Rhode Island Home Affordability
The data below quantifies Rhode Island home affordability by using state home price indices to calculate price-to-income and price-to-rent ratios. The maximum affordable loan amount for the median household income is also calculated.
Rhode Island Home Price-to-Income Index
The home price-to-income ratio for Rhode Island is calculated from the Federal Housing Finance Agency's purchase only index and state annual median household income data from the Census CPS.1
Home Price-to-Income: FHFA
Note: Index set to 100 in Q1 of 2000
Rhode Island Home Price-to-Income Index History
| Date | FHFA |
|---|---|
| June 2010 | 138.8 |
| March 2010 | 140.5 |
| December 2009 | 144.3 |
| September 2009 | 145.8 |
| June 2009 | 143.0 |
Rhode Island Home Price-to-Rent Index
The price-to-rent ratio for Rhode Island is determined from the FHFA purchase only price index and median contract rent as reported by the Census ACS.
Home Price-to-Rent: FHFA
Note: Index set to 100 in Q1 of 2000
Rhode Island Home Price-to-Rent Index History
| Date | FHFA |
|---|---|
| June 2010 | 116.0 |
| March 2010 | 117.4 |
| December 2009 | 120.7 |
| September 2009 | 121.9 |
| June 2009 | 119.6 |
Rhode Island Inferred Affordable Mortgage
The inferred affordable mortgage is determined by taking the median household income for Rhode Island and calculating the mortgage 30% of that income could afford. Traditionally, 30% of income is the maximum amount a homeowner could use towards a home loan. Inferred affordable loan values are calculated from CPS median household income and average monthly mortgage rates.
Inferred Affordable Mortgage
| Date | Inferred Mortgage |
|---|---|
| July 2010 | $260,854 |
| June 2010 | $255,453 |
| May 2010 | $251,080 |
| April 2010 | $245,146 |
| March 2010 | $248,794 |
| February 2010 | $248,228 |
| January 2010 | $247,100 |
| December 2009 | $249,933 |
| November 2009 | $251,368 |
| October 2009 | $249,363 |
| September 2009 | $246,260 |
| August 2009 | $242,669 |
| July 2009 | $241,851 |