Westerly - State of Rhode Island: Division of Planning

The Westerly Comprehensive PlanWesterlyTable 2-6 Age of Housing – 2000NarragansettSouthKingstownStonington,CTWashingtonCountyRhodeIslandBuilt 1990 to 2000 12.5% 12.9% 18.2% 10.8% 16.5% 8.7%Built 1980 to 1989 19.4% 18.0% 17.5% 14.6% 18.1% 11.5%Built 1970 to 1979 13.0% 21.2% 16.8% 11.2% 17.8% 13.4%Built 1960 to 1969 10.9% 16.0% 10.4% 9.0% 13.1% 13.0%Built 1950 to 1959 12.8% 14.3% 11.9% 12.4% 11.2% 14.2%Built 1940 to 1949 5.7% 7.8% 5.6% 7.0% 6.2% 9.8%Built 1939 or earlier 25.8% 9.8% 19.5% 35.0% 17.1% 29.4%Median Year Built 1965 1971 1971 1957 1971 1958Source: US Bureau of Census and peter j. smith & company, inc.According to the town’s Affordable Housing Plan, between 2000 and 2004, building permits wereissued representing 574 units.2.4 Housing AffordabilityThrough the early to mid part of the current decade (2000-2006), high and rising property valuesreflected the desirability of Westerly as an attractive community for both year-round and seasonalresidents. Prior to the current (2007-2009) downturn in real estate markets, the housing market hadbeen characterized by vibrant construction activity in both new and remodeled homes and strongappreciation of assessed home values which, combined with rising property taxes and energy costs,have significantly impacted housing affordability.High and rising rent has also been an issue throughout Rhode Island. A 2004 statewide rent surveyfound the average monthly rent for a two-bedroom apartment was $1,121 per month. 3 Assuming 30percent of income was spent on housing, a renter would require an annual income of $44,840 to beable to afford the average apartment, $13,000 more than the average renter household has available. 4To assist persons in housing crisis, emergency shelter is provided by Westerly Area Rest and Meals,Inc., which in addition to providing meals through its soup kitchen, has 19 emergency shelter beds(13 for men, six for women), five bedrooms for transitional housing and two apartments throughHarvest Homes, with the goal of providing four more apartments during 2007. 5In 2006, the average rent in the town of Westerly was significantly higher than the U. S. Departmentof Housing and Urban Development (HUD) Fair Market Rent for the area. For the period ofJanuary to December 2006, the average rent for a one-bedroom apartment in Westerly was $920.For two- or three-bedroom apartments, average rents were $1,104 and $1,306 respectively. 6 The2006 HUD Fair Market Rent for the Westerly-Hopkinton-New Shoreham area was $650 for a 1-bedroom, $760 for a 2-bedroom and $908 for a 3-bedroom apartment.3 Rhode Island Housing and Mortgage Finance Corporation Rent Survey, 20044 American Community Survey, 2004, US Census Bureau5 WARM Shelter.org accessed November 20, 20076 Rhode Island Housing Rent Survey , Year-end 2006 vs. Year-end 2005, www.rihousing.competer j. smith & company, inc. 22