Housing Market Overview
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
Housing Market Overview
| Metric | Bridgeport | Connecticut Avg | US Average |
|---|---|---|---|
| Median Home Price | $239,999 | $290,235 | $242,182 |
| Price Trend (Annual %) | 12.0% | 4.7% | 8.2% |
| Median Gross Rent | $1,409 | $1,419 | $1,342 |
| Rent Trend (Annual %) | 3.5% | 3.7% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Bridgeport is about 17% lower than in Connecticut. Rent is about 1% lower than the Connecticut average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Bridgeport, up about 12.0% and 3.5% a year respectively. Home prices are changing faster.
Median rent in Bridgeport rose about 27.4% between 2015 and 2023, from $1,106 to $1,409. Over the same span, rent in Connecticut rose about 31.1%.
Affordability
On average, housing unit costs 4.2 yearly household incomes in Bridgeport.
Buying the median-priced home in Bridgeport costs roughly 14.2 years of rent at the median monthly rate. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Bridgeport. The price-to-rent ratio in Connecticut is about 17.0.
| Metric | Bridgeport | Connecticut Avg | US Average |
|---|---|---|---|
| Median Home Price | $239,999 | $290,235 | $242,182 |
| Median Household Income | $56,892 | $95,363 | $78,145 |
| Price-to-Income Ratio | 4.2 | 3.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Bridgeport rose about 100.1%, while median household income rose about 40.5% between 2009 and 2023 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Bridgeport | Connecticut Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 40.8% | 62.2% | 58.2% |
| Rental Rate | 52.3% | 30.3% | 31.3% |
| Vacancy Rate | 6.9% | 7.5% | 10.6% |
| Median Tenure (years) | 13.0 | 16.0 | 15.0 |
| Median Year Moved In | 2013 | 2010 | 2011 |
Bridgeport has a homeownership rate of 40.8%, lower than the Connecticut average of 62.2%. Its housing vacancy rate is 6.9%, compared with 7.5% in Connecticut.
Housing Stock
| Metric | Bridgeport | Connecticut Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.63 people | 2.48 people | 2.54 people |
| Median Structure Built Year | 1955 | 1966 | 1978 |
| Median Number of Rooms | 4.7 | 5.7 | 5.5 |
The typical housing unit in Bridgeport was built around 1955. On average, 2.6 people live in a home with about 4.7 rooms, staying for about 13.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Bridgeport, Connecticut.
What is the median home price in Bridgeport, Connecticut?
The median home price in Bridgeport, Connecticut is $239,999, lower than the Connecticut average of $290,235.
What is the average home price in Bridgeport, Connecticut?
The typical home price in %s, reported as the median sale price, is %s. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Bridgeport, Connecticut?
The median gross rent in Bridgeport, Connecticut is $1,409 per month, lower than the Connecticut average of $1,419.
What was the median gross rent in Bridgeport in 2020?
In 2020, the median gross rent in Bridgeport, Connecticut was $1,169 per month.
What is the price-to-rent ratio in Bridgeport, Connecticut?
The price-to-rent ratio in Bridgeport, Connecticut is about 14.2, meaning it would take roughly 14.2 years of rent payments at the median rent to equal the median home price. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Bridgeport.
Are home prices or rent rising faster in Bridgeport, Connecticut?
Both home prices and rent are rising in Bridgeport, up about 12.0% and 3.5% a year respectively. Home prices are changing faster.
What is the homeownership rate in Bridgeport, Connecticut?
40.8% of households in Bridgeport, Connecticut own their home, lower than the Connecticut average of 62.2%.
What is the vacancy rate in Bridgeport, Connecticut?
The housing vacancy rate in Bridgeport, Connecticut is 6.9%, lower than the Connecticut average of 7.5%.