLDS 1,567 92% OWN 8% RENT $237,5 $76,35 1 YEAR $8,313 $229,188 $1, $281,374 16% DECREASE $41,44 42% DECREASE $ $2,5 $2, $1,5 $1, $5 $1,99 Foster spends 3% or less of its income on housing costs. Below are affordable housing s of certain $744 3% Average Private Sector Wage in Foster $686 3% Median Renter Household Income $45 3% Minimum Wage in COST BURDENED OWNERS: 26% : 35% A household is considered burdened if it spends more than 3% of its income on housing costs $2,5 $2, Below are affordable housing s of certain N/A N/A $1,5 1 YEAR N/A N/A N/A N/A N/A: Insufficient data $1, $5 $ N/A Foster $744 3% Average Private Sector Wage in Foster $686 3% Median Renter Household Income $45 3% Minimum Wage in COST BURDENED RENTERS: 6% : 51% A household is considered burdened if it spends more than 3% of its income on housing costs Foster: 1,644 3% 97% 2.% : 462,516 44% 56% 8.3% 2 1 Foster ,5 2, 1,5 1, LOCAL HOUSING FACTS HousingWorks RWU 215 Housing Fact Book

37 POPULATION 9,81 HOUSEHOLDS 3,566 GLOCESTER 92% OWN 8% RENT $25, $67,163 1 YEAR $7,175 $197,825 $1, $226,22 9% DECREASE $349,68 41% DECREASE $2,5 $2, $1,5 $1, $5 $ $1,679 Glocester spends 3% or less of its income on housing costs. Below are affordable housing s of certain $771 3% Average Private Sector Wage in Glocester $686 3% Median Renter Household Income $45 3% Minimum Wage in COST BURDENED OWNERS: 32% : 35% A household is considered burdened if it spends more than 3% of its income on housing costs N/A N/A 1 YEAR N/A N/A N/A N/A N/A: Insufficient data $2,5 $2, $1,5 $1, $5 $ N/A Glocester Below are affordable housing s of certain $771 3% Average Private Sector Wage in Glocester $686 3% Median Renter Household Income $45 3% Minimum Wage in COST BURDENED RENTERS: 49% : 51% A household is considered burdened if it spends more than 3% of its income on housing costs Glocester: 3,981 6% 94% 2.2% : 462,516 44% 56% 8.3% 2 1 Glocester ,5 2, 1,5 1, HousingWorks RWU 215 Housing Fact Book LOCAL HOUSING FACTS 35

38 HOPKINTON POPULATION 8,148 HOUSEHOLDS 3,39 8% OWN 2% RENT $22, $64,711 1 YEAR $7,7 $194,93 $1, $275,857 27% DECREASE $322,671 37% DECREASE $ $2,5 $2, $1,5 $1, $5 $1,618 Hopkinton spends 3% or less of its income on housing costs. Below are affordable housing s of certain $1,6 3% Average Private Sector Wage in Hopkinton $917 3% Median Renter Household Income $45 3% Minimum Wage in COST BURDENED OWNERS: 36% : 35% A household is considered burdened if it spends more than 3% of its income on housing costs N/A N/A 1 YEAR N/A N/A N/A N/A N/A: Insufficient data $2,5 $2, $1,5 $1, $5 $ N/A Hopkinton Below are affordable housing s of certain $1,6 3% Average Private Sector Wage in Hopkinton $917 3% Median Renter Household Income $45 3% Minimum Wage in COST BURDENED RENTERS: 57% : 51% A household is considered burdened if it spends more than 3% of its income on housing costs Hopkinton: 3,77 19% 81% 7.1% : 462,516 44% 56% 8.3% 2 1 Hopkinton ,5 2, 1,5 1, LOCAL HOUSING FACTS HousingWorks RWU 215 Housing Fact Book