Nearly 40% of RIers rent their homes

PROVIDENCE, R.I. (AP/WPRI) - Nearly 40% of Rhode Islanders rent their homes, more than any other state in New England.

HousingWorks RI , a coalition of groups that promotes affordable housing, released a new report Thursday that says about one in four Rhode Islanders pays more than half their incomes for housing.

The average cost of a three-bedroom apartment was just over $1,500 in 2010, 75% higher than a decade earlier.

The average rent for a two-bedroom unit increased 50% during the same time period, the report said.

Households that spend so much on housing are more likely to have difficulty purchasing food and to have a child or adult lack health care coverage, according to the report, and those with high housing costs are less likely to be able to put money away or spend on education.

HousingWorks said the state's high foreclosure rate and its 10.8% unemployment rate have exacerbated the need for more public funding for affordable housing.

Affordable housing advocates sent a letter to Gov. Lincoln Chafee last month supporting a $50 million housing bond on the November ballot, saying it will help promote economic growth. Chafee included a $25 million bond in his proposed budget for the fiscal year that starts in July.