Connecticut, with its scenic coastline and proximity to New York City, is a desirable place to live. Fairfield County, in the southern part of the state and closest to Manhattan, can be expensive — many of its towns are too costly for first-time homebuyers on a budget. But central and northern Connecticut offer communities with more affordable homes and cost of living, well-suited to those looking to make their first major real estate purchase.
To help first-time homebuyers decide on the ideal place to buy a house in Connecticut, NerdWallet analyzed how much they could spend on a mortgage and examined the data on appreciation to find the best locations, based on the health of the local housing market, the costs of housing, and the prosperity and safety in each community. To be sure, the state is not a magnet for first-time buyers based on affordability, but the places we identified stand out as being the most suitable for those looking for a foothold in the housing market.
How much can first-time homebuyers afford?
For our calculations, we assumed a first-time homebuyer in Connecticut earns an annual income of $73,361, the 2014 state median for households headed by residents ages 25 to 44. We also assumed a personal savings rate of 4.8%, based on the U.S. 10-year average as measured by the Federal Reserve Bank of St. Louis. Assuming the homebuyers are starting with nothing in the bank, we then estimated how many years it would take to save for a 20% down payment. Of course, the actual number of years of savings will vary depending on each individual’s financial situation, and it’s possible to buy a home with a down payment as low as 3%.
By following the Consumer Financial Protection Bureau’s recommendation that homeowners shouldn’t allocate more than 28% of their gross monthly income to housing costs, we determined that a homebuyer in Connecticut could afford to spend $1,712 a month on monthly ownership costs — mortgage, taxes, utilities and insurance.
Our top 10 list consists of suburban and rural communities, none of them within reasonable commuting reach of New York City, the nation’s No. 1 jobs market. The top place within commuting range is Bethel, which came in 40th among 116 communities we looked at.
Top places for first-time homebuyers in Connecticut
1. New Hartford
The rural town of New Hartford, in the northwest part of Connecticut, has a very low poverty rate. With a population of just over 6,900, this small community was the 11th-safest among the 116 in the state we analyzed. Additionally, the select monthly ownership costs were the second-lowest among the top 10 cities, at $1,813; that’s $235 less than the median for all 116 communities. New Hartford is home to Ski Sundown, a popular ski area, making it a perfect spot for winter sports enthusiasts.
2. Westbrook
On the shoreline of Long Island Sound between New Haven and New London, Westbrook had the second-most expensive home value among the top 10. But it also had the strongest home value growth rate among all 116 communities analyzed — a positive economic sign for homebuyers. It’s also closer to New York than most other communities in the top 10, though it’s beyond a reasonable commuting distance. Although home values in many areas of the state fell between 2011 and 2014, they grew by 4.87% in Westbrook; that’s well above the median decline of 6.8% for all communities analyzed. Westbrook also had the lowest real estate tax rate among the top 10, at 1.15% of assessed value per year.
3. Coventry
Sprawling across 37 square miles of woods and former farmlands in northern Connecticut, Coventry is a quiet historic town about 20 miles from Hartford. Homeowners here see median monthly ownership costs of $1,883, which is $165 less than the median of all communities analyzed. Among the top 10 locations, it takes the third-shortest amount of time to save for a down payment in Coventry (19.86 years). With a crime rating of “safe,” low poverty rates and home values nearly $20,000 less than the state median, Coventry could be an ideal location for first-time homebuyers if they can find employment within commuting distance.
4. Berlin
The population growth in this central Connecticut town was the third-highest of all 116 communities analyzed, rising 3.34% between 2011 and 2014 — much higher than the median population growth of 0.5% for all places analyzed. The median home value here as of 2014 was $286,800, slightly higher than the median of all places analyzed. Berlin has a crime score of “safe” and is ringed by highways, making Hartford an easy commute. Also nearby are Central Connecticut State University and Wesleyan University.
