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Affordable Housing Remains Out Of Reach For Many Rhode Islanders

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Rhode Islanders continue to struggle with access to affordable housing. That’s according to the latest report from non-profit Housingworks RI. About...

Rhode Islanders continue to struggle with access to affordable housing. That’s according to the latest report from non-profit Housingworks RI. About half of all renters, and about a third of homeowners with mortgages spend more than a third of their incomes on housing.

The statistics are even more sobering for low-income renters. Housing Works executive director Nicole Lagace says sixty-five percent spend more than half their income on housing.

“And when you think about your household budget, and spending more than half of your budget on housing it really leaves little room left over for necessities,” said Lagace.

Lagace said about half of all renters in the state don’t have access to affordable housing.

One bright spot in the state’s housing market is a seventeen percent decline in the foreclosure rate over the last year. The state rate of foreclosure is now at one of its lowest points since the agency started tracking the numbers in 2009.

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Affordable housing development in Rhode Island
Affordable housing development in Rhode Island