Connecticut real estate tends to be more expensive than the national average, but that doesn’t mean that living here isn’t affordable. There are many towns where housing and living costs are still low, so we’ve rounded up five of the least expensive cities where you can enjoy life.
One of the smallest states in the country is bursting with big things, particularly in its economy, housing market, and quality of life. Connecticut is brimming with tiny coastal towns and established cities that are rich in history, food, and all things outdoors. If you can brave the bitter cold winters, you’ll have no problem fitting into this friendly, exciting community.
If you’re looking to relocate to Connecticut, it pays to do your homework first. The state’s housing market is hot for many reasons, but there are plenty of great deals to be found in the Land of Steady Habits.
We’ve done some of the hard work for you to find five of the most affordable places to live in Connecticut to help you jumpstart your home search:
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Tucked into the Northwest corner of Connecticut, Torrington has the most affordable home price to income ratio on this list. The micropolitan is home to about 36,000 people within city limits and has been rated as one of the best places in the country to retire.
The median home value is about $160,000, which is $60K below the national average, while the median household income is $61,000, which is about $2K higher than the national average. These dynamics alone make living here more affordable than many other areas in New England.
Settled on the Naugatuck River, this small town is second only to Torrington in terms of home value to income. The median home value is just under $180,000, while the median household income is a healthy $63,000.
The city has been rated as a desirable place to raise a family, thanks to good schools, low crime rates, and a stable economy. The town is just a half hour’s drive from New Haven and all the coastal amenities that come with it, less than an hour from Hartford, and just two hours from New York City.
Whether you’re renting or buying, Bristol makes living in Connecticut affordable. The median home value is $191,000, which has remained relatively flat over the past year. The cost of living is lower here than Connecticut as a whole, which takes into account housing costs, healthcare, and goods and services.
It’s earned a reputation among families and retirees alike, thanks to a quiet suburban setting that’s not far from larger cities like Hartford or New Haven. The crime rates are fairly low and the schools are above average. The area is also a hot spot for young professionals attracted to the area’s strong economy.
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Tucked between Middletown and Waterbury, two other affordable cities in Connecticut, it’s easy to see the appeal that Meriden’s quality of life offers. This city of 60,000 residents has affordable housing and a low overall cost of living. The median home value is $173,000, while the median household income is just under the national average at $57,000.
The town has ranked well for its diversity and opportunities for young professionals. The city has everything from public transit to gyms to coffee shops and libraries, so just about everything you need on a daily basis can be found without having to travel out of town.
If you prefer big city living without the high prices of living in a big city, Waterbury is an attractive option. Home to 110,000 residents, the city offers a lower cost of living and more affordable housing than New Haven or Hartford, especially when comparing home values to income. The median home value is a modest $128,900, while the median income is $41,000.
Being a larger city, there’s plenty to see and do in town. Restaurants, libraries, great schools, shopping, parks, and entertainment are in abundance, all of which are priced well for the area to keep your living costs low.
Find Your Connecticut Home with Clever!
Finding your dream home in Connecticut doesn’t have to come at a premium, especially if you’re looking in the most affordable cities. If you’re eager to start your home buying journey, let Clever help you chart your course!
Clever Partner Agents are experienced local real estate agents from top-rated brokerages. The only difference is that our Partner Agents provide qualified buyers with a $1,000 Home Buyer Rebate just for working with them! Use this money as part of your down payment or to cover closing costs or moving expenses.
Connect with Clever today for a no-obligation consultation and let us help you explore the most affordable places to live in Connecticut!