Affordability in Connecticut, 2008:
117 Towns Unaffordable for Most

May 5, 2009 -- HOMEConnecticut's annual Affordability in Connecticut study is now available for 2008, showing that, despite the sharp declines in housing prices, buying a home in 117 of the state's 169 towns - 69% - remains unaffordable for most residents.  The study is an analysis of the ability of a household making median income to afford a median sales priced home in each of state's towns and cities, with the towns ranked by the gap between the income needed to afford a median priced home and the median income for each town in the state. 

The 2008 data show that the recent decline of housing prices in Connecticut has led to a lessening of that gap for many towns in the state, as median incomes continued to rise in 2008. However, tightening credit standards and rising unemployment may mean that fewer towns are truly affordable than can be accounted for in this analysis.  The data used in the study was provided by the Warren Group and the Connecticut Economic Resource Center. 

The study also found:

• In 2008, 59% of CT towns had a gap between median income and qualifying income of $5,000 or more.
• The median sales price of a home either stayed the same or increased from 2007 to 2008 in 39 towns.
• The five least affordable towns remained the same when compared to 2007.

Click on the links below to view HOMEConnecticut's "Affordability in Connecticut, 2008" report:

• 2008 Town Affordability Study - Summary and Maps
• 2008 Town Affordability Study - Full Study, including listings by Alphabet, Affordability Ranking and County
• 2008 Town Affordability Study - Towns Listed Alphabetically
• 2008 Town Affordability Study - Towns Listed by Affordability Ranking
• 2008 Town Affordability Study - Towns Listed by County

You can also view the 2007 Affordability Study or the 2006 Affordability Study.