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 | Lower Connecticut River Valley Planning Region | Connecticut Avg | US Average |
|---|---|---|---|
| Median Home Price | $253,889 | $290,235 | $242,182 |
| Price Trend (Annual %) | 1.5% | 4.7% | 8.2% |
| Median Gross Rent | $1,329 | $1,419 | $1,342 |
| Rent Trend (Annual %) | 2.7% | 3.7% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Lower Connecticut River Valley Planning Region is about 13% lower than in Connecticut. Rent is about 6% 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 Lower Connecticut River Valley Planning Region, up about 1.5% and 2.7% a year respectively. Rent is changing faster.
Median rent in Lower Connecticut River Valley Planning Region rose about 21.2% between 2015 and 2023, from $1,097 to $1,329. Over the same span, rent in Connecticut rose about 31.1%.
Affordability
On average, housing unit costs 2.5 yearly household incomes in Lower Connecticut River Valley Planning Region.
Buying the median-priced home in Lower Connecticut River Valley Planning Region costs roughly 15.9 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 Lower Connecticut River Valley Planning Region. The price-to-rent ratio in Connecticut is about 17.0.
| Metric | Lower Connecticut River Valley Planning Region | Connecticut Avg | US Average |
|---|---|---|---|
| Median Home Price | $253,889 | $290,235 | $242,182 |
| Median Household Income | $103,306 | $95,363 | $78,145 |
| Price-to-Income Ratio | 2.5 | 3.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Lower Connecticut River Valley Planning Region rose about 14.0%, while median household income rose about 36.2% between 2009 and 2023 — income grew faster than the home price.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Lower Connecticut River Valley Planning Region | Connecticut Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 68.7% | 62.2% | 58.2% |
| Rental Rate | 19.7% | 30.3% | 31.3% |
| Vacancy Rate | 11.6% | 7.5% | 10.6% |
| Median Tenure (years) | 17.0 | 16.0 | 15.0 |
| Median Year Moved In | 2009 | 2010 | 2011 |
Lower Connecticut River Valley Planning Region has a homeownership rate of 68.7%, higher than the Connecticut average of 62.2%. Its housing vacancy rate is 11.6%, compared with 7.5% in Connecticut.
Housing Stock
| Metric | Lower Connecticut River Valley Planning Region | Connecticut Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.33 people | 2.48 people | 2.54 people |
| Median Structure Built Year | 1970 | 1966 | 1978 |
| Median Number of Rooms | 6.0 | 5.7 | 5.5 |
The typical housing unit in Lower Connecticut River Valley Planning Region was built around 1970. On average, 2.3 people live in a home with about 6.0 rooms, staying for about 17.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Lower Connecticut River Valley Planning Region, Connecticut.
What is the median home price in Lower Connecticut River Valley Planning Region, Connecticut?
The median home price in Lower Connecticut River Valley Planning Region, Connecticut is $253,889, lower than the Connecticut average of $290,235.
What is the average home price in Lower Connecticut River Valley 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 Lower Connecticut River Valley Planning Region, Connecticut?
The median gross rent in Lower Connecticut River Valley Planning Region, Connecticut is $1,329 per month, lower than the Connecticut average of $1,419.
What was the median gross rent in Lower Connecticut River Valley Planning Region in 2020?
In 2020, the median gross rent in Lower Connecticut River Valley Planning Region, Connecticut was $1,159 per month.
What is the price-to-rent ratio in Lower Connecticut River Valley Planning Region, Connecticut?
The price-to-rent ratio in Lower Connecticut River Valley Planning Region, Connecticut is about 15.9, meaning it would take roughly 15.9 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 Lower Connecticut River Valley Planning Region.
Are home prices or rent rising faster in Lower Connecticut River Valley Planning Region, Connecticut?
Both home prices and rent are rising in Lower Connecticut River Valley Planning Region, up about 1.5% and 2.7% a year respectively. Rent is changing faster.
What is the homeownership rate in Lower Connecticut River Valley Planning Region, Connecticut?
68.7% of households in Lower Connecticut River Valley Planning Region, Connecticut own their home, higher than the Connecticut average of 62.2%.
What is the vacancy rate in Lower Connecticut River Valley Planning Region, Connecticut?
The housing vacancy rate in Lower Connecticut River Valley Planning Region, Connecticut is 11.6%, higher than the Connecticut average of 7.5%.