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Connecticut is located in the New England region. This small southernmost state boasts extremely high median household income and per-capita income. Bridgeport is the most populous city whereas Hartford is the state capital.
If you are interested in buying a home in this densely populated state, read on to find out more about Connecticut housing options.
Buying a House in Connecticut
Before entering into any agreement you need to know whether it is more economical to buy than to rent. Sometimes it’s a good idea to combine both of these housing options. There are quite a few rent-to-own homes in Connecticut.
All you need to do is review the listings and find a home that fits your budget and your needs alike. The typical home value of houses is $294,046. This is above the national average.
However, you can find a lot of affordable homes for sale across the state. For instance, the average home price in Bridgeport is $168,200, while the median purchase price in Hartford is $159,100.
Rent to Own vs Buying
While you can find a lot of affordable homes in Connecticut, an RTO home in Connecticut offers plenty of benefits as well. Those homes involve entering into an agreement that typically lasts from 1 to 3 years. Make good use of that time to build your financial resources.
Try to eliminate consumer debt, repair your credit rating, and build up a more substantial down payment. Simply seal the deal and secure your loan when you are ready to buy the house. The good news is that you will be able to move into your home immediately without waiting for escrow to close.
That will eliminate the uncertainty of establishing a move-in schedule. Remember that not every home for sale in Connecticut includes this kind of contract. You should focus on rent-to-own homes on the real estate market.
Living Expenses in Connecticut
The cost of living is one of the prime factors to decide when relocating to a new state and city. Be glad to know that housing in Connecticut is reasonably priced. It is in line with the national average.
When it comes to other living expenses, the costs of utilities, groceries, and transportation are a bit higher while healthcare is slightly lower than the national average. Overall, the cost of living is a bit above the average.
Norwalk, Stamford, and Greenwich are the most expensive places to live. On the other hand, the most affordable Connecticut cities are Bristol, Groton, Hartford, Meriden, and Middletown. Consider this while considering all the options as you dive into your search.
As stated above, housing and most other living expenses are somewhat expensive compared to other states in North America. Nevertheless, Connecticut offers ample housing options for people on a budget, allowing them to purchase a property and become homeowners through different programs.
Remember that there’s an option to buy a home through rent-to-own arrangements. With renting to own, you’ll make your homeownership dream come true. Once you enter into a rent-to-own agreement, you will be surprised by how easy it is to become a homeowner.
Reported Annual Crime In Connecticut