Home prices have surged in the U.S. in recent years. Driven by rising demand and supply constraints during the pandemic, the median home sale price spiked by nearly 50% from the second quarter of 2020 to Q3 in 2022. While the sale price of a typical American home has fallen in recent months since, housing prices remain at historic highs.

Not only have home values soared, but borrowing costs for home buyers have also climbed. The average interest rate on a 30-year fixed mortgage has been above 6% since September 2022, a high not seen in nearly a decade and a half. In a market defined by high prices and high mortgage rates, homeownership has become prohibitively expensive for a large number of Americans.

Still, housing prices are also subject to a number of factors that can be isolated from broader, nationwide market trends — and location is one of them. Two homes that are virtually identical can vary in price by hundreds of thousands of dollars, depending on where they are. And for prospective homeowners on a budget, some Connecticut cities are far more affordable than others.

According to five-year estimates from the U.S. Census Bureau’s 2022 American Community Survey, the typical home in Connecticut is worth $323,700. But across the 24 cities, towns and unincorporated communities in the state with populations of at least 25,000, median home values range from about $163,000 to nearly $585,000.

In any local market, home prices are often a reflection of what residents can afford. In Connecticut, many of the least expensive cities for homebuyers are not high-income areas. Of the 24 Connecticut cities with available data from the ACS, 18 have a median home value that is less than the statewide median. In all but three of these places, the typical household earns less than the statewide median household income of $90,213. Similarly, most of Connecticut’s more expensive housing markets have higher earning populations.

Why It Matters

Homeownership is one of the most practical ways to build wealth in the United States, and rising borrowing costs and home values are pricing out a growing share of the population. The state of the U.S. housing market also has broader economic implications. According to the Congressional Research Service, spending associated with homeownership totaled $1.1 trillion in 2021, or nearly 5% of U.S. gross domestic product.

These are the cheapest and most expensive housing markets in Connecticut.

24. Waterbury

• Median home value: $162,800
• Homes worth over $1 million: 0.2%
• Homeownership rate: 43.8%
• Median household income: $51,451
• Total population: 114,480

23. Torrington

• Median home value: $180,800
• Homes worth over $1 million: 1.1%
• Homeownership rate: 64.0%
• Median household income: $66,616
• Total population: 35,510

22. New Britain

• Median home value: $188,700
• Homes worth over $1 million: 0.6%
• Homeownership rate: 41.3%
• Median household income: $53,766
• Total population: 74,212

21. Manchester

• Median home value: $195,200
• Homes worth over $1 million: 0.4%
• Homeownership rate: 53.8%
• Median household income: $73,265
• Total population: 37,015

20. Hartford

• Median home value: $198,900
• Homes worth over $1 million: 1.3%
• Homeownership rate: 25.6%
• Median household income: $41,841
• Total population: 121,057

19. Meriden

• Median home value: $199,100
• Homes worth over $1 million: 0.5%
• Homeownership rate: 59.5%
• Median household income: $63,671
• Total population: 60,556

18. Norwich

• Median home value: $200,400
• Homes worth over $1 million: 0.4%
• Homeownership rate: 54.3%
• Median household income: $62,713
• Total population: 40,054

17. East Hartford

• Median home value: $201,500
• Homes worth over $1 million: 0.4%
• Homeownership rate: 59.5%
• Median household income: $64,244
• Total population: 50,942

16. New London

• Median home value: $220,300
• Homes worth over $1 million: 0.2%
• Homeownership rate: 41.1%
• Median household income: $56,237
• Total population: 27,596

15. Naugatuck

• Median home value: $226,200
• Homes worth over $1 million: 0.7%
• Homeownership rate: 66.0%
• Median household income: $91,145
• Total population: 31,653

14. Bridgeport

• Median home value: $227,200
• Homes worth over $1 million: 1.3%
• Homeownership rate: 45.2%
• Median household income: $54,440
• Total population: 148,470

