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 | Middletown | Connecticut Avg | US Average |
|---|---|---|---|
| Median Home Price | $216,827 | $290,235 | $242,182 |
| Price Trend (Annual %) | 9.5% | 4.7% | 8.2% |
| Median Gross Rent | $1,307 | $1,419 | $1,342 |
| Rent Trend (Annual %) | 3.0% | 3.7% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Middletown is about 25% lower than in Connecticut. Rent is about 8% 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 Middletown, up about 9.5% and 3.0% a year respectively. Home prices are changing faster.
Median rent in Middletown rose about 24.1% between 2015 and 2023, from $1,053 to $1,307. Over the same span, rent in Connecticut rose about 31.1%.
Affordability
On average, housing unit costs 3.1 yearly household incomes in Middletown.
Buying the median-priced home in Middletown costs roughly 13.8 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 Middletown. The price-to-rent ratio in Connecticut is about 17.0.
| Metric | Middletown | Connecticut Avg | US Average |
|---|---|---|---|
| Median Home Price | $216,827 | $290,235 | $242,182 |
| Median Household Income | $71,064 | $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 Middletown rose about 66.0%, while median household income rose about 19.0% 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 | Middletown | Connecticut Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 54.4% | 62.2% | 58.2% |
| Rental Rate | 38.7% | 30.3% | 31.3% |
| Vacancy Rate | 6.9% | 7.5% | 10.6% |
| Median Tenure (years) | 14.0 | 16.0 | 15.0 |
| Median Year Moved In | 2012 | 2010 | 2011 |
Middletown has a homeownership rate of 54.4%, lower than the Connecticut average of 62.2%. Its housing vacancy rate is 6.9%, compared with 7.5% in Connecticut.
Housing Stock
| Metric | Middletown | Connecticut Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.14 people | 2.48 people | 2.54 people |
| Median Structure Built Year | 1976 | 1966 | 1978 |
| Median Number of Rooms | 5.2 | 5.7 | 5.5 |
The typical housing unit in Middletown was built around 1976. On average, 2.1 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 Middletown, Connecticut.
What is the median home price in Middletown, Connecticut?
The median home price in Middletown, Connecticut is $216,827, lower than the Connecticut average of $290,235.
What is the average home price in Middletown, 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 Middletown, Connecticut?
The median gross rent in Middletown, Connecticut is $1,307 per month, lower than the Connecticut average of $1,419.
What was the median gross rent in Middletown in 2020?
In 2020, the median gross rent in Middletown, Connecticut was $1,136 per month.
What is the price-to-rent ratio in Middletown, Connecticut?
The price-to-rent ratio in Middletown, Connecticut is about 13.8, meaning it would take roughly 13.8 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 Middletown.
Are home prices or rent rising faster in Middletown, Connecticut?
Both home prices and rent are rising in Middletown, up about 9.5% and 3.0% a year respectively. Home prices are changing faster.
What is the homeownership rate in Middletown, Connecticut?
54.4% of households in Middletown, Connecticut own their home, lower than the Connecticut average of 62.2%.
What is the vacancy rate in Middletown, Connecticut?
The housing vacancy rate in Middletown, Connecticut is 6.9%, lower than the Connecticut average of 7.5%.