Rhode Island’s Housing Crisis: A Deepening Affordability and Construction Challenge
Rhode Island is grappling with a severe housing crisis, ranking last in the nation for new home construction per capita. In 2021, the state issued only 1.27 building permits per 1,000 residents, a stark contrast to Utah’s 11.94 permits per 1,000 residents. (golocalprov.com)
This shortage has led to skyrocketing home prices. Between July 2022 and July 2023, Providence’s median single-family home price surged by 30%, from $321,000 to $417,500. (golocalprov.com) Consequently, homeownership has become unattainable for many. A recent study revealed that in every Rhode Island community, a household earning the median income of $107,452 cannot afford to buy a home. (golocalprov.com)
Despite substantial investments, the Providence metro area remains among the worst in the country for developing new multi-family units. In 2023, it ranked second to last among the top 50 metro areas in this category. (golocalprov.com)
The McKee administration acknowledges these challenges and is implementing reforms to address the housing shortage. However, experts emphasize the need for sustained investment and policy changes to reverse the decades-long trend of underproduction in housing. (golocalprov.com)
As Rhode Island continues to face these housing challenges, the urgency for comprehensive solutions grows, aiming to make homeownership accessible and affordable for all residents.
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