5. Colchester
In this town of just over 16,000 residents, the median age is 39, the youngest among our top 10 cities. About 20 miles from Middletown, Colchester was the 20th-safest community among all 116 analyzed. Although home values decreased in Colchester between 2011 and 2014, the population had positive growth. This historic town was settled in 1698 and is close to several beautiful state parks, with plentiful hiking trails and other outdoor activities. Hartford, New Haven and New London are all commutable from here.
6. Windsor Locks
Home to Bradley International Airport, Windsor Locks is in northern Connecticut. At $1,684, the median monthly owner costs in Windsor Locks were the lowest among our top 10 towns, and $364 lower than the median of all Connecticut communities that we analyzed. Although crime and poverty are slightly higher here than among the other top 10 cities, homes were least expensive, and it takes the least amount of time among our top 10 towns to save up for a 20% down payment (15.5 years). From here, it’s an easy commute to Hartford and Springfield, Massachusetts.
7. Durham
This small rural community near Middletown is primarily residential. Home values in Durham were highest among the top 10 places, at $358,200 as of 2014; that’s $79,400 more than the median of all locations analyzed. Durham falls into the “most safe” crime score category and has very low poverty rates. Additionally, home value growth was the second-highest here among all communities between 2011 and 2014, a positive economic sign.
8. Ellington
Seated in the Connecticut River Valley about 20 miles from Hartford, this community is rural and agricultural, but is quickly growing. Ellington experienced the second-highest population growth among the top 10 locations (2.15%), and 18th among all communities, with a total of close to 16,000 residents as of 2014. The median home value in 2014 was $18,600 less than the median of all cities analyzed. Crystal Lake and the Shenipsit State Forest can be found in Ellington, offering easily accessible outdoor activities.
9. Marlborough
The rural suburban community of Marlborough is about 17 miles southeast of Hartford and rests among forests and a lake. It has the lowest population among the top 10, with nearly 6,500 residents as of 2014, though it had the third-highest population growth between 2011 and 2014 among the top 10 cities. Marlborough also had the third-highest home value growth between 2011 and 2014 among all communities analyzed; while the median was -6.8%, it was 0.64% in Marlborough. Additionally, this town has the highest percentage of owner-occupied homes among the top 10, at 94%.
10. Windsor
Located along the Connecticut River, the historic town of Windsor is just north of Hartford, making it an easy commute for those who work there. Among the top 10 cities, it takes the second-least amount of time to save for a 20% down payment here, at 17.4 years. Living here is comparatively affordable; the monthly ownership costs are $1,827, which is $221 less than the median of all communities analyzed. Windsor is the largest town in the top 10 by population, with about 29,000 residents as of 2014. And with its proximity to Hartford, there are more public transportation options here than in most other cities on this list.
Top places for first-time homebuyers in Connecticut: Full data
Scroll through the table below to see the data for the places analyzed in Connecticut.
