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 | South Central Connecticut Planning Region | Connecticut Avg | US Average |
|---|---|---|---|
| Median Home Price | $231,400 | $290,235 | $242,182 |
| Price Trend (Annual %) | 3.9% | 4.7% | 8.2% |
| Median Gross Rent | $1,474 | $1,419 | $1,342 |
| Rent Trend (Annual %) | 3.9% | 3.7% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in South Central Connecticut Planning Region is about 20% lower than in Connecticut. Rent is about 4% 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 South Central Connecticut Planning Region, up about 3.9% and 3.9% a year respectively. Rent is changing faster.
Median rent in South Central Connecticut Planning Region rose about 32.9% between 2015 and 2023, from $1,110 to $1,474. Over the same span, rent in Connecticut rose about 31.1%.
Affordability
On average, housing unit costs 2.6 yearly household incomes in South Central Connecticut Planning Region.
Buying the median-priced home in South Central Connecticut Planning Region costs roughly 13.1 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 South Central Connecticut Planning Region. The price-to-rent ratio in Connecticut is about 17.0.
| Metric | South Central Connecticut Planning Region | Connecticut Avg | US Average |
|---|---|---|---|
| Median Home Price | $231,400 | $290,235 | $242,182 |
| Median Household Income | $89,058 | $95,363 | $78,145 |
| Price-to-Income Ratio | 2.6 | 3.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in South Central Connecticut Planning Region rose about 35.5%, while median household income rose about 42.6% 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 | South Central Connecticut Planning Region | Connecticut Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 56.7% | 62.2% | 58.2% |
| Rental Rate | 35.7% | 30.3% | 31.3% |
| Vacancy Rate | 7.6% | 7.5% | 10.6% |
| Median Tenure (years) | 17.0 | 16.0 | 15.0 |
| Median Year Moved In | 2009 | 2010 | 2011 |
South Central Connecticut Planning Region has a homeownership rate of 56.7%, lower than the Connecticut average of 62.2%. Its housing vacancy rate is 7.6%, compared with 7.5% in Connecticut.
Housing Stock
| Metric | South Central Connecticut Planning Region | Connecticut Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.42 people | 2.48 people | 2.54 people |
| Median Structure Built Year | 1964 | 1966 | 1978 |
| Median Number of Rooms | 5.4 | 5.7 | 5.5 |
The typical housing unit in South Central Connecticut Planning Region was built around 1964. On average, 2.4 people live in a home with about 5.4 rooms, staying for about 17.0 years on average.
Frequently Asked Questions
Common questions about the housing market in South Central Connecticut Planning Region, Connecticut.
What is the median home price in South Central Connecticut Planning Region, Connecticut?
The median home price in South Central Connecticut Planning Region, Connecticut is $231,400, lower than the Connecticut average of $290,235.
What is the average home price in South Central Connecticut 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 South Central Connecticut Planning Region, Connecticut?
The median gross rent in South Central Connecticut Planning Region, Connecticut is $1,474 per month, higher than the Connecticut average of $1,419.
What was the median gross rent in South Central Connecticut Planning Region in 2020?
In 2020, the median gross rent in South Central Connecticut Planning Region, Connecticut was $1,219 per month.
What is the price-to-rent ratio in South Central Connecticut Planning Region, Connecticut?
The price-to-rent ratio in South Central Connecticut Planning Region, Connecticut is about 13.1, meaning it would take roughly 13.1 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 South Central Connecticut Planning Region.
Are home prices or rent rising faster in South Central Connecticut Planning Region, Connecticut?
Both home prices and rent are rising in South Central Connecticut Planning Region, up about 3.9% and 3.9% a year respectively. Rent is changing faster.
What is the homeownership rate in South Central Connecticut Planning Region, Connecticut?
56.7% of households in South Central Connecticut Planning Region, Connecticut own their home, lower than the Connecticut average of 62.2%.
What is the vacancy rate in South Central Connecticut Planning Region, Connecticut?
The housing vacancy rate in South Central Connecticut Planning Region, Connecticut is 7.6%, higher than the Connecticut average of 7.5%.