What Makes a Home "Affordable?"

According to the federal government, you are considered your rent or mortgage "affordable" if it consumes no more than 30% of your monthly income. With the remaining 70% of the total income, all of life's necessities can be met: food, clothing, transportation, medical, and any other miscellaneous expenses one may have.

With that said, these statistics are becoming less and less relevant in North Kingstown, and the state of Rhode Island as a whole. Housing rates have continued to grow over the past few decades, making it a struggle for many families in the area to get by. Unemployment rates in the state are some of the highest in the country, which creates a huge problem between increased housing rates and less revenue per family to spend.

In comparison to the government's assessment of 30% average monthly income, estimates of Rhode Island state officials conclude that number is over 40% here, and growing. Facing this harsh reality, people are forced to decide which is more important to the family; they can either stay in the state and cut down in other aspects of life (food, clothing, activities, etc.) or move out of town and have a less stressful financial life. Unfortunately, most families do not even get the choice, they are forced to take the latter.

So what can we do about this? Do we say "well that's the way it is, can't do anything about it" or "lets find possible solutions?" The fight is definitely an uphill battle, but for lifelong residents of the great state, it is one worth the effort.