| Rank | City | POPULATION IN 2014 | Median annual income | Population Growth Rate 2011-2014 | MEDIAN HOME VALUE IN 2014 | HOME VALUE GROWTH RATE 2011-2014 | PERCENTAGE OF HOUSING OCCUPIED BY OWNERS | MEDIAN PROPERTY TAX RATE | Selected monthly owner costs | Years to save for 20% down payment | Percentage of families living in poverty | Crime-risk score | Score |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | New Hartford | 6,910 | $82,245 | 0.13% | $278,800 | -2.24% | 91% | 1.89% | $1,813 | 21 | 0.00% | Most safe | 72 |
| 2 | Westbrook | 6,916 | $78,417 | 0.36% | $357,600 | 4.87% | 80% | 1.15% | $2,131 | 27 | 1.50% | Less safe | 71 |
| 3 | Coventry | 12,434 | $92,663 | 0.26% | $259,000 | -0.69% | 91% | 1.89% | $1,883 | 20 | 2.30% | Safe | 69 |
| 4 | Berlin | 20,352 | $87,518 | 3.34% | $286,800 | -2.65% | 85% | 1.83% | $2,131 | 22 | 3.80% | Safe | 67 |
| 5 | Colchester | 16,143 | $98,899 | 1.34% | $275,700 | -3.64% | 81% | 1.86% | $2,084 | 21 | 3.20% | Most safe | 66 |
| 6 | Windsor Locks | 12,554 | $67,222 | 0.71% | $202,100 | -5.07% | 79% | 1.64% | $1,684 | 15 | 4.60% | Less safe | 66 |
| 7 | Durham | 7,371 | $117,328 | 0.39% | $358,200 | 0.90% | 91% | 1.91% | $2,498 | 27 | 0.00% | Most safe | 65 |
| 8 | Ellington | 15,725 | $84,339 | 2.15% | $260,200 | -5.59% | 69% | 1.78% | $1,952 | 20 | 1.90% | Safe | 65 |
| 9 | Marlborough | 6,428 | $112,714 | 1.47% | $299,300 | 0.64% | 94% | 2.07% | $2,252 | 23 | 0.70% | Less safe | 65 |
| 10 | Windsor | 29,130 | $79,244 | 0.58% | $227,300 | -5.01% | 82% | 1.79% | $1,827 | 17 | 4.00% | Safe | 65 |
| 11 | South Windsor | 25,795 | $94,217 | 0.85% | $272,100 | -0.91% | 88% | 2.17% | $2,107 | 21 | 1.40% | Less safe | 64 |
| 12 | Canton | 10,334 | $89,452 | 1.92% | $309,400 | -6.44% | 82% | 1.74% | $2,224 | 24 | 1.50% | Most safe | 64 |
| 13 | Haddam | 8,356 | $99,010 | 1.08% | $327,800 | -2.18% | 91% | 1.88% | $2,316 | 25 | 4.60% | Most safe | 64 |
| 14 | Suffield | 15,764 | $94,610 | 1.62% | $313,600 | -5.85% | 86% | 1.72% | $2,284 | 24 | 3.00% | Most safe | 64 |
| 15 | Glastonbury | 34,661 | $108,157 | 1.43% | $347,800 | 0.09% | 81% | 2.02% | $2,424 | 27 | 2.90% | Most safe | 64 |
| 16 | Burlington | 9,443 | $109,037 | 2.74% | $318,400 | -2.96% | 94% | 1.87% | $2,247 | 24 | 3.30% | Less safe | 64 |
| 17 | Tolland | 14,971 | $107,290 | 0.27% | $277,700 | -5.64% | 94% | 2.03% | $2,147 | 21 | 1.30% | Most safe | 63 |
| 18 | East Hampton | 12,936 | $96,066 | 0.08% | $267,300 | -5.31% | 88% | 1.85% | $2,065 | 20 | 1.60% | Safe | 63 |
| 19 | Southington | 43,509 | $81,285 | 1.82% | $263,300 | -5.32% | 83% | 1.69% | $1,957 | 20 | 3.20% | Less safe | 63 |
| 20 | Lebanon | 7,314 | $90,149 | 0.63% | $269,300 | -7.84% | 91% | 1.58% | $2,084 | 21 | 0.00% | Safe | 63 |
