Affordable Housing, Community Development, Reports and Publications

CT Metropolitan Areas are Not Affordable for Renters or Buyers

 

The Bridgeport metropolitan area, where a house costs $305,000, is the 12th most expensive area to buy a home based on findings from the Center for Housing Policy. The CHP’s Paycheck to Paycheck report also shows Bridgeport ranked 3rd for being least affordable to buy a home, when comparing the number of occupations out of 74 that earn enough to afford a median priced home in 200 metropolitan areas. In the Bridgeport metropolitan area, there is only 1 occupation out of the 74 that makes enough to afford a home compared to the nationwide average of 23 occupations.

The report also looks at rental costs across the nation, finding New Haven to be the 16th most expensive area to rent a 2 bedroom apartment which costs $1,352. Bridgeport ranked 21st with a rental cost of $1,277 for a 2 bedroom apartment.  Connecticut’s four metro areas all ranked in the top 50.

This most recent update of The Center for Housing Policy’s Paycheck to Paycheck database compares the wages for workers in 74 occupations against housing costs in more than 200 metropolitan areas throughout the United States.  Based on the Paycheck to Paycheck, the Center for Housing Policy also issued a report that documents the 5 most common jobs targeted by veterans’ employment training programs- carpenters, dental assistants, electricians, firefighters, and truck drivers - and how affordable housing is for those occupations.

To buy a home in the Hartford metropolitan area, where the median home price is $175,000, the annual income needed is $49,422, but of the 5 veteran occupations, only electricians – who make an average of $53,171 - can afford a home. The other four occupations make under $49,000, with dental assistants making the least, $35,330.

The picture is a little better when it comes to the rental market in Hartford. The fair market rent is $849 for 1bedroom and $1,038 for 2 bedrooms, the incomes needed to afford each of those respectively are $33,960 and $41,520. All 5 veteran occupations make enough to afford a 1 bedroom apartment, however, the dental assistant and truck driver do not make enough to afford a 2 bedroom apartment.  The reverse is true for the rental market in the New Haven Metropolitan area, where none of those 5 occupations can afford a 2 bedroom apartment where it costs $1,352 a month and would require an annual income of $54,080 to afford.

To read more about Paycheck to Paycheck and to view the housing affordability in your area based on occupation, click here.

 
 

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