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 | Waterbury | Connecticut Avg | US Average |
|---|---|---|---|
| Median Home Price | $218,671 | $290,235 | $242,182 |
| Price Trend (Annual %) | 11.6% | 4.7% | 8.2% |
| Median Gross Rent | $1,176 | $1,419 | $1,342 |
| Rent Trend (Annual %) | 3.7% | 3.7% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Waterbury is about 25% 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 Waterbury, up about 11.6% and 3.7% a year respectively. Home prices are changing faster.
Median rent in Waterbury rose about 29.9% between 2015 and 2023, from $905 to $1,176. Over the same span, rent in Connecticut rose about 31.1%.
Affordability
On average, housing unit costs 4.2 yearly household incomes in Waterbury.
Buying the median-priced home in Waterbury costs roughly 15.5 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 Waterbury. The price-to-rent ratio in Connecticut is about 17.0.
| Metric | Waterbury | Connecticut Avg | US Average |
|---|---|---|---|
| Median Home Price | $218,671 | $290,235 | $242,182 |
| Median Household Income | $51,866 | $95,363 | $78,145 |
| Price-to-Income Ratio | 4.2 | 3.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Waterbury rose about 106.4%, while median household income rose about 30.1% 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 | Waterbury | Connecticut Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 40.9% | 62.2% | 58.2% |
| Rental Rate | 50.0% | 30.3% | 31.3% |
| Vacancy Rate | 9.1% | 7.5% | 10.6% |
| Median Tenure (years) | 13.0 | 16.0 | 15.0 |
| Median Year Moved In | 2013 | 2010 | 2011 |
Waterbury has a homeownership rate of 40.9%, lower than the Connecticut average of 62.2%. Its housing vacancy rate is 9.1%, compared with 7.5% in Connecticut.
Housing Stock
| Metric | Waterbury | Connecticut Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.45 people | 2.48 people | 2.54 people |
| Median Structure Built Year | 1959 | 1966 | 1978 |
| Median Number of Rooms | 4.9 | 5.7 | 5.5 |
The typical housing unit in Waterbury was built around 1959. On average, 2.5 people live in a home with about 4.9 rooms, staying for about 13.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Waterbury, Connecticut.
What is the median home price in Waterbury, Connecticut?
The median home price in Waterbury, Connecticut is $218,671, lower than the Connecticut average of $290,235.
What is the average home price in Waterbury, 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 Waterbury, Connecticut?
The median gross rent in Waterbury, Connecticut is $1,176 per month, lower than the Connecticut average of $1,419.
What was the median gross rent in Waterbury in 2020?
In 2020, the median gross rent in Waterbury, Connecticut was $1,039 per month.
What is the price-to-rent ratio in Waterbury, Connecticut?
The price-to-rent ratio in Waterbury, Connecticut is about 15.5, meaning it would take roughly 15.5 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 Waterbury.
Are home prices or rent rising faster in Waterbury, Connecticut?
Both home prices and rent are rising in Waterbury, up about 11.6% and 3.7% a year respectively. Home prices are changing faster.
What is the homeownership rate in Waterbury, Connecticut?
40.9% of households in Waterbury, Connecticut own their home, lower than the Connecticut average of 62.2%.
What is the vacancy rate in Waterbury, Connecticut?
The housing vacancy rate in Waterbury, Connecticut is 9.1%, higher than the Connecticut average of 7.5%.