| 21 | Newington | 30,652 | $79,008 | 0.69% | $232,400 | -1.90% | 82% | 1.98% | $1,869 | 18 | 2.80% | Least safe | 63 |
| 22 | Granby | 11,310 | $100,262 | 1.05% | $289,000 | -4.62% | 92% | 2.13% | $2,226 | 22 | 0.60% | Most safe | 63 |
| 23 | Somers | 11,431 | $95,139 | 0.40% | $314,600 | -5.58% | 86% | 1.50% | $2,144 | 24 | 3.40% | Most safe | 63 |
| 24 | Prospect | 9,615 | $100,592 | 3.00% | $298,500 | -7.59% | 91% | 1.80% | $2,157 | 23 | 2.00% | Safe | 63 |
| 25 | Wallingford | 45,154 | $75,533 | 0.50% | $265,800 | -4.80% | 75% | 1.74% | $1,905 | 20 | 3.70% | Safe | 63 |
| 26 | Woodstock | 7,916 | $70,927 | -0.08% | $246,200 | -12.20% | 84% | 1.38% | $1,910 | 19 | 2.60% | Most safe | 62 |
| 27 | East Haddam | 9,142 | $82,773 | 0.80% | $285,000 | -8.89% | 84% | 1.56% | $2,074 | 22 | 3.30% | Most safe | 62 |
| 28 | Cheshire | 29,272 | $107,716 | 0.25% | $340,000 | -5.08% | 88% | 1.80% | $2,338 | 26 | 1.30% | Most safe | 62 |
| 29 | Thomaston | 7,793 | $73,679 | -0.88% | $226,500 | -4.35% | 81% | 2.10% | $1,866 | 17 | 1.60% | Safe | 61 |
| 30 | Wolcott | 16,724 | $83,317 | 1.16% | $243,300 | -7.60% | 88% | 1.86% | $1,906 | 19 | 2.00% | Less safe | 61 |
| 31 | Farmington | 25,515 | $92,933 | 1.31% | $331,300 | -1.81% | 75% | 1.49% | $2,113 | 25 | 3.10% | Least safe | 61 |
| 32 | Old Lyme | 7,587 | $87,817 | 0.05% | $402,800 | -5.13% | 82% | 1.23% | $2,198 | 31 | 0.30% | Safe | 61 |
| 33 | Brooklyn | 8,240 | $59,369 | 1.33% | $228,500 | -10.60% | 79% | 1.47% | $1,651 | 18 | 9.20% | Safe | 61 |
| 34 | Simsbury | 23,681 | $109,823 | 0.78% | $334,800 | -3.21% | 86% | 2.14% | $2,443 | 26 | 1.20% | Most safe | 61 |
| 35 | Shelton | 40,472 | $88,369 | 2.96% | $348,200 | -7.37% | 80% | 1.42% | $2,320 | 27 | 4.10% | Safe | 61 |
| 36 | East Lyme | 19,118 | $81,711 | 0.20% | $311,900 | -6.31% | 80% | 1.48% | $2,070 | 24 | 2.20% | Safe | 60 |
| 37 | Plainville | 17,791 | $55,506 | 0.68% | $202,500 | -2.92% | 68% | 1.99% | $1,657 | 16 | 6.10% | Least safe | 60 |
| 38 | New Fairfield | 14,079 | $101,750 | 1.68% | $358,600 | -5.78% | 96% | 1.67% | $2,399 | 28 | 1.50% | Safe | 60 |
| 39 | Ledyard | 15,090 | $87,101 | 0.49% | $247,700 | -6.74% | 82% | 1.88% | $1,994 | 19 | 5.30% | Safe | 60 |
| 40 | Bethel | 19,078 | $85,377 | 3.16% | $337,000 | -6.18% | 78% | 1.82% | $2,461 | 26 | 2.50% | Most safe | 60 |
| 41 | Killingly | 17,281 | $57,016 | -0.44% | $193,800 | -7.09% | 70% | 1.62% | $1,625 | 15 | 6.40% | Less safe | 60 |
| 42 | Killingworth | 6,516 | $112,344 | 0.26% | $386,900 | -4.96% | 95% | 1.67% | $2,532 | 30 | 0.70% | Most safe | 60 |
| 43 | Rocky Hill | 19,838 | $75,442 | 1.56% | $267,300 | -6.47% | 68% | 1.79% | $1,935 | 20 | 4.20% | Less safe | 60 |
