Rhode Island Housing unveils report on current and future housing needs

Providence, RI Rhode Island Housing introduced a new report that details Rhode Island’s current and future housing needs. HousingWorks RI (HWRI), a research program at Roger Williams University that studies housing trends to inform public policy, compiled the report, Projecting Future Housing Needs. Rhode Island Housing executive director, Barbara Fields presented the report on April 6, during an event at Rhode Island Commerce Corp.

“Working to make certain that new and existing housing stays within financial reach of Rhode Island families is an essential component of the state’s economic comeback,” Fields said. “Today in Rhode Island, the demand for housing is high while the supply is much too low. This imbalance simply makes the cost of housing too expensive for what our residents earn. This report provides critical insight into what the future needs of Rhode Islanders will be and that information will allow us to develop a plan to address those needs.”

The study found that, under either growth scenario, Rhode Island’s population is projected to grow between 3 and 5% from 2015 to 2025. The study also found that new housing demand will outpace population growth, and anticipates a 12 to 13% increase in the number of households. The report predicts demand will be driven by a large population growth in sub-populations that tend to have lower incomes.