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 Haven | Connecticut Avg | US Average |
|---|---|---|---|
| Median Home Price | $183,490 | $290,235 | $242,182 |
| Price Trend (Annual %) | 0.3% | 4.7% | 8.2% |
| Median Gross Rent | $1,453 | $1,419 | $1,342 |
| Rent Trend (Annual %) | 3.7% | 3.7% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in East Haven is about 37% lower than in Connecticut. Rent is about 2% higher 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 Haven, up about 0.3% and 3.7% a year respectively. Rent is changing faster.
Median rent in East Haven rose about 32.7% between 2015 and 2023, from $1,095 to $1,453. Over the same span, rent in Connecticut rose about 31.1%.
Affordability
On average, housing unit costs 2.1 yearly household incomes in East Haven.
Buying the median-priced home in East Haven costs roughly 10.5 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 East Haven. The price-to-rent ratio in Connecticut is about 17.0.
| Metric | East Haven | Connecticut Avg | US Average |
|---|---|---|---|
| Median Home Price | $183,490 | $290,235 | $242,182 |
| Median Household Income | $87,693 | $95,363 | $78,145 |
| Price-to-Income Ratio | 2.1 | 3.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in East Haven rose about 93.1%, while median household income rose about 42.0% 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 Haven | Connecticut Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 71.0% | 62.2% | 58.2% |
| Rental Rate | 24.9% | 30.3% | 31.3% |
| Vacancy Rate | 4.1% | 7.5% | 10.6% |
| Median Tenure (years) | 17.0 | 16.0 | 15.0 |
| Median Year Moved In | 2009 | 2010 | 2011 |
East Haven has a homeownership rate of 71.0%, higher than the Connecticut average of 62.2%. Its housing vacancy rate is 4.1%, compared with 7.5% in Connecticut.
Housing Stock
| Metric | East Haven | Connecticut Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.46 people | 2.48 people | 2.54 people |
| Median Structure Built Year | 1967 | 1966 | 1978 |
| Median Number of Rooms | 5.7 | 5.7 | 5.5 |
The typical housing unit in East Haven was built around 1967. On average, 2.5 people live in a home with about 5.7 rooms, staying for about 17.0 years on average.
Frequently Asked Questions
Common questions about the housing market in East Haven, Connecticut.
What is the median home price in East Haven, Connecticut?
The median home price in East Haven, Connecticut is $183,490, lower than the Connecticut average of $290,235.
What is the average home price in East Haven, 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 Haven, Connecticut?
The median gross rent in East Haven, Connecticut is $1,453 per month, higher than the Connecticut average of $1,419.
What was the median gross rent in East Haven in 2020?
In 2020, the median gross rent in East Haven, Connecticut was $1,177 per month.
What is the price-to-rent ratio in East Haven, Connecticut?
The price-to-rent ratio in East Haven, Connecticut is about 10.5, meaning it would take roughly 10.5 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 East Haven.
Are home prices or rent rising faster in East Haven, Connecticut?
Both home prices and rent are rising in East Haven, up about 0.3% and 3.7% a year respectively. Rent is changing faster.
What is the homeownership rate in East Haven, Connecticut?
71.0% of households in East Haven, Connecticut own their home, higher than the Connecticut average of 62.2%.
What is the vacancy rate in East Haven, Connecticut?
The housing vacancy rate in East Haven, Connecticut is 4.1%, lower than the Connecticut average of 7.5%.