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 Haven | Connecticut Avg | US Average |
|---|---|---|---|
| Median Home Price | $189,391 | $290,235 | $242,182 |
| Price Trend (Annual %) | 5.5% | 4.7% | 8.2% |
| Median Gross Rent | $1,448 | $1,419 | $1,342 |
| Rent Trend (Annual %) | 3.8% | 3.7% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in New Haven is about 35% 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 New Haven, up about 5.5% and 3.8% a year respectively. Home prices are changing faster.
Median rent in New Haven rose about 32.3% between 2015 and 2023, from $1,095 to $1,448. Over the same span, rent in Connecticut rose about 31.1%.
Affordability
On average, housing unit costs 3.6 yearly household incomes in New Haven.
Buying the median-priced home in New Haven costs roughly 10.9 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 New Haven. The price-to-rent ratio in Connecticut is about 17.0.
| Metric | New Haven | Connecticut Avg | US Average |
|---|---|---|---|
| Median Home Price | $189,391 | $290,235 | $242,182 |
| Median Household Income | $52,976 | $95,363 | $78,145 |
| Price-to-Income Ratio | 3.6 | 3.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in New Haven fell about 10.6%, while median household income rose about 41.6% 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 | New Haven | Connecticut Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 26.3% | 62.2% | 58.2% |
| Rental Rate | 63.1% | 30.3% | 31.3% |
| Vacancy Rate | 10.6% | 7.5% | 10.6% |
| Median Tenure (years) | 11.0 | 16.0 | 15.0 |
| Median Year Moved In | 2015 | 2010 | 2011 |
New Haven has a homeownership rate of 26.3%, lower than the Connecticut average of 62.2%. Its housing vacancy rate is 10.6%, compared with 7.5% in Connecticut.
Housing Stock
| Metric | New Haven | Connecticut Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.43 people | 2.48 people | 2.54 people |
| Median Structure Built Year | 1954 | 1966 | 1978 |
| Median Number of Rooms | 4.6 | 5.7 | 5.5 |
The typical housing unit in New Haven was built around 1954. On average, 2.4 people live in a home with about 4.6 rooms, staying for about 11.0 years on average.
Frequently Asked Questions
Common questions about the housing market in New Haven, Connecticut.
What is the median home price in New Haven, Connecticut?
The median home price in New Haven, Connecticut is $189,391, lower than the Connecticut average of $290,235.
What is the average home price in New 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 New Haven, Connecticut?
The median gross rent in New Haven, Connecticut is $1,448 per month, higher than the Connecticut average of $1,419.
What was the median gross rent in New Haven in 2020?
In 2020, the median gross rent in New Haven, Connecticut was $1,221 per month.
What is the price-to-rent ratio in New Haven, Connecticut?
The price-to-rent ratio in New Haven, Connecticut is about 10.9, meaning it would take roughly 10.9 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 New Haven.
Are home prices or rent rising faster in New Haven, Connecticut?
Both home prices and rent are rising in New Haven, up about 5.5% and 3.8% a year respectively. Home prices are changing faster.
What is the homeownership rate in New Haven, Connecticut?
26.3% of households in New Haven, Connecticut own their home, lower than the Connecticut average of 62.2%.
What is the vacancy rate in New Haven, Connecticut?
The housing vacancy rate in New Haven, Connecticut is 10.6%, higher than the Connecticut average of 7.5%.