Rhode Island
Ranked #40 of 51 for housing affordability
Median Home Price
🏠$412K
4.85x income
Median Rent
🔑$1,365
35.0% rent-burdened
Median Income
💰$85K
Population: 1,095,610
Homeownership
🏡64.0%
1,400 experiencing homelessness
Housing Shortage
📉22,000
units needed
Building Permits (2024)
🔨1,757
Price-to-Income
📊4.85x
Severe Rent Burden
⚠️17.5%
paying >50% of income
Rent Burden Breakdown
vs. National Average
House Price Index (2000–2025)
FHFA All-Transactions HPI · Base = 100 (1980s)
HUD Fair Market Rents (FY2026)
Maximum rent HUD considers fair for Section 8 voucher holders
FMR ($1761) is above the state median rent ($1365) — vouchers cover typical rents.
Metros in Rhode Island
| Metro | Score | Home Price | Rent | Income | Rent Burden |
|---|---|---|---|---|---|
| Providence | 38 | $430K | $1,330 | $83K | 35.5% |
Market Trends
Homeownership Rate
64.0%
Rent-to-Income Ratio
19.0%
of gross income spent on rent
Total Households
443,980
Owner-Occupied
283,990
Renter-Occupied
159,990
Homelessness
Latest Count (2024)
2,442
1-Year Change
+34.9%
10-Year Trend (2015–2024)
+119.8%
1,111 → 2,442
Housing Policies
Construction Activity
Total Permits (2024)
1,757
0.1% of national total
Single-Family
825
47% of state permits
Multi-Family
932
53% of state permits
Mortgage Access
National HMDA data — mortgage denial rates by race/ethnicity
Denial Rates by Race
Top Denial Reasons
Housing Shortage
State Shortage
22,000
units needed
National Shortage
7,300,000
0.3% of national total
Affordable Units per 100 ELI Renters
35
nationally (NLIHC)
National Shortage by Unit Type
45%
Single-Family
18%
Small Multi (2-4)
22%
Medium Multi (5-49)
15%
Large Multi (50+)
Rent Burden Detail
Rhode Island burden rates with national demographic breakdown
Cost-Burdened Renters
35.0%
paying >30% of income
Severely Burdened
17.5%
paying >50% of income
Households >30% Burden
35,383
Households >35% Burden
10,095