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 | Stamford | Connecticut Avg | US Average |
|---|---|---|---|
| Median Home Price | $606,000 | $290,235 | $242,182 |
| Price Trend (Annual %) | 8.6% | 4.7% | 8.2% |
| Median Gross Rent | $2,193 | $1,419 | $1,342 |
| Rent Trend (Annual %) | 4.1% | 3.7% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Stamford is about 109% higher than in Connecticut. Rent is about 55% 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 Stamford, up about 8.6% and 4.1% a year respectively. Home prices are changing faster.
Median rent in Stamford rose about 37.5% between 2015 and 2023, from $1,594 to $2,193. Over the same span, rent in Connecticut rose about 31.1%.
Affordability
On average, housing unit costs 5.5 yearly household incomes in Stamford.
Buying the median-priced home in Stamford costs roughly 23.0 years of rent at the median monthly rate. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Stamford. The price-to-rent ratio in Connecticut is about 17.0.
| Metric | Stamford | Connecticut Avg | US Average |
|---|---|---|---|
| Median Home Price | $606,000 | $290,235 | $242,182 |
| Median Household Income | $110,188 | $95,363 | $78,145 |
| Price-to-Income Ratio | 5.5 | 3.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Stamford rose about 33.4%, while median household income rose about 43.8% 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 | Stamford | Connecticut Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 51.5% | 62.2% | 58.2% |
| Rental Rate | 41.8% | 30.3% | 31.3% |
| Vacancy Rate | 6.7% | 7.5% | 10.6% |
| Median Tenure (years) | 14.0 | 16.0 | 15.0 |
| Median Year Moved In | 2012 | 2010 | 2011 |
Stamford has a homeownership rate of 51.5%, lower than the Connecticut average of 62.2%. Its housing vacancy rate is 6.7%, compared with 7.5% in Connecticut.
Housing Stock
| Metric | Stamford | Connecticut Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.48 people | 2.48 people | 2.54 people |
| Median Structure Built Year | 1969 | 1966 | 1978 |
| Median Number of Rooms | 4.9 | 5.7 | 5.5 |
The typical housing unit in Stamford was built around 1969. On average, 2.5 people live in a home with about 4.9 rooms, staying for about 14.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Stamford, Connecticut.
What is the median home price in Stamford, Connecticut?
The median home price in Stamford, Connecticut is $606,000, higher than the Connecticut average of $290,235.
What is the average home price in Stamford, 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 Stamford, Connecticut?
The median gross rent in Stamford, Connecticut is $2,193 per month, higher than the Connecticut average of $1,419.
What was the median gross rent in Stamford in 2020?
In 2020, the median gross rent in Stamford, Connecticut was $1,941 per month.
What is the price-to-rent ratio in Stamford, Connecticut?
The price-to-rent ratio in Stamford, Connecticut is about 23.0, meaning it would take roughly 23.0 years of rent payments at the median rent to equal the median home price. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Stamford.
Are home prices or rent rising faster in Stamford, Connecticut?
Both home prices and rent are rising in Stamford, up about 8.6% and 4.1% a year respectively. Home prices are changing faster.
What is the homeownership rate in Stamford, Connecticut?
51.5% of households in Stamford, Connecticut own their home, lower than the Connecticut average of 62.2%.
What is the vacancy rate in Stamford, Connecticut?
The housing vacancy rate in Stamford, Connecticut is 6.7%, lower than the Connecticut average of 7.5%.