| 44 | Oxford | 12,831 | $98,504 | 3.61% | $355,100 | -9.44% | 88% | 1.63% | $2,505 | 27 | 1.80% | Most safe | 60 |
| 45 | Hebron | 9,627 | $101,974 | 0.07% | $306,500 | -7.46% | 91% | 2.15% | $2,255 | 24 | 0.00% | Most safe | 60 |
| 46 | Cromwell | 14,077 | $80,028 | 0.90% | $242,800 | -5.34% | 83% | 2.03% | $2,002 | 19 | 2.40% | Less safe | 59 |
| 47 | Portland | 9,483 | $82,770 | 0.14% | $269,000 | -9.67% | 82% | 2.02% | $2,030 | 21 | 2.50% | Most safe | 59 |
| 48 | Branford | 28,066 | $71,058 | -0.12% | $311,000 | -0.38% | 68% | 1.59% | $2,164 | 24 | 4.50% | Least safe | 59 |
| 49 | North Branford | 14,387 | $87,408 | 0.22% | $294,000 | -6.22% | 88% | 1.93% | $2,130 | 23 | 3.30% | Safe | 59 |
| 50 | Madison | 18,284 | $108,231 | 0.22% | $459,200 | -2.81% | 88% | 1.48% | $2,739 | 35 | 1.60% | Most safe | 59 |
| 51 | Thompson | 9,390 | $67,519 | -0.59% | $195,500 | -15.18% | 81% | 1.39% | $1,482 | 15 | 5.40% | Safe | 59 |
| 52 | Stonington | 18,539 | $81,673 | 0.31% | $329,200 | -4.05% | 72% | 1.26% | $2,109 | 25 | 4.80% | Less safe | 59 |
| 53 | Avon | 18,298 | $116,565 | 2.46% | $379,000 | -6.77% | 86% | 1.71% | $2,560 | 29 | 2.90% | Most safe | 59 |
| 54 | Middlebury | 7,575 | $95,320 | 1.56% | $349,900 | -7.90% | 90% | 1.86% | $2,432 | 27 | 0.60% | Most safe | 58 |
| 55 | Old Saybrook | 10,222 | $74,896 | -0.82% | $384,200 | -7.15% | 84% | 1.15% | $2,241 | 29 | 3.70% | Safe | 58 |
| 56 | Ridgefield | 25,025 | $147,936 | 2.27% | $681,700 | -3.66% | 83% | 1.46% | $3,652 | 52 | 2.20% | Most safe | 58 |
| 57 | Montville | 19,649 | $67,044 | 0.74% | $206,500 | -12.39% | 81% | 1.76% | $1,744 | 16 | 3.90% | Less safe | 58 |
| 58 | Enfield | 44,713 | $68,162 | -0.08% | $191,600 | -7.53% | 75% | 2.07% | $1,728 | 15 | 4.80% | Less safe | 57 |
| 59 | Clinton | 13,188 | $71,028 | -0.77% | $280,600 | -5.04% | 81% | 1.63% | $2,001 | 22 | 5.20% | Less safe | 57 |
| 60 | Southbury | 19,876 | $76,896 | 0.50% | $314,000 | -6.77% | 86% | 1.68% | $2,305 | 24 | 4.30% | Safe | 57 |
| 61 | Winchester | 11,089 | $60,163 | -1.13% | $187,900 | -5.15% | 61% | 2.14% | $1,684 | 14 | 5.20% | Less safe | 56 |
| 62 | Watertown | 22,286 | $78,767 | -0.96% | $253,100 | -8.63% | 82% | 1.72% | $1,943 | 19 | 1.60% | Less safe | 56 |
| 63 | Vernon | 29,162 | $60,556 | -0.13% | $207,700 | -5.80% | 55% | 2.16% | $1,811 | 16 | 7.20% | Safe | 56 |
| 64 | Redding | 9,267 | $121,667 | 2.31% | $618,900 | -3.99% | 80% | 1.58% | $3,656 | 47 | 1.30% | Most safe | 56 |
| 65 | Mansfield | 26,328 | $66,404 | 0.76% | $242,900 | -6.68% | 64% | 1.83% | $1,981 | 19 | 3.00% | Less safe | 56 |
| 66 | Wethersfield | 26,579 | $78,008 | -0.23% | $254,200 | -6.13% | 79% | 2.25% | $1,965 | 19 | 3.60% | Safe | 56 |
| 67 | Bloomfield | 20,626 | $73,519 | 1.08% | $214,800 | -4.91% | 73% | 2.31% | $1,889 | 16 | 5.80% | Least safe | 55 |
