EAST PROVIDENCE, R.I. (WPRI) — The cost to buy a home has increased by 50% in 10 Rhode Island cities and towns since 2018, according to a report by HousingWorks RI .
Data from HousingWorks RI’s annual fact book showed that out of all the state’s communities, there isn’t one where a house could be bought for less than $119,000.
HOUSING WORKS RI: 2024 Housing Fact Book
Median single-family home prices also went up statewide, according to the report.
“And we know that the startling statistic of being below six figures limits you from affording a home today,” Congressman Gabe Amo said during an event about the report’s findings. “That’s not where we want to be.”
House Speaker Joe Shekarchi said the cost of housing has doubled over the past five years.
“It’s because we have such a low inventory,” Shekarchi said. “Interest rates have gone up and pricing has gone up.”
TARGET 12: Low inventory, higher prices still plaguing RI housing market
The report said Woonsocket had the most affordable housing prices, with a minimum cost of $119,000 to buy a home, while New Shoreham had the highest at $493,000.