Report: Housing costs continue to outweigh income in RI

Shaun Towne Sat, October 24, 2026 at 12:19 AM UTC

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EAST PROVIDENCE, R.I. (WPRI) — A new report shows that despite efforts to increase housing production in Rhode Island, many people still can't afford to live there.

According to the 2026 Housing Fact Book, there isn't one city or town in Rhode Island where buying a home is within reach for someone making the median annual income, while the rental market data paints a similar picture.

The 82-page report says the median household income is just under $88,000 and the median owner household income is just above $115,000. However, a household needs to make nearly $129,000 to affordably buy a home in Woonsocket, and that's the lowest of any municipality in the state.

Meanwhile, the town with the lowest income needed to affordably rent the average two-bedroom apartment is Westerly at more than $61,000, but the median renter income is just over $50,000.

Housing Works RI: See the full 2026 Fact Book and other data

The report also shows about a third of Rhode Islanders who already own homes are cost-burdened, meaning 30% to 50% of their income is going toward housing costs.

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The price of a median single-family home in the state jumped 5.3% to $499,900, according to the report, and the average monthly rent on a two-bedroom apartment increased 1.8% to $2,358.

Study: How much you need to ‘live comfortably’ in Rhode Island, Massachusetts

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Source: “AOL Money”