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Partnership’s HousingInCT2012: CT Residents Face High Housing Burden

Partnership for Strong Communities
 

Despite a housing downturn that pushed median sales prices 19% below their 2007 peak, Connecticut residents struggled this year with a housing supply problem that kept prices among the highest in the nation, according to data compiled in the Partnership for Strong Communities’ HousingInCT2012 report. The Partnership publishes HousingInCT annually to provide the public with a snapshot of our state’s housing market and needs, using current data and research.

This year’s HousingInCT finds that Connecticut's housing production fell to 50th among the 50 states in 2011 and for the 2002-2011 decade. As a result, the extremely modest demand for homes still left the state with the 8th highest median home value and 6th highest monthly housing costs in the nation.

In addition to HousingInCT2012, a companion survey done annually by the Partnership -- Affordability in Connecticut -- discloses that a family earning the state's median household income still cannot qualify for a mortgage to buy the median sales price home in 88 – or more than half – of the state's municipalities. HousingInCT2012 finds that renters -- now 33% of all Connecticut households, up from 30% just two years ago -- suffered most from the dearth of supply.

Other key findings in the report:

  • The number of communities with affordable housing fell. While the state’s median home sales price declined to $240,000 from a 2007 peak of $295,000, cities and towns where 10% or more of the housing stock was affordable dropped to 29 of 169, from 31.
     
  • The state's housing wage -- what one must earn per hour to afford a typical 2-bedroom apartment, rose to $23.58, or $49,000 annually, from $29,000 in 2004.
     
  • Connecticut remained 33,000 units short of the number of affordable rental homes needed and, even more telling, 82,000 units short of the number that were both affordable and available, according to the Census.
     
  • 26% of Connecticut's 436,000 renting households earn less than 50% of the median income and spend half of that meager income on housing; 51% of all renters spend more than 30% of their incomes on housing.
     
  • Meanwhile, Connecticut grew older, jumping to 9th in 65-plus population, while young workers with average education debt of about $25,000 and older workers and retirees – half or more with less than $25,000 in savings – fueled demand for smaller, denser, affordable and energy-efficient homes.

Click here to read HousingInCT2012. Click here for our press release about HousingInCT2012.

Click here for the text of HousingInCT2012 with full citations. Last year’s report, HousingInCT2011, can be found here.   

Click here to learn more about Affordability in CT, 2011, also published by the Partnership for Strong Communities. 

 
 

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