Housing Market Study and Needs Assessment, Narragansett, Rhode Island 2024

The Town of Narragansett has a unique combination of difficult housing challenges: its population is 16,005, but alomst half is comprised of college students attending school in the neighboring town; this creates a market for 9-month renters and places unusual pressure on a typically functioning housing market; the median household income is 10% higher than the state average; the town is a popular family vacation destination so more than half of the houseing stock is summer rentals. These housing market characteristics add significant upward pressure on housing prices in Narragansett for both renters and owners. To address these housing challenges, the town commissioned a“Comprehensive Housing Study and Needs Assessment" and hired the team of Crane Associates, Inc and Economic and Policy Resources.

The work involved a thorough analysis of housing supply and demand inNarragansett; interviews and other methods to collect primary data on the localhousing market; calculations of affordability for households at 60%, 80%, 100%and 120% of median income; a gap analysis of demand less supply; a forecast ofthe affordable housing gap in the year 2035; and a set of targeted strategies to fill the gaps. The town adopted the study in 2024 and is working on the recommendations.

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