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The high price of Connecticut housing, caused largely by a lack of supply, has contributed to a 10% increase in homelessness and has burdened 2 of every 5 households, forcing them to spend more than 30% of their incomes on housing alone. The grim picture in HousingInCT2013, the Partnership for Strong Communities’ annual assessment of the state’s housing market, is based largely on recently released American Community Survey data provided by the U.S. Census Bureau.
The report shows that Connecticut’s housing shortage – largely fueled by a per-capita production level that is 50th in the nation since 2003 – has helped push Connecticut’s median monthly housing costs to 6th in the nation and its home values to 8th. Even as median home values fell to $268,000 from $278,000 a year ago, the state’s high housing costs remain uncompetitive compared to other states. Consistent with a national trend, the report also shows that Connecticut households are increasingly renting: 33.1% rented in 2012, up from 30% in 2006.
“The numbers don’t lie,” said David Fink, policy director of the Partnership for Strong Communities. “Housing is the foundation of opportunity. When so many households lack an adequate, affordable home, they hit an economic dead end. And that’s not just bad for them. It’s bad for the state’s economy, for its future and, thus, for all of us.”
Click here to read the report.
Click here to read the press release from the Partnership for Strong Communities.