The Partnership for Strong Communities’ housing data profiles show some good news for Connecticut – despite gloomy forecasts: the state’s population has actually increased six percent since 2000; and the number of households has jumped four percent. Connecticut residents also enjoy one of the highest median incomes nationwide, topping out at $70,000+ annually.
Now for some housing statistics that may raise an eyebrow (or maybe the blood pressure). Statewide 50 percent of renters and 32 percent of homeowners are spending more than one-third of their income on housing, leaving less on hand for other necessities like food, transportation, and healthcare.
Other trends that may have implications for Connecticut housing? The senior population is projected to increase 12 percent (availability?). The vast majority of homes in the state were built before 1970 (energy efficiency?), and median incomes vary widely depending on town (affordability?).
Whether you own or rent, are looking for housing, or want to attract employees to your business, here are some questions you may need answered:
- Business owners – Can your employees afford to live near your worksite? Check out things like the gross rent for properties in your town or city, and the housing wage (what an employee must earn to pay no more than 30 percent of income on housing).
- New Graduates – Can you afford to live on your own? Besides looking at gross rents, and the average hourly wage needed to afford housing in your town, check out other towns nearby to find one that might fit your pocketbook.
- Seniors – How easy will it be to downsize from a large property? With the state’s senior population set to grow by more than 12 percent in the next few years, competition for smaller-size homes, condos or rentals will be greater.
- Renters – Are there safe housing options you can afford? Don’t just look at the average price of a rental in your town. Take into account how many of the units were built before 1970, which may have, for example, less energy efficient windows or heating, and which might cost you more in the long run.
- Homeowners – Will you get the price you want when you list a high-dollar property? Statewide, the grand list has dropped 10 percent since 2008. Not only may you have to ask less for your property, but fewer buyers may be interested in the upkeep on a large home.
- Parents – Will your children experience school consolidation? There are projected to be fewer school-aged kids in the future. Schools may close or consolidate, and your child may ultimately live farther from school than when you originally moved the to neighborhood.
Want to find out more about how housing will be impacted by the changing demographics in the state? read the CT report find you town’s report