A Look at Renters in Rhode Island

A LOOK at RENTERS in RHODE ISLAND 2014 PERCENTAGE OF RENTER HOUSEHOLDS BY AGE* jof all rerlar iouseholi, % in each age! 18-24 YEARS 32% 45-64 YEARS 25-44 YEARS 40% 18% 65+ YEARS MEDIAN RENTER HOUSEHOLD INCOMES BY AGE 18-24 YEARS $26,020 25-44 YEARS $40,000 TA 45-64 YEARS $31,580 65+ YEARS $17,200 $47,040 S57,353 Income needed to afford avg 2-bedroom at $1,176 Income needed to afford single-family home at $190,000 PERCENTAGE OF RENTER HOUSEHOLDS COST BURDENED 18-24 YEARS 25-44 YEARS 45-64 YEARS 65+ YEARS 59% 45% COST BURDENED 50% 45% COST BURDENED COST BURDENED COST BURDENED 37% 27% 24% 20% SEVERELY COST BURDENED SEVERELY COST BURDENED SEVERELY COST BURDENED SEVERELY COST BURDENED Spending more than 30 percent of income on housing Spending more than 50 percent of income on housing Incume melesl to Rent: HWHI calculalion kuasd on averag: 2 bedronm apaelmonl, 2012 Hhu de Island Housing Renlal Survey Income needed to Ow: HWRI calculation based on 30-year mortgaga of $180,00 minue downpayment at 350% intersstrate, property taxes;hazard insurance; FHA mortgape insursnee at 1,25%; 1.75% insursnce fee required by FHA (Median price single-Temily home in Rl in 2D12, fhode Island As sociation of Realtors and Statewide Multiple Listing Serice All illier dala: HVRI unalysss of U.S. Census Bursnu Amen tan Ceanily Survay Pulic: Lise Misratato Sanmpke, 1 year dala 2012, Hhode Isiand "Data does not add to 100% dus to rounding HousingWorksRI Cuanlity afferdable hames far al