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.
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Greater Bridgeport Planning Region | Connecticut Avg | US Average |
|---|---|---|---|
| Median Home Price | $275,000 | $290,235 | $242,182 |
| Price Trend (Annual %) | 7.4% | 4.7% | 8.2% |
| Median Gross Rent | $1,468 | $1,419 | $1,342 |
| Rent Trend (Annual %) | 3.2% | 3.7% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Greater Bridgeport Planning Region is about 5% lower than in Connecticut. Rent is about 3% 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 Greater Bridgeport Planning Region, up about 7.4% and 3.2% a year respectively. Home prices are changing faster.
Median rent in Greater Bridgeport Planning Region rose about 26.2% between 2015 and 2023, from $1,163 to $1,468. Over the same span, rent in Connecticut rose about 31.1%.
Affordability
On average, housing unit costs 3.1 yearly household incomes in Greater Bridgeport Planning Region.
Buying the median-priced home in Greater Bridgeport Planning Region costs roughly 15.6 years of rent at the median monthly rate. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Greater Bridgeport Planning Region. The price-to-rent ratio in Connecticut is about 17.0.
| Metric | Greater Bridgeport Planning Region | Connecticut Avg | US Average |
|---|---|---|---|
| Median Home Price | $275,000 | $290,235 | $242,182 |
| Median Household Income | $89,840 | $95,363 | $78,145 |
| Price-to-Income Ratio | 3.1 | 3.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Greater Bridgeport Planning Region rose about 58.1%, while median household income rose about 44.2% 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 | Greater Bridgeport Planning Region | Connecticut Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 62.3% | 62.2% | 58.2% |
| Rental Rate | 32.0% | 30.3% | 31.3% |
| Vacancy Rate | 5.7% | 7.5% | 10.6% |
| Median Tenure (years) | 17.0 | 16.0 | 15.0 |
| Median Year Moved In | 2009 | 2010 | 2011 |
Greater Bridgeport Planning Region has a homeownership rate of 62.3%, about the same as the Connecticut average of 62.2%. Its housing vacancy rate is 5.7%, compared with 7.5% in Connecticut.
Housing Stock
| Metric | Greater Bridgeport Planning Region | Connecticut Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.70 people | 2.48 people | 2.54 people |
| Median Structure Built Year | 1961 | 1966 | 1978 |
| Median Number of Rooms | 5.6 | 5.7 | 5.5 |
The typical housing unit in Greater Bridgeport Planning Region was built around 1961. On average, 2.7 people live in a home with about 5.6 rooms, staying for about 17.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Greater Bridgeport Planning Region, Connecticut.
What is the median home price in Greater Bridgeport Planning Region, Connecticut?
The median home price in Greater Bridgeport Planning Region, Connecticut is $275,000, lower than the Connecticut average of $290,235.
What is the average home price in Greater Bridgeport Planning Region, 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 Greater Bridgeport Planning Region, Connecticut?
The median gross rent in Greater Bridgeport Planning Region, Connecticut is $1,468 per month, higher than the Connecticut average of $1,419.
What was the median gross rent in Greater Bridgeport Planning Region in 2020?
In 2020, the median gross rent in Greater Bridgeport Planning Region, Connecticut was $1,258 per month.
What is the price-to-rent ratio in Greater Bridgeport Planning Region, Connecticut?
The price-to-rent ratio in Greater Bridgeport Planning Region, Connecticut is about 15.6, meaning it would take roughly 15.6 years of rent payments at the median rent to equal the median home price. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Greater Bridgeport Planning Region.
Are home prices or rent rising faster in Greater Bridgeport Planning Region, Connecticut?
Both home prices and rent are rising in Greater Bridgeport Planning Region, up about 7.4% and 3.2% a year respectively. Home prices are changing faster.
What is the homeownership rate in Greater Bridgeport Planning Region, Connecticut?
62.3% of households in Greater Bridgeport Planning Region, Connecticut own their home, about the same as the Connecticut average.
What is the vacancy rate in Greater Bridgeport Planning Region, Connecticut?
The housing vacancy rate in Greater Bridgeport Planning Region, Connecticut is 5.7%, lower than the Connecticut average of 7.5%.