Rhode Island Housing Development Can Tackle Cost of Living
If you’re renting in Rhode Island, you’re probably running on empty. The state of affordable housing in RI is dire. The U.S. Department of Housing and Urban Development defines “cost burdened” as families who pay more than 30% of their income for housing. By this definition, 51% of Rhode Island housing renters are affected. Our neighbors sacrifice other essentials like medical care and food just to have consistent shelter.
Rhode Island Housing & Fair Market Rent
To afford a two-bedroom Fair Market Rent (FMR) in the Providence metro tenants would need to make $39,892 annually. This rent compares to $45,060 in the Westerly-Hopkinton-New Shoreham metro and $49,320 in the Newport-Middletown-Portsmouth metro. However, 53.8% of renters earn an annual income that’s less than $35,000. The current minimum wage in Rhode Island is $9.60. That means that an average worker would need to work 80 hours a week to afford rent in the Providence Metro.
Our Children’s Futures
The lack of affordable Rhode Island housing takes away from the economy of the state. When families cannot afford homes, they spend less in other areas. A study by the Center for Housing Policy shows that access to affordable housing can improve a child’s success in school. As Rhode Islanders, we’re seeking to build more than houses. We understand that for affordable housing to make a difference, we must give small businesses the chance to grow. Rhode Island should stand behind our business owners who are immigrants, people of color, and women. Most of all, we’re seeking to build lasting communities that allow families to thrive.
When it comes to affordable housing, Heroica brings a unique sense of empathy to our building process. We need the support of firms that have a true passion for providing families with homes and serving our communities. Heroica Construction is a certified Minority Business Enterprise and Disadvantaged Business Enterprise that understands the importance of creating chances for low-income families. Through Heroica’s role as a self-performing contractor, we can help develop and build affordable housing in New England. Our eBook below reveals the critical state of affordable housing.
If you’re interested in learning more about affordable housing or partnering with Heroica, you can contact us, and a member of our team will be in touch!