| 68 | Plainfield | 15,270 | $62,630 | -0.73% | $175,700 | -14.46% | 75% | 1.92% | $1,629 | 13 | 8.00% | Most safe | 55 |
| 69 | Griswold | 11,952 | $59,545 | 0.97% | $212,100 | -12.79% | 73% | 1.58% | $1,838 | 16 | 7.20% | Less safe | 55 |
| 70 | Groton | 40,136 | $60,157 | -0.13% | $246,100 | -4.43% | 47% | 1.65% | $1,921 | 19 | 6.60% | Less safe | 55 |
| 71 | Waterford | 19,499 | $75,181 | 0.25% | $259,800 | -10.75% | 85% | 1.38% | $1,965 | 20 | 4.30% | Least safe | 55 |
| 72 | Woodbury | 9,851 | $84,868 | -0.78% | $358,800 | -7.91% | 77% | 1.56% | $2,310 | 28 | 3.20% | Safe | 54 |
| 73 | Middletown | 47,424 | $61,373 | -0.18% | $231,700 | -3.05% | 53% | 2.07% | $1,886 | 18 | 9.90% | Less safe | 54 |
| 74 | Putnam | 9,515 | $46,418 | -0.48% | $187,200 | -13.45% | 60% | 1.38% | $1,650 | 14 | 6.30% | Less safe | 53 |
| 75 | Windham | 25,271 | $41,019 | 0.57% | $167,600 | -4.01% | 47% | 2.17% | $1,625 | 13 | 22.00% | Least safe | 53 |
| 76 | Danbury | 82,781 | $65,981 | 3.35% | $295,600 | -10.45% | 60% | 1.50% | $2,194 | 23 | 8.40% | Less safe | 53 |
| 77 | Bristol | 60,556 | $60,208 | 0.14% | $199,000 | -8.34% | 67% | 2.04% | $1,738 | 15 | 7.20% | Least safe | 53 |
| 78 | Seymour | 16,551 | $77,465 | 0.66% | $266,700 | -8.48% | 76% | 2.12% | $2,114 | 20 | 5.00% | Safe | 53 |
| 79 | Beacon Falls | 6,065 | $87,273 | 1.61% | $255,900 | -15.24% | 82% | 1.96% | $2,016 | 20 | 2.10% | Safe | 53 |
| 80 | Guilford | 22,405 | $99,441 | 0.60% | $383,600 | -8.82% | 86% | 1.65% | $2,511 | 29 | 2.80% | Safe | 52 |
| 81 | Monroe | 19,744 | $108,688 | 1.78% | $390,700 | -8.07% | 94% | 2.02% | $2,798 | 30 | 2.60% | Most safe | 52 |
| 82 | Brookfield | 16,774 | $106,920 | 2.66% | $365,700 | -14.28% | 85% | 1.61% | $2,514 | 28 | 0.70% | Most safe | 52 |
| 83 | New Milford | 27,821 | $79,028 | -1.07% | $302,000 | -10.12% | 79% | 1.70% | $2,181 | 23 | 5.10% | Safe | 52 |
| 84 | West Hartford | 63,396 | $84,092 | 0.52% | $304,000 | -2.84% | 72% | 2.19% | $2,285 | 23 | 5.60% | Less safe | 52 |
| 85 | Essex | 6,643 | $88,550 | -0.81% | $379,800 | -11.80% | 82% | 1.33% | $2,185 | 29 | 2.00% | Safe | 52 |
| 86 | Hamden | 61,605 | $67,771 | 1.75% | $235,600 | -6.32% | 66% | 2.39% | $1,995 | 18 | 4.40% | Least safe | 51 |
| 87 | Newtown | 27,960 | $108,667 | 2.66% | $417,100 | -9.99% | 89% | 1.91% | $2,927 | 32 | 3.10% | Most safe | 51 |
| 88 | Plymouth | 12,085 | $71,441 | -1.09% | $199,300 | -10.79% | 81% | 2.36% | $1,813 | 15 | 4.40% | Less safe | 51 |
| 89 | East Windsor | 11,353 | $72,866 | 2.98% | $201,600 | -14.29% | 70% | 1.90% | $1,933 | 15 | 4.30% | Least safe | 51 |
| 90 | North Haven | 23,997 | $84,078 | 0.07% | $299,700 | -8.85% | 86% | 1.92% | $2,308 | 23 | 2.60% | Less safe | 50 |
