2007
City/Town Fact Sheets
North Kingstown Affordable Housing Facts Sources and methodologies for the numbers below can be found on pages 52-53.
Can Jennifer and Mike afford the median-priced single family home in North Kingstown? 100%
62%
Answer: No Income required: $126,336 Jennifer and Mike’s combined income: $78,874
Percentageof of Required Income Required Percentage Income
How much does it cost to live in North Kingstown? Median Selling Price of a Single Family Home 1999
2006
Percent of 1999 value
North Kingstown
$180,000
$397,450
221%
State of RI
$126,000
$282,500
224%
• Typical monthly housing payment* for a $397,450 house: $3,158 Household income required to afford that house: $126,336
•
•
*Calculated using a 30-year mortgage at 6.35% interest with a 3% down payment and including property taxes (the state’s median rate of $15.12 per $1,000 of the home’s valuation), hazard insurance ($60/month) and private mortgage insurance (0.006).
Average monthly rent for a two-bedroom apartment in 2006: $1,264 Household income required to afford that apartment: $50,560 Average annual wage for private-sector jobs in North Kingstown: $38,100
Housing units in North Kingstown:
•
Number of year-round housing units: 10,477
Housing units that qualify as affordable: 857 · Affordable housing units reserved for the elderly: 170 · Affordable housing units reserved for families and persons with special needs: 687
•
• Additional housing units necessary to meet the 10% threshold established by the State’s Low and Moderate Income Housing Act: 191
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To review North Kingstown’s approved affordable housing plan, visit www.planning.ri.gov/housing/plans.htm 2007 City/Town Fact Sheets are available for download as individual PDFs at www.HousingWorksRI.org
www.HousingWorksRI.org
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