Looking to save for a starter home? New analysis shows where you can buy in Connecticut within 3 years.

Analysis from the group RentCafe estimates that Connecticut renters looking to buy a starter home could save enough money for a down payment on property in Bridgeport or Hartford in less than three years.

News 12 Staff

Jan 11, 2022, 4:13 PM

Updated 866 days ago

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Looking to save for a starter home? New analysis shows where you can buy in Connecticut within 3 years.
Analysis from the group RentCafe estimates that Connecticut renters looking to buy a starter home could save enough money for a down payment on property in Bridgeport or Hartford in less than three years.
RentCafe says it used data from the U.S. Census Bureau, Economic Policy Institute, BLS, and Zillow to calculate how long it would take two-person families to save for a starter home down payment.
According to RentCafe, Connecticut renters could start saving now for a starter home in the Bridgeport area and put down $60,000 for a starter home by mid-2024. In the Hartford metro, renters could raise $39,000 by the end of 2024.
Bridgeport is home to the second most expensive starter homes in the analysis, at a $303,000 median price, but it also pays the second highest wages. For example, the study shows a family of two bringing in an annual income of $112K.
After taking out all expenses, RentCafe estimates Bridgeport residents can set aside up to 22% of their income for a down payment on a home.
The analysis shows 22% is the highest income slice allocated to savings out of all the data analyzed, and saving up this much of your income in your state is only possible in Bridgeport.
In Hartford metro’s case, both home prices and two-person family incomes are lower, averaging $198,000 and $93,000, respectively.
Residents are able to put aside only 16% of their income, as living expenses and extra costs take up to a combined 85% of their annual budget.
Still, with 16% savings per year, the study shows that a couple can buy their first Hartford home in two years and eight months, the third shortest period in the Northeast.


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