Study: Hartford Is A Housing Bargain For Those Who Don't Live There

State Housing Prices Rise Slightly, While Incomes Fall

Housing Prices Go Up, Incomes Go Down
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Housing Prices Go Up, Incomes Go Down

 

A new study by a Hartford housing advocacy group says it's getting even harder for the state's residents to afford to buy a home.  WNPR's Jeff Cohen reports.
 
Over the past year, housing prices in the state have started to creep back up.  But the median state income has gone down by 3.5 percent -- it's now roughly $65,000.  According to the Partnership For Strong Communities, the combination of rising home prices and falling incomes means that half of the state's residents can't afford to buy a home in two thirds of its towns and cities.
 
Howard Rivkin is the organizations's executive director.
 
"If you're a teacher or a firefighter or a police officer or an EMT, you well may not be able to afford to buy a place in the town in which you work. And so choice and mobility are compromised."
 
The study also points out an interesting dynamic about the state's bigger cities.  Take Hartford for instance.  Housing prices in the city are among the lowest in the state.  But so is Hartford's median income of just $26,000.  Again, Howard Rivkin. 
 
"So what it says to me is that there are good housing bargains to be had in Hartford, but not for residents of the city of Hartford.  And that plays out in other distressed municipalities like Bridgeport and New Haven, Willimantic.  It's an example of some of the socio-economic isolation that exists in the state."
 
You can find more on the study at pschousing.org/publications.
 
For WNPR, I'm Jeff Cohen.
 

  

Comments

Well the real estate market

Well the real estate market has suffered a hard hit during this current financial crisis. A lot of people got affected by that. This is the situation now, let's hope it won't stay like that for too long. I can't make plans to save for a home right now, that's why I am searching for temporary options on park models...

why do they always say housing, firefighter, police

In many towns firefighters, police, and teachers are highly paid. Over half of the firemen in my town(Hamden) make 100K and so do police(source ctsunlight.org). Hartford teachers are the highest paid in state according to some studies- and many live in Avon, Farmington,etc. In fact I know many 2 income city couples that live in Woodbridge, Cheshire and other nice towns. They dont have to save for thier pension, they cant get fired so they can stretch and buy a house that (for ex) a Pratt/Whitney engineer married to a nurse may not be able to because of layoff threat, largely funding thier retirement, etc. This is very outdated thinking in this article