Buying A Home
Before we start talking about places to live in Connecticut, let us begin by talking for a few minutes on how to save up for a down payment on your home. While saving money is hard to do, it is essential to have a at least a few thousand dollars saved up for a down payment before you purchase your house.
One way to stash away some money is to save your money directly from your paycheck by automatically depositing it into a savings account. That way you will never have your hands on it and cannot spend it without at least some effort.
Another way to save cash is by saving all the change you get and throwing it into a can or jar by your front door. Every day you come home just throw whatever change you have into your pocket in the jar. Make sure it is a big can or jar so you do not feel like you have to empty it often. You will be surprised how much money you can save up in just a few years.
Connecticut Real Estate Prices
Now that we have talked about saving for a home, let us talk about the Connecticut real estate market. Homes here sell from 90% – 115% of the national average. It is all about location here as the richer cities and suburbs often cost more than the average. These are often just a short drive to New York City and offer excellent schools and a safe place to raise kids.
Not all the real estate is that expensive though, as many of the smaller towns away from the main transportation hubs near NYC are quite affordable. The homes may not be as high class here, but some people may not like the upper class feel of those other areas and actually prefer a working class town to grow up and raise their family in.
With that being said, prices here in Connecticut vary depending on the location. Much of the diversity comes from the job markets in the area or the location to New York. Many executives or high earning individuals often drive into NYC from Connecticut. That is another reason why the incomes of households vary so much here too. So no matter which area you want to live, Connecticut will have some options for you on where you want to own a home.
Great Cities To Live In Connecticut
Bridgeport
Bridgeport has nearly 140,000 people and is the most populated city in the state. This beautiful city is located in the south western part of the state and is not a far drive from NYC either. It has an amazing mix of culture and nature that most cities cannot offer. Bridgeport is home to many historical sites and you can spend many days here looking at the important historical aspects this city has to offer.
Travel here is easy as they offer excellent public transportation to other cities via rail or bus. You do not have to have your own car but if you do then parking is affordable in most areas. No matter what you like to do, Bridgeport has many options for people of all ages.
Hartford
The capital of Connecticut, Hartford has the feel of a major city. It is a very diverse city giving it many different cultures and attitudes that have shaped its past as well as the present. Hartford is often known for being the insurance capital of the world, as the Travelers and The Hartford insurance companies each call this place their headquarters.
Incomes vary quite a bit here too as there is some poverty, but much less than major cities in other states. Hartford makes a great place for many working class families to raise their families. There is also some very affluent areas of the city as well the cater to the high income families of Connecticut.
New Haven
This great city is the home of Yale University. This school is often considered one of the best in the country and it provides a huge percentage of the local economy. It has many jobs and its’ students often spend their money in the town to provide a huge boost to the local businesses. There are many local museums, festivals, and concerts that provