PROVIDENCE, R.I. (WPRI) — As housing affordability becomes one of Rhode Island’s most crucial demands, the Rhode Island Public Expenditure Council (RIPEC) released a 54-page report analyzing the effectiveness of the state’s recent investments in affordable housing and outlining strategies to address the crisis.
In recent years, Rhode Island has experienced a sharp increase in housing prices, with nearly one-third of households statewide classified as “cost-burdened,” spending more than 30% of their income on rent, mortgage, and utilities, according to RIPEC .
The report attributes the housing crisis to decades of low production and limited state investment, leading to a shortage of available housing and rising costs.
Key findings
In 2022, the General Assembly made an investment of $332.3 million in federal State Fiscal Recovery Funds (SFRF) for housing, primarily aimed at affordable housing development.
RIPEC found that the state heavily prioritized units for very low-income and low-income households, with more than 70% reserved for those earning at or below 60% of the area median income.