Housing Cost Burdens Local Purchasing Power of Latinos in Rhode Island

PROVIDENCE, R.I., Feb 27, 2014 –New data released today by the Latino Policy
Institute<http://rwu.edu/about/partnerships-initiatives/lpi> (LPI) at Roger Williams
University<http://rwu.edu/> and HousingWorks
RI<http://www.housingworksri.org/>reveals a persistent housing cost burden for
Latino renter households in Rhode Island. The new infographic measures the decreased
purchasing power facing these Latino households by quantifying the amount of money
being spent on housing.

Three quarters of Latino households in Rhode Island rent, compared to 40 percent of
households statewide. More than half of these Latino households are considered
housing cost burdened, meaning they spend morethan 30 percent of their income on
housing. Moreover, one third of Latino renter households are severely housing
burdened, spending more than 50 percent of their income on housing.

“We are troubled that so many Latino renters are spending such large percentages
oftheir incomes on housing because it means they have little money left over for
non-discretionary items, let alone to fully participate in their local economies,”
said LPI Director Anna Cano Morales. “If we can address housing affordability for
Latinos, this young and fast-growing demographic can play an even larger role in
Rhode Island’s economic growth.”

The data released today quantifies the decreased purchasing power that results from
housing cost burdens. HousingWorks RI analysis shows that altogether, cost burdened
Latino renter households in Rhode Island spend an estimated $152.7 million on rent
and utilitieseach year. If these renters were in homes that were affordable to them,
they would spend an estimated $70 million annually on rental and utility payments,
leaving roughly $82 million to be circulated into other parts of the economy.

“The annual savings generated by alleviating housing cost burdens would allow more
Latinos to pursue such dreams as homeownership and higher education, or even
purchase necessities such as healthcare and reliable transportation,” said Nicole
Lagace, the Interim Executive Director for HousingWorks RI. “We encourage
policymakers to consider how housing affordability affects local economies and
develop strategies to ease the housing cost burden facing so many of our state’s
renters.”

The median Latino household income in Rhode Island is $30,329. HousingWorks RI’s
analysis was limited to those cost burdened Latino renter households with an income
of $39,000 or less annually.

To learn more about the Latino Policy Institute at Roger Williams University, visit
http://rwu.edu/about/partnerships-initiatives/lpi.

About RWU:Roger Williams University, located in Bristol, R.I., is a leading
independent, coeducational university with programs in the liberal arts and the
professions, where students become community- and globally-minded citizens through
project-based, experiential learning. Offering 43 majors and a plethora of
co-curricular activities as well as study abroad options, RWU is dedicated to the
success of students, commitment to a set of core values, the pursuit of affordable
excellence and to providing a relevant, world-class education above all else. In the
last decade, the University has achieved unprecedented successes including
recognition as one of the best colleges in the nation by Forbes, a College of
Distinction by Student Horizons, Inc. and as both a best college in the Northeast
and one of the nation’s greenest universities by The Princeton Review.

About HousingWorks RI
HousingWorks RI is the state’s premiere source for accurate, timely, and easy to
understand data on housing affordability in Rhode Island. HousingWorks RI began in
2004 as a campaign to educate the public and business communityabout a rapidly
emerging economic development problem: the lack of affordable housing options for
the state’s workforce. Today, HousingWorks RI identifies best practices, conducts
research, and analyzes data to support policy recommendations, public education
strategies, and communications initiatives. Throughpublications like the annual
Housing Fact Book, Special Reports, Issue Briefs, and cutting-edge Infographics,
HousingWorks RI educates stakeholders and works to build consensus around the
connection between housing and economic development.