<body><div><figure><img src="https://img.particlenews.com/image.php?type=thumbnail_580x000&amp;url=0jwq1d_0wEjq0E100" alt="https://img.particlenews.com/image.php?url=0jwq1d_0wEjq0E100" width="900" height="500" ></figure>EAST PROVIDENCE, R.I. (WPRI) — The cost to buy a home has increased by 50% in 10 Rhode Island cities and towns since 2018, according to a report by HousingWorks RI.Data from HousingWorks RI’s annual fact book showed that out of all the state’s communities, there isn’t one where a house could be bought for less than $119,000.Median single-family home prices also went up statewide, according to the report.“And we know that the startling statistic of being below six figures limits you from affording a home today,” Congressman Gabe Amo said during an event about the report’s findings. “That’s not where we want to be.”House Speaker Joe Shekarchi said the cost of housing has doubled over the past five years.“It’s because we have such a low inventory,” Shekarchi said. “Interest rates have gone up and pricing has gone up.”The report said Woonsocket had the most affordable housing prices, with a minimum cost of $119,000 to buy a home, while New Shoreham had the highest at $493,000.Among the municipalities that saw a 50% increase in home prices are Providence, Pawtucket, Central Falls, Bristol, Newport and Narragansett.Shekarchi, who prioritized the issue during the latest legislative session, said one of the ways to lower housings costs is to build more homes.“It’s at the local level,” the speaker said. “And it’s incumbent upon everybody here that when there’s an opportunity for a housing development in your community, to speak out in favor of it.”Thanks for signing up!Watch for us in your inbox.Subscribe Now<h2>Daily Roundup</h2>Copyright 2024 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.For the latest news, weather, sports, and streaming video, head to WPRI.com. </div></body>

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Report: Home prices up 50% in 10 RI communities since 2018

EAST PROVIDENCE, R.I. (WPRI) — The cost to buy a home has increased by 50% in 10 Rhode Island cities and towns since 2018, according to a report by HousingWorks RI. Data from HousingWorks RI’s annual fact book showed that out of all the state’s communities, there isn’t one where a house could be bought for less than $119,000.