Finding a home that meets your needs without breaking the bank can be a serious challenge. State-wide, Connecticut has a median home value of {most_affordable.global_row.median_home_value}. When you add in maintenance costs and property taxes, it can be difficult for many to buy and own a home.
That's why we've compiled a list of affordable cities in Connecticut to help you find a new place to live. All of these places are more affordable than average, meaning you can get more bang for your buck.
Looking for the most affordable places in Connecticut is a start, but you'll save even more money by working with a great agent.
The top Connecticut real estate agents know the local market and where to find pockets of more affordable homes. They can also help negotiate a better price when you do find your dream home.
At Clever Real Estate, we can match you with agents in any area you're interested in — even multiple areas at the same time. You can interview as many agents as you like until you find the perfect place to call home — all at no cost or obligation to you.
Most affordable cities in Connecticut
Whether you're looking for a quiet small town or a trendy suburban neighborhood, it's possible to locate pockets of affordability throughout Connecticut.
Here are our top picks for Connecticut residents on a budget:
1. Torrington
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.
2. Naugatuck
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.
Even after you've found a more affordable place to live in Connecticut, moving there can be expensive. By working with a Clever Partner Agent, you'll have an expert in your corner and you may be able to take advantage of Clever Cash Back.
When you buy a home with a Clever agent, you might be eligible for up to 0.5% cash back to use on anything you want. For the average home value of {most_affordable.global_row.median_home_value}, you'd pocket $0 to help you move (or splurge on a great housewarming gift for yourself).
» SAVE: Learn more about what you can save with Clever Cash Back!
3. Bristol
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.
4. Meriden
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.
5. Waterbury
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.
The benefits of a great real estate agent
If you're just researching affordable places to live, you might wonder why you need a real estate agent. They're the ones that help you once you've already decided on a house, right?
Not necessarily. The truth is, it's never too early to start looking for an agent. In fact, talking to a realtor early on in the process can help you narrow down your options much faster than doing research on your own.
A real estate agent's job is to know everything about their local area. They'll find the best deals in desirable neighborhoods — and might just help you snag your dream home for an affordable price. Let a Clever agent help you discover your options today — all while you enjoy 0.5% cash back!
Frequently asked questions about affordable places to live in Connecticut
In addition to shopping in some of the most affordable areas, you'll want to work with an experienced real estate agent. They can find you hidden gems at low price points. A good agent can also negotiate like a pro to get you a lower sale price and more buyer incentives. You may also be able to take advantage of home buyer rebates.
We recommend using the 28/36 rule to know how much house you can afford. This means your housing expenses shouldn't exceed 28% of your income, and all of your total debt shouldn't exceed 36%. Learn more about how to calculate your home buying budget.