Find Real Estate Agents and Homes for Sale

Real Estate News --> Connecticut News

Report Finds That Connecticut’s Housing Market Is Changing

HARTFORD, CT — A new report on Connecticut’s housing market shows ... This is a marked increase from 30 percent in 2007, when the real estate market and single-family home sales began a steep decline. The number of households owning homes fell to ...

Archived Story

by Christine Stuart | Nov 30, 2017 11:53am Google () Comments | Log in to Facebook to Post a Comment Posted to: The Economy, Town News, Housing, Jobs Log in username password Forgot your password? Auto-login on future visits submit HARTFORD, CT — A new report on Connecticut’s housing market shows an increase in rental households and a decrease in chronic homelessness The report from the Partnership for Stronger Communities found the number of Connecticut residents experiencing homelessness dropped 8 percent from 2015 to 2016, a five-year low. Between January 2015 and July 2017, providers housed 1,756 people experiencing chronic homelessnessAs of November 2017, 227 adults remain chronically homeless, three-fifths of whom have been matched to a housing resource. The report credits GovDannel PMalloy’s administration and the legislature for its aggressive funding of affordable housingThere have been 10,000 affordable units created since 2011 and there are 3,300 more units under development, according to the report. The report also found the number of renters is increasing and homeownership is down slightly. The number of renter households rose by about 5.2 percent to 478,196 in 2016 from 454,668 in 2015, representing 35.2 percent of all householdsThis is a marked increase from 30 percent in 2007, when the real estate market and single-family home sales began a steep decline. The number of households owning homes fell to 879,073, or just 64.8 percent of all households, down nearly 5 percent since 2007, according to the report. While the report doesn’t pinpoint a cause for the decline in homeownership, Sean Ghio, policy director at the partnership, said there likely are several reasons based on the data. Millennials are owning homes at much lower rates, and many of them are still living with a parent, Ghio saidHe said new U.SCensus data shows Connecticut has the second highest rate of Millennials, defined as someone up to the age of 34 years old, living with a parent. Part of the reason Millennials are making that choice might be that the continuing high demand for rental housing drove the gross average rent up to $1,115 per month in 2016That’s up from $1,108 in 2015. The increase in rents really “conspires against younger people trying to accumulate a down payment,” Ghio said. Millennials in Connecticut are also burdened by the nation’s fourth highest average education debt ($32,326), and may avoid buying homes, which could weaken the housing market, the report found. Homeownership has become more affordable, but is still burdensome, according to the report. Connecticut households “burdened” by housing costs exceeding 30 percent of their income fell to about 27 percent from 30 percent in 2015 The portion of renters paying 30 percent of their income toward rent dropped 1 percent to 48 percent. The state’s “housing wage” — the hourly pay required to afford a typical two-bedroom apartment in Connecticut — remained at $24.72, the nation’s 8th highest, according to the report. Ghio said Connecticut is really going to need to focus on a mix of housing options in order to maintain a healthy economy. Because a large majority of the state’s municipalities are dominated by single-family housing stock (70 percent or more), 152 of the 169 towns have seen their real property grand lists (the total value of taxable real property) flatten or fall between 2008 and 2016. On the bright side, homeowners enjoyed a slight increase in median home values — up to $247,000 from $246,000 in 2015 — as home sales increased 8 percent to 32,235 in 2016But residential building permits remain far below levels seen prior to the Great Recession. Single-family home building permits were down from a peak of 9,263 in 2004 to just 2,461 in 2016 — a decrease of 73.4 percent over 12 yearsMulti-family residential building permits have surpassed pre-recession levels to 3,043 in 2016 compared to 2,574 in 2004. What worries housing advocates is a widening income gap In 2016, Connecticut’s income disparity worsened, threatening higher costs for housing and other necessities as increasingly wealthy portion of state residents could potentially drive up prices. Median household income rose to $73,433 from $71,346, up 3 percent from 2015Homeowners enjoyed most of the increase and had the 4th highest household income in the nation ($98,163) while renting households had the 13th highest median income ($40,029). According to U.SCensus data, Connecticut residents in the top 20 percent and top 5 percent income brackets saw their share of the state’s income rise while it fell for those in the 2nd, 3rd and 4th quintilesThe 20 percent in the lowest quintile saw their share of income rise slightly Only New York and Louisiana have a larger income disparity between wealthy and poor residents. Tags: The Partnership for Stronger Communities, Sean Ghio, single-family, renters, housing market, U.SCensus, income inequality, dh Share this story with others. Share | | Post a comment You must have a facebook account and be logged in to facebook (log in above) to comment.Before commenting, please read our Comment Policy.Rules of Conduct for Commenting We moderate all comments before they are posted on the site and, where possible, on our social network pagesThis takes time and therefore you may have to waitThank you for your patience. -Commenters are welcome to express opinions in a civil manner. -Be niceAvoid personal attacks or name calling of any kindDon't comment here to antagonize other people. -Comments should be directly related to the topic of the storyIf you must criticize, your comments should be cogent to the topic of the story and should add something new to the discussionIf it's obvious that you're simply engaging in a pattern of mean-spirited attacks from one story to the next, we will stop approving your commentsIf we suspect that you are a paid commenter attempting to further a political agenda, your comments will be deleted. -We will not publish allegations of criminal, unethical, or other extreme personal wrongdoing based on facts that haven’t been published in articles. -Keep it cleanAvoid profane, obscene, vulgar, lewd, racist, or sexually-oriented language or your comments will be deletedDiscriminatory comments of any kind will be deleted. -Be truthfulDon't knowingly lie about anyone or anything. -Do not attempt to hijack a comment thread to link with ads for your personal business or invective aimed at a person or a group against whom you have a personal vendettaWe will delete them. -Do not copy the contents of someone else's work and attempt to publish it here - that is plagiarismWrite your own sentence summing up the other author's point and link back to their original work. -Be proactiveIf we mistakenly approve a comment that is offensive, let us know and include a link to the comment in question. It takes considerable time to read and approve your comments, and that takes us away from the job of covering the newsIf you are spending a lot of time commenting here or simply reading the site on a regular basis, consider supporting our workAs always, thank you for visiting with us! Comments Sponsored Messages

Trending Connecticut News:

  • Connecticut Water Service, Inc. Reports 2014 and Fourth Quarter Earnings
  • Rowland Pal Robert Matthews Charged With Massive Florida Real Estate Fraud
  • Eastern Conn. home sales up
  • BHS’ Peter Marra to run Halstead’s Connecticut division
  • What Is a Brownstone? A Red-Hot Commodity in Real Estate—Here's Why
  • Tanger Factory Outlets announces stock repurchasing plan with help of Connecticut sale
  • Connecticut Realtors president: GOP tax bill is ‘just disastrous for us’
  • Southington, CT Homes For Sale & Real Estate
  • $254M Ct. Powerball jackpot claimed by 3 asset managers
  • Lewis M. Andrews / The moral case for letting Connecticut go under
  • Connecticut home sales ended 2016 on a high note
  • How the Greediest Charter School Operators Loot Taxpayers Via Real Estate Deals
  • New Hartford, CT Homes For Sale & Real Estate
  • EdR to Add 92 Apartments in CT - Analyst Blog
  • What Do You Mean I Can't Close My Client's Real Estate Transaction?
  • Houlihan Lawrence Sells Greenwich Waterfront Estate For $14.5 Mil
  • Demonstrating Confidence in the Luxury Market
  • On island time in the tri-state area
  • Study: Connecticut adds to concentration of millionaires
  • Southington, CT Real Estate: Newly Listed Homes for Sale