If you’re looking to buy a home in Connecticut, the first order of business is to determine how much “house” you can actually afford. That will determine whether or not you will need to apply for a loan and, more importantly, how much money you will reasonably be able to borrow.
According to the United States Census Bureau, the median value of owner-occupied housing units from 2010 to 2014 in Connecticut was $274,500. As this was only the median value, there were obviously homes in the state that were valued lower and higher than the median price.
Late last year, Coldwell Banker Real Estate said in a report that the most expensive market in Connecticut was Greenwich, while the most affordable market in the state was Hartford.
Check out the two top 10 lists below, courtesy of the aforementioned report, on the most expensive and the most affordable housing markets. You may be surprised to see that there was a world of difference between the most expensive and the most affordable, but that also means that there were price points to meet the needs of many families and individuals in the state. And this is still the case.
As for the most expensive, the top 10 housing markets and the corresponding average listing prices (four bedrooms, two bathrooms) were as follows:
- Greenwich ($1,290,921)
- Westport ($1,056,316)
- Wilton ($789,112)
- Weston ($770,917)
- Fairfield ($713,425)
- Ridgefield ($685,668)
- Branford ($640,346)
- Redding ($621,408)
- Stamford ($609,613)
- Old Lyme ($605,843)
As for the least expensive, the top 10 housing markets and the corresponding average listing prices (four bedrooms, two bathrooms) were as follows:
- Hartford ($129,736)
- Waterbury ($132,233)
- New Britain ($178,350)
- East Hartford ($182,738)
- Bridgeport ($182,738)
- Meriden ($203,807)
- Ansonia ($208,955)
- West Haven ($220,291)
- Naugatuck ($226,311)
- Vernon ($228,153)
There was a greater than 90% difference between the most expensive and the least expensive housing markets in Connecticut, which shows that the housing markets in the state are diverse.
Home Financing Options in Connecticut
In the event that you require a loan for a higher-end home in Connecticut, Luxury Mortgage has you covered. We offer a wide range of adjustable and fixed mortgage products for loans on residential properties including jumbo loans for amounts exceeding today’s conforming loan limits.
For those borrowers who are seeking financing in the middle or lower end of the market, we offer Federal Housing Administration (FHA) mortgages. FHA loans are popular with first-time home buyers and consumers hoping to put down less than may be required through conventional financing products.
Let us help you secure the mortgage you need to get into your new luxury home in Connecticut. For more information on how we can help you, contact us today for a free no-obligation consultation.
We're dedicated to helping borrowers find the right home loan program for their situation. Contact us today for a free quote and consultation.
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