Best Places to Buy a Condo for Lower-income Population in Connecticut
Despite the above-average housing price, the state of Connecticut offers some incredibly affordable home options for lower-income people. We have picked seven top-tier places to buy condos in Connecticut that you can buy without giving a hefty price.
Lawfully, you can consider a housing unit to be affordable only when it has a price that’s not bigger than ⅓ of the buyer’s annual income. $276,347 is the median price that homeowners have to pay for a home in Connecticut.
Since condos are more affordable than single-family homes, low-income people often go for them as their first choice. And this way, they get the opportunity to build home equity without even spending a lot of money on land.
Top 7 Affordable Locations To Buy Condos In Connecticut
Located in the center of Connecticut, Manchester, a town in Hartford County, has a population of 59,713, according to the 2020 census. The average home price in this small town is $185,500, which is lower than the coastal town of Darien in Fairfield County. Besides having a low cost of utility, its miscellaneous cost is also low.
Greenwich is the largest town on the Gold Coast in southwestern Fairfield County, Connecticut. The town has a total population of 63,518 as of 2020 and has a very minimum living cost in all of Connecticut. Also, the unemployment rate is low, only 5.7%. The home price is pretty affordable. So, the buyers can look for condos here at a budget price.
3. East Hampton
East Hampton is third on our list, and it includes the boroughs of Middle Haddam, Cobalt, and Lake Pocotopaug. It is a town in Middlesex County, having a population of 12,717 as of 2020. The average price for a home in East Hampton is $260,300, which is a bit high compared to the others on the list. However, the number is not as hefty as in other areas in Connecticut.
Torrington is a city situated in Litchfield County, northwest of Connecticut. Whether you want to live in a single-family home or condo, Torrington has a compatible housing price that low-income people can afford.
The city is safer than 70% of US cities. It has a population of 36,000 and is the most populated municipality in the County. Torrington has a median home price of $162,300, which is 37% lower than other cities in Connecticut and $60K less than the national average price.
Bristol is a city in Hartford County, near the city of Hartford & New Haven County, and has a population of 60,437. The quiet suburban city is safer than 68% of US cities in the US. The unemployment rate here is only 5.3%. Miscellaneous and other living costs are also low, making it another addition to our list.
It's the 11th most affordable city in the state. The median home price here is $192,500, which is slightly higher than in Torrington. However, the living cost along with miscellaneous costs and food prices are also cheaper than in most cities.
Milford is a coastal city in New Haven County, situated between the city of New Haven and Bridgeport, two most expensive cities in the state. So, Milford has become the desired place to buy a piece of property in rich neighborhoods.
The median home price in Milford is $425,000, which seems a little expensive but not more than the neighboring cities. The population is about 50,000 in this city, and it has one of the lowest food costs and unemployment rates on the list.
Our last pick for an affordable place to buy condos in Connecticut is Hartford. It's the 4th largest city and has a population of 124,320. The median price for a home is $159,100. This 400-year-old city has a homeownership rate of 23.8%, which is 40% less than the rest of the state. Hence, it has a renter-dominated market, which brings in a lot of potential renters.
As we are in 2022, if you are short on money, you can use smart ways to trade property. And here are some tips on buying a house with crypto. And to be an approaching homeowner, you should expect these custom expenses for your home.
If you want to buy a property in Connecticut, consider it a good choice. Secure your funds with a minimum margin investment in condos in the state of Connecticut. Low entry barriers and cost are one of the main reasons to invest in these Connecticut cities.
So, choose from- Manchester, Greenwich, East Hampton, Torrington, Bristol, Milford, and Hartford, any of these cities, and invest in your dream condo at an affordable price. You can also check out the Rental and Roommate Agencies in Connecticut if you intend to rent an apartment.