13. Bristol

• Median home value: $235,700
• Homes worth over $1 million: 0.5%
• Homeownership rate: 65.0%
• Median household income: $82,094
• Total population: 61,052

12. New Haven

• Median home value: $236,500
• Homes worth over $1 million: 2.6%
• Homeownership rate: 28.6%
• Median household income: $54,305
• Total population: 135,736

11. West Haven

• Median home value: $247,800
• Homes worth over $1 million: 0.1%
• Homeownership rate: 52.1%
• Median household income: $72,827
• Total population: 55,336

10. Middletown

• Median home value: $257,800
• Homes worth over $1 million: 0.7%
• Homeownership rate: 54.1%
• Median household income: $75,120
• Total population: 48,152

9. East Haven

• Median home value: $262,600
• Homes worth over $1 million: 0.8%
• Homeownership rate: 75.5%
• Median household income: $83,489
• Total population: 27,871

8. Newington

• Median home value: $266,200
• Homes worth over $1 million: 0.4%
• Homeownership rate: 77.6%
• Median household income: $100,239
• Total population: 30,458

7. Wethersfield

• Median home value: $286,000
• Homes worth over $1 million: 0.3%
• Homeownership rate: 80.2%
• Median household income: $108,656
• Total population: 27,192

6. Danbury

• Median home value: $355,500
• Homes worth over $1 million: 1.8%
• Homeownership rate: 55.9%
• Median household income: $79,983
• Total population: 86,456

5. Milford

• Median home value: $361,900
• Homes worth over $1 million: 2.9%
• Homeownership rate: 76.7%
• Median household income: $104,503
• Total population: 50,664

4. West Hartford

• Median home value: $370,500
• Homes worth over $1 million: 1.0%
• Homeownership rate: 68.6%
• Median household income: $124,150
• Total population: 64,088

3. Shelton

• Median home value: $410,400
• Homes worth over $1 million: 1.7%
• Homeownership rate: 78.5%
• Median household income: $112,366
• Total population: 41,206

2. Norwalk

• Median home value: $491,800
• Homes worth over $1 million: 8.3%
• Homeownership rate: 54.8%
• Median household income: $97,879
• Total population: 91,050

1. Stamford

• Median home value: $584,700
• Homes worth over $1 million: 10.7%
• Homeownership rate: 46.0%
• Median household income: $100,718
• Total population: 135,413

Rank	Places in Connecticut with at least 25,000 residents	Median home value ($)	Homeownership rate (%)	Median household income ($)	Total Population
1	Stamford	584,700	46.0	100,718	135,413
2	Norwalk	491,800	54.8	97,879	91,050
3	Shelton	410,400	78.5	112,366	41,206
4	West Hartford	370,500	68.6	124,150	64,088
5	Milford	361,900	76.7	104,503	50,664
6	Danbury	355,500	55.9	79,983	86,456
7	Wethersfield	286,000	80.2	108,656	27,192
8	Newington	266,200	77.6	100,239	30,458
9	East Haven	262,600	75.5	83,489	27,871
10	Middletown	257,800	54.1	75,120	48,152
11	West Haven	247,800	52.1	72,827	55,336
12	New Haven	236,500	28.6	54,305	135,736
13	Bristol	235,700	65.0	82,094	61,052
14	Bridgeport	227,200	45.2	54,440	148,470
15	Naugatuck	226,200	66.0	91,145	31,653
16	New London	220,300	41.1	56,237	27,596
17	East Hartford	201,500	59.5	64,244	50,942
18	Norwich	200,400	54.3	62,713	40,054
19	Meriden	199,100	59.5	63,671	60,556
20	Hartford	198,900	25.6	41,841	121,057
21	Manchester	195,200	53.8	73,265	37,015
22	New Britain	188,700	41.3	53,766	74,212
23	Torrington	180,800	64.0	66,616	35,510
24	Waterbury	162,800	43.8	51,451	114,480

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