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 | New Britain | Connecticut Avg | US Average |
|---|---|---|---|
| Median Home Price | $256,325 | $290,235 | $242,182 |
| Price Trend (Annual %) | 5.0% | 4.7% | 8.2% |
| Median Gross Rent | $1,183 | $1,419 | $1,342 |
| Rent Trend (Annual %) | 3.4% | 3.7% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in New Britain is about 12% lower than in Connecticut. Rent is about 17% 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 New Britain, up about 5.0% and 3.4% a year respectively. Home prices are changing faster.
Median rent in New Britain rose about 29.3% between 2015 and 2023, from $915 to $1,183. Over the same span, rent in Connecticut rose about 31.1%.
Affordability
On average, housing unit costs 4.7 yearly household incomes in New Britain.
Buying the median-priced home in New Britain costs roughly 18.1 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 New Britain. The price-to-rent ratio in Connecticut is about 17.0.
| Metric | New Britain | Connecticut Avg | US Average |
|---|---|---|---|
| Median Home Price | $256,325 | $290,235 | $242,182 |
| Median Household Income | $55,106 | $95,363 | $78,145 |
| Price-to-Income Ratio | 4.7 | 3.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in New Britain rose about 42.1%, while median household income rose about 31.4% 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 | New Britain | Connecticut Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 38.1% | 62.2% | 58.2% |
| Rental Rate | 52.0% | 30.3% | 31.3% |
| Vacancy Rate | 10.0% | 7.5% | 10.6% |
| Median Tenure (years) | 13.0 | 16.0 | 15.0 |
| Median Year Moved In | 2013 | 2010 | 2011 |
New Britain has a homeownership rate of 38.1%, lower than the Connecticut average of 62.2%. Its housing vacancy rate is 10.0%, compared with 7.5% in Connecticut.
Housing Stock
| Metric | New Britain | Connecticut Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.41 people | 2.48 people | 2.54 people |
| Median Structure Built Year | 1955 | 1966 | 1978 |
| Median Number of Rooms | 4.7 | 5.7 | 5.5 |
The typical housing unit in New Britain was built around 1955. On average, 2.4 people live in a home with about 4.7 rooms, staying for about 13.0 years on average.
Frequently Asked Questions
Common questions about the housing market in New Britain, Connecticut.
What is the median home price in New Britain, Connecticut?
The median home price in New Britain, Connecticut is $256,325, lower than the Connecticut average of $290,235.
What is the average home price in New Britain, 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 New Britain, Connecticut?
The median gross rent in New Britain, Connecticut is $1,183 per month, lower than the Connecticut average of $1,419.
What was the median gross rent in New Britain in 2020?
In 2020, the median gross rent in New Britain, Connecticut was $1,038 per month.
What is the price-to-rent ratio in New Britain, Connecticut?
The price-to-rent ratio in New Britain, Connecticut is about 18.1, meaning it would take roughly 18.1 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 New Britain.
Are home prices or rent rising faster in New Britain, Connecticut?
Both home prices and rent are rising in New Britain, up about 5.0% and 3.4% a year respectively. Home prices are changing faster.
What is the homeownership rate in New Britain, Connecticut?
38.1% of households in New Britain, Connecticut own their home, lower than the Connecticut average of 62.2%.
What is the vacancy rate in New Britain, Connecticut?
The housing vacancy rate in New Britain, Connecticut is 10.0%, higher than the Connecticut average of 7.5%.