Many people are curious about the Connecticut housing market and what it’s like. However, it’s kind of hard to understand any of that if you don’t know much about Connecticut itself.
Connecticut is located in New England and is actually the southernmost state in that area. It also tends to have a higher than average income, which makes it a prime place for buying and selling homes.
It is close to Rhode Island, Massachusetts, New York, and Long Island, providing residents of the state with rich opportunities for travel and cultural enlightenment.
While these facts about Connecticut are impressive, it’s important to note that it’s a fairly small state- the third smallest in the US in terms of area. However, it still has a booming population given its size, which is understandable considering the many excellent reasons to live there.
Connecticut Housing Market Statistics to Know
Now that you understand a bit more about Connecticut itself, you’re probably wondering what the Connecticut housing market is like.
Right now, for example, the median home value in the state is $260,028. Approximately 64.3% of Connecticut residents own property, which is a very high amount when compared to other parts of the United States.
The majority of homes in the state are single-family homes built between 1940 and 1969. Most of these homes have at least three bedrooms.
Understanding these statistics makes it a lot easier to know what to expect in terms of the Connecticut housing market.
Some Problems do Plague the Connecticut Housing Market
Despite the mostly positive statistics discussed above, Connecticut has been experiencing some housing problems in recent years. Studies and reports have found that, while most people in the state currently own their homes, the rates of people renting property are increasing. This is perhaps due to the higher than average cost of homes in Connecticut.
Furthermore, the state is also experiencing a rise in homelessness, perhaps for some of the same reasons. Researchers are also quick to point out the income discrepancy problem prevalent in Connecticut, with most people having below average or above average incomes and few people falling in the middle.
All of these problems may need to be alleviated before Connecticut can be a prime real estate location for the majority of the population.
Where Should You Live in Connecticut?
If, based on everything that you have read, you still feel that Connecticut could be a good place for you to live, then go for it. Connecticut may not be perfect, but it’s certainly a nice state.
With that said, if you are thinking of living in Connecticut, you may be wondering where you should settle down. Don’t worry; there are plenty of good places to call home.
For example, the small suburb known as Old Greenwich is certainly a good choice. This part of town is quiet, somewhat secluded and very peaceful and crime-free. If you are someone who is looking to raise a family someplace safe, or if you would simply like a quiet, stress-free place to live, this part of Connecticut may be for you.
Another quiet, suburban area that many people greatly enjoy is called Simbury. This particular suburb has the distinction of being quite close to Hartford, Connecticut’s bustling capital. Thus, it is the perfect place to go if you like the hustle and bustle of the city …but also value having a quiet place to rest your head at night. Be aware that Simbury can be a somewhat expensive place to live, especially compared to other areas of Connecticut. With that said, however, you’ll enjoy a safe, comfortable place to call home in Simbury as long as it fits into your budget.
For those who don’t mind spending a little extra money for a comfortable place to call home, Riverside is another good option. The cost of living is high here, but there are also low crime rates coupled with high education rates and opportunities.
If you want to be close to the dynamic New York City without having to pay NYC prices, look no further than New Canaan. Here, you’ll find proximity to NYC, nice housing options, and some of the best schools that the state has to offer.
Another quiet, friendly family option with lower pricing is the humble Weatogue. Similarly, there is also Weston and Ridgefield, among many others.
As you can see, Connecticut can be a great place to live. Yes, it can be a costly state, but if you have the income and you do not mind paying for comfort and convenience, then it is certainly a fine state to call home.
Plus, living in Connecticut doesn’t have to cost a ton, especially not with the right professional help and expertise as you navigate the buying market.
So, with all things considered, are you ready to call Connecticut home?