Affordable Housing in the Ocean State: An Overview

Affordable housing is an increasingly pertinent topic in Rhode Island and the northeast region. According to the 2024 Housing Fact Book from HousingWorks RI @ Roger Williams University, “a household earning the state’s median household income of $81,370, or the median homeowner income of $107,452, would not be able to buy a home affordably in any of Rhode Island’s cities and towns” (Page 6). Similar to its neighboring state, Massachusetts, the constrained supply of new housing units and increased demand has led home prices to considerably increase over the last five years.

While this event provides some insight into single-family home pricing and record-high apartment rental rates, the focus is on a single issue: affordability. What does it mean for housing to be “affordable”? What are some common misconceptions about affordable housing? Why isn’t there more affordable housing? How do social, economic, and governmental powers influence the development of affordable housing? What are the challenges faced by investors and developers looking to increase the supply of affordable housing? Is there a solution to the problem of housing affordability? What role might appraisers play in the process?

The purpose of this event is to equip appraisers with the tools to competently perform appraisals on affordable housing units by providing them with (1) general knowledge about affordable housing in Rhode Island and (2) specific knowledge relating to the financing and development of affordable housing units within the state.

Although this event will primarily focus on Rhode Island, the knowledge gained can be extrapolated and applied to other states.