A new report from HousingWorks RI finds that, for the first time, there is no city or town in Rhode Island where the typical renter can afford a place to live.
The data paints a stark picture of affordability — or the lack of it — across both the rental and home-buying markets.
HousingWorks RI is a research and policy organization based at Roger Williams University.
Here are five key findings from HousingWorks RI’s 2025 Fact Book:
1. Nowhere affordable to rent
For the first time, not a single Rhode Island community offers affordable rent for the typical renter.
Even in Westerly — home to Taylor Swift and the most affordable place to rent in the state — a two-bedroom apartment averages $1,508 a month. To afford that comfortably, a renter would need to earn about $60,000 a year.
But the median income for Rhode Island renters is only $48,434.
2. Buying a home? Also out of reach
Homeownership is no better. There is no city or town in Rhode Island where the typical household can afford a single-family home.
Pawtucket is the most affordable community for buyers, with a median home price of $385,000. Yet even there, a household would need to make about $128,000 a year to afford it — far above the state’s median household income of $86,372.
3. Home prices have soared
Since 2019, Rhode Island home prices have skyrocketed. The median price jumped from $288,792 in 2019 to $475,000 in 2024 — a 64% increase in just five years.
By comparison, wages rose only 29% during the same period.
4. Families feeling the strain
The affordability crunch is taking a toll. One in seven Rhode Island households spends more than half of their income on housing.
And one in three is considered “housing cost burdened"— meaning they spend more than 30% of their income on housing costs.
5. Small signs of progress
There are some encouraging trends. Rhode Island issued 2,818 building permits in 2024 — a 15% increase from the year before.
State officials have set a goal of 15,000 new homes permitted by 2030 to begin easing the crisis.
