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 | East Hartford | Connecticut Avg | US Average |
|---|---|---|---|
| Median Home Price | $325,000 | $290,235 | $242,182 |
| Price Trend (Annual %) | 17.8% | 4.7% | 8.2% |
| Median Gross Rent | $1,188 | $1,419 | $1,342 |
| Rent Trend (Annual %) | 3.4% | 3.7% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in East Hartford is about 12% higher than in Connecticut. Rent is about 16% 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 East Hartford, up about 17.8% and 3.4% a year respectively. Home prices are changing faster.
Median rent in East Hartford rose about 29.6% between 2015 and 2023, from $917 to $1,188. Over the same span, rent in Connecticut rose about 31.1%.
Affordability
On average, housing unit costs 5.0 yearly household incomes in East Hartford.
Buying the median-priced home in East Hartford costs roughly 22.8 years of rent at the median monthly rate. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in East Hartford. The price-to-rent ratio in Connecticut is about 17.0.
| Metric | East Hartford | Connecticut Avg | US Average |
|---|---|---|---|
| Median Home Price | $325,000 | $290,235 | $242,182 |
| Median Household Income | $64,848 | $95,363 | $78,145 |
| Price-to-Income Ratio | 5.0 | 3.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in East Hartford rose about 150.7%, while median household income rose about 33.3% 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 | East Hartford | Connecticut Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 55.2% | 62.2% | 58.2% |
| Rental Rate | 39.5% | 30.3% | 31.3% |
| Vacancy Rate | 5.3% | 7.5% | 10.6% |
| Median Tenure (years) | 14.0 | 16.0 | 15.0 |
| Median Year Moved In | 2012 | 2010 | 2011 |
East Hartford has a homeownership rate of 55.2%, lower than the Connecticut average of 62.2%. Its housing vacancy rate is 5.3%, compared with 7.5% in Connecticut.
Housing Stock
| Metric | East Hartford | Connecticut Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.45 people | 2.48 people | 2.54 people |
| Median Structure Built Year | 1961 | 1966 | 1978 |
| Median Number of Rooms | 5.2 | 5.7 | 5.5 |
The typical housing unit in East Hartford was built around 1961. On average, 2.5 people live in a home with about 5.2 rooms, staying for about 14.0 years on average.
Frequently Asked Questions
Common questions about the housing market in East Hartford, Connecticut.
What is the median home price in East Hartford, Connecticut?
The median home price in East Hartford, Connecticut is $325,000, higher than the Connecticut average of $290,235.
What is the average home price in East Hartford, 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 East Hartford, Connecticut?
The median gross rent in East Hartford, Connecticut is $1,188 per month, lower than the Connecticut average of $1,419.
What was the median gross rent in East Hartford in 2020?
In 2020, the median gross rent in East Hartford, Connecticut was $1,047 per month.
What is the price-to-rent ratio in East Hartford, Connecticut?
The price-to-rent ratio in East Hartford, Connecticut is about 22.8, meaning it would take roughly 22.8 years of rent payments at the median rent to equal the median home price. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in East Hartford.
Are home prices or rent rising faster in East Hartford, Connecticut?
Both home prices and rent are rising in East Hartford, up about 17.8% and 3.4% a year respectively. Home prices are changing faster.
What is the homeownership rate in East Hartford, Connecticut?
55.2% of households in East Hartford, Connecticut own their home, lower than the Connecticut average of 62.2%.
What is the vacancy rate in East Hartford, Connecticut?
The housing vacancy rate in East Hartford, Connecticut is 5.3%, lower than the Connecticut average of 7.5%.