Newport Comprehensive Land Use Plan - Existing Conditions | Page 56

Newport Comprehensive Land Use Plan Residential development remains the predominant land use category in Newport. Residential land use consists of all forms of housing including single-family homes, townhomes, group homes, apartments and condominiums. The housing in Newport provides the framework from which communities can form and ultimately thrive. Affordability is the most pressing housing issue facing Newport’s residents and those who wish to live in Newport; it is an important determinant of the future of the city's neighborhoods and the economic wellbeing of its residents. Housing issues in Newport that transcend economic cycles:  The gap between the cost of housing and the household income needed to purchase housing in Newport.  The gap between the cost of Newport rents and the income required at fair market rent.  Housing and rental costs are elevated by the seasonal rental market and off-campus housing for students.  Difficult credit availability and housing affordability for middle-income families.  Newport citizens aging in place. This section explores Newport’s unique housing stock covering such topics as density, the number and type of units, housing age, size, vacancy, tenure, value, and household income. Over 17% of the city’s housing stock is considered affordable, compared to the state requirement of 10% Below is a brief comparative analysis of Newport, Portsmouth, Middletown, and the State of Rhode Island. Because Middletown and Portsmouth are smaller in size, the full range of Census data is not available. Therefore, to present a more complete comparative analysis, the remaining tables refer to the Town of Westerly, RI, which is of comparable size to Newport. As shown in Table 5-1, Newport has the highest median home value on Aquidneck Island, and is well above that of the State average. Also, although Newport is the jurisdiction with the highest population on Aquidneck Island, it has the smallest percentage of owner occupied housing units. This focus more on renter occupied housing is most likely due to the City’s booming tourist industry, Naval officers being temporarily stationed at Naval Station Newport, and students who live in Newport seasonally attending one of Newport’s 2 post-secondary schools. Finally, while Newport has the lowest percentage of residents with high school degrees on Aquidneck Island, it has highest percentage of residents with post-secondary degrees. Table 5-1 – Newport, Middletown, Portsmouth, and Rhode Island Comparative Analysis Jurisdiction Population Owner Occupied Housing Percentages Median Value of Owner Occupied Housing Units High School Graduate Percentage Bachelor's Degree or higher Percentage Newport 24,089 42.6% $383,200 91.0% 49.7% Middletown 16,105 54.2% $335,900 92.8% 40.9% Portsmouth 17,373 74.8% $338,500 93.8% 47.1% 1,055,173 60.3% $241,200 85.4% 31.4% Rhode Island Source. 2014 American Community Survey 5-Year Estimates Page 5-2 Draft Existing Conditions (March 2016)