| 91 | Litchfield | 8,365 | $82,188 | -1.40% | $298,600 | -15.53% | 78% | 1.61% | $1,949 | 23 | 3.00% | Most safe | 50 |
| 92 | Stafford | 12,013 | $62,859 | -0.35% | $198,500 | -11.30% | 74% | 2.03% | $1,760 | 15 | 8.20% | Less safe | 50 |
| 93 | Torrington | 35,774 | $55,460 | -1.67% | $172,800 | -7.84% | 67% | 2.37% | $1,652 | 13 | 6.60% | Least safe | 49 |
| 94 | East Haven | 29,139 | $61,435 | -0.04% | $215,000 | -10.60% | 71% | 1.97% | $1,887 | 16 | 7.20% | Least safe | 49 |
| 95 | Woodbridge | 8,969 | $134,045 | -0.26% | $468,000 | -3.49% | 91% | 2.10% | $3,609 | 36 | 1.10% | Safe | 48 |
| 96 | Orange | 13,947 | $105,190 | 0.45% | $387,800 | -6.76% | 88% | 1.66% | $2,687 | 30 | 2.50% | Least safe | 48 |
| 97 | Fairfield | 60,678 | $120,082 | 2.71% | $575,000 | -6.34% | 83% | 1.46% | $3,220 | 44 | 2.90% | Less safe | 48 |
| 98 | Milford | 53,039 | $80,743 | 0.58% | $304,200 | -9.44% | 77% | 1.80% | $2,223 | 23 | 3.10% | Least safe | 47 |
| 99 | Manchester | 58,270 | $63,198 | 0.64% | $192,600 | -10.08% | 56% | 2.32% | $1,786 | 15 | 8.90% | Least safe | 46 |
| 100 | Norwich | 40,378 | $49,695 | 0.73% | $183,200 | -10.76% | 52% | 2.03% | $1,752 | 14 | 12.20% | Least safe | 46 |
| 101 | Stratford | 52,092 | $66,451 | 1.91% | $256,900 | -11.20% | 81% | 2.35% | $2,151 | 20 | 5.30% | Least safe | 46 |
| 102 | Meriden | 60,616 | $53,401 | 0.01% | $184,300 | -10.27% | 61% | 2.36% | $1,691 | 14 | 11.00% | Least safe | 45 |
| 103 | Trumbull | 36,444 | $108,554 | 1.94% | $399,700 | -11.22% | 89% | 1.97% | $2,878 | 31 | 0.80% | Safe | 45 |
| 104 | Derby | 12,837 | $52,136 | -0.06% | $212,700 | -9.68% | 58% | 2.22% | $1,879 | 16 | 11.10% | Least safe | 44 |
| 105 | New London | 27,536 | $41,230 | -0.05% | $186,700 | -8.66% | 36% | 2.15% | $1,629 | 14 | 21.80% | Least safe | 44 |
| 106 | New Britain | 73,095 | $40,515 | 0.05% | $162,100 | -6.84% | 40% | 2.75% | $1,649 | 12 | 18.30% | Least safe | 42 |
| 107 | Hartford | 125,211 | $29,313 | 0.32% | $163,600 | -12.04% | 24% | 2.08% | $1,622 | 13 | 31.30% | Least safe | 41 |
| 108 | East Hartford | 51,211 | $50,355 | 0.23% | $169,900 | -10.58% | 58% | 2.68% | $1,762 | 13 | 11.90% | Least safe | 41 |
| 109 | Norwalk | 87,214 | $76,051 | 2.43% | $406,600 | -11.65% | 62% | 1.60% | $2,651 | 31 | 5.90% | Less safe | 41 |
| 110 | Naugatuck | 31,790 | $58,641 | 0.04% | $192,500 | -13.05% | 67% | 2.87% | $1,847 | 15 | 7.80% | Least safe | 40 |
| 111 | West Haven | 55,290 | $49,993 | 0.07% | $210,300 | -8.41% | 55% | 2.88% | $2,020 | 16 | 10.30% | Least safe | 39 |
| 112 | Stamford | 125,401 | $77,221 | 2.97% | $506,000 | -11.45% | 55% | 1.36% | $2,853 | 39 | 6.90% | Less safe | 38 |
