Officials: RI suffers from lack of housing, high costs
By The Associated Press
PROVIDENCE, R.I. (AP) _ Rhode Island suffers from a lack of housing and high housing costs.
That’s according to the latest Housing Fact Book released Friday by HousingWorks RI at Roger Williams University.
The annual publication provides information on housing affordability in the Ocean State.
It says Rhode Island has a low vacancy rate, meaning there aren’t enough rental homes or apartments on the market.
That, combined with a lack of new housing, means fewer options for buyers and renters.
HousingWorks RI Director Nicole Legace says Rhode Islanders also pay too much for housing.
She says households in the state are increasingly “cost burdened.”
A household is cost burdened when it spends more than 30 percent of its gross annual income on housing.
Legace says policymakers need to prioritize affordable housing.
© The Associated Press / WLNE-TV 2015