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 | Southeastern Connecticut Planning Region | Connecticut Avg | US Average |
|---|---|---|---|
| Median Home Price | $257,500 | $290,235 | $242,182 |
| Price Trend (Annual %) | 4.9% | 4.7% | 8.2% |
| Median Gross Rent | $1,312 | $1,419 | $1,342 |
| Rent Trend (Annual %) | 4.0% | 3.7% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Southeastern Connecticut Planning Region is about 11% 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 Southeastern Connecticut Planning Region, up about 4.9% and 4.0% a year respectively. Home prices are changing faster.
Median rent in Southeastern Connecticut Planning Region rose about 34.1% between 2015 and 2023, from $979 to $1,312. Over the same span, rent in Connecticut rose about 31.1%.
Affordability
On average, housing unit costs 3.0 yearly household incomes in Southeastern Connecticut Planning Region.
Buying the median-priced home in Southeastern Connecticut Planning Region costs roughly 16.4 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 Southeastern Connecticut Planning Region. The price-to-rent ratio in Connecticut is about 17.0.
| Metric | Southeastern Connecticut Planning Region | Connecticut Avg | US Average |
|---|---|---|---|
| Median Home Price | $257,500 | $290,235 | $242,182 |
| Median Household Income | $86,205 | $95,363 | $78,145 |
| Price-to-Income Ratio | 3.0 | 3.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Southeastern Connecticut Planning Region rose about 33.8%, while median household income rose about 39.0% 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 | Southeastern Connecticut Planning Region | Connecticut Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 59.5% | 62.2% | 58.2% |
| Rental Rate | 31.6% | 30.3% | 31.3% |
| Vacancy Rate | 8.9% | 7.5% | 10.6% |
| Median Tenure (years) | 16.0 | 16.0 | 15.0 |
| Median Year Moved In | 2010 | 2010 | 2011 |
Southeastern Connecticut Planning Region has a homeownership rate of 59.5%, lower than the Connecticut average of 62.2%. Its housing vacancy rate is 8.9%, compared with 7.5% in Connecticut.
Housing Stock
| Metric | Southeastern Connecticut Planning Region | Connecticut Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.34 people | 2.48 people | 2.54 people |
| Median Structure Built Year | 1968 | 1966 | 1978 |
| Median Number of Rooms | 5.6 | 5.7 | 5.5 |
The typical housing unit in Southeastern Connecticut Planning Region was built around 1968. On average, 2.3 people live in a home with about 5.6 rooms, staying for about 16.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Southeastern Connecticut Planning Region, Connecticut.
What is the median home price in Southeastern Connecticut Planning Region, Connecticut?
The median home price in Southeastern Connecticut Planning Region, Connecticut is $257,500, lower than the Connecticut average of $290,235.
What is the average home price in Southeastern 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 Southeastern Connecticut Planning Region, Connecticut?
The median gross rent in Southeastern Connecticut Planning Region, Connecticut is $1,312 per month, lower than the Connecticut average of $1,419.
What was the median gross rent in Southeastern Connecticut Planning Region in 2020?
In 2020, the median gross rent in Southeastern Connecticut Planning Region, Connecticut was $1,114 per month.
What is the price-to-rent ratio in Southeastern Connecticut Planning Region, Connecticut?
The price-to-rent ratio in Southeastern Connecticut Planning Region, Connecticut is about 16.4, meaning it would take roughly 16.4 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 Southeastern Connecticut Planning Region.
Are home prices or rent rising faster in Southeastern Connecticut Planning Region, Connecticut?
Both home prices and rent are rising in Southeastern Connecticut Planning Region, up about 4.9% and 4.0% a year respectively. Home prices are changing faster.
What is the homeownership rate in Southeastern Connecticut Planning Region, Connecticut?
59.5% of households in Southeastern Connecticut Planning Region, Connecticut own their home, lower than the Connecticut average of 62.2%.
What is the vacancy rate in Southeastern Connecticut Planning Region, Connecticut?
The housing vacancy rate in Southeastern Connecticut Planning Region, Connecticut is 8.9%, higher than the Connecticut average of 7.5%.