| 113 | Ansonia | 19,128 | $43,144 | -0.34% | $219,200 | -17.13% | 55% | 2.12% | $1,972 | 17 | 16.70% | Least safe | 35 |
| 114 | Waterbury | 109,887 | $41,136 | -0.17% | $140,700 | -14.21% | 47% | 3.39% | $1,634 | 11 | 20.50% | Least safe | 34 |
| 115 | New Haven | 130,553 | $37,508 | 1.04% | $199,200 | -12.86% | 30% | 2.44% | $2,002 | 15 | 22.30% | Least safe | 33 |
| 116 | Bridgeport | 146,680 | $41,204 | 2.28% | $176,000 | -22.91% | 41% | 3.17% | $2,011 | 13 | 20.40% | Least safe | 28 |
Methodology
We analyzed cities and census-designated places in Connecticut with populations of 6,000 or more; we excluded communities with restrictions, such as on the age of residents. Seven Fairfield County towns were also excluded from the analysis because their home values and monthly ownership costs were deemed too expensive for first-time homebuyers. All housing and demographic data are from the U.S. Census Bureau’s 2014 American Community Survey. Our rankings are based on these factors:
Home market health is 40% of the score. To determine market health, we looked at the median population growth rate and home value growth from 2011 to 2014. We also looked at the percentage of housing units that were owner-occupied.
Housing cost is 40% of the score. To determine housing cost, we averaged the median property tax rate, how long it would take a first-time homebuyer to save 20% of the median home value, and the difference between selected monthly ownership costs — mortgage, taxes, utilities and insurance — of each location and the recommended $1,712 in Connecticut. Considering that Americans on average buy their first home at age 34, we looked at the median annual income of the 25-to-44 age group, which in Connecticut was $73,361 in 2014. The personal savings rate is from the U.S. 10-year average, according to the Federal Reserve Bank of St. Louis.
Prosperity and safety are 20% of the score. To determine prosperity, we looked at the percentage of families living in poverty in each location. For safety, a crime risk index for Connecticut was provided by NeighborhoodScout. We grouped the index, with scores from 0 to 100, into categories of “most safe,” “safe,” “less safe” and “least safe.” These categories are relative to the entire state. As a whole, Connecticut experiences less crime than the national median, according to NeighborhoodScout. To find out more about how the crime score is calculated, go to NeighborhoodScout.com.
Emily Starbuck Crone is a staff writer at NerdWallet, a personal finance website. Email: emily.crone@nerdwallet.com. Twitter: @emstarbuck.
Connecticut shoreline image via iStock.
from NerdWallet
https://www.nerdwallet.com/blog/mortgages/top-places-first-time-homebuyers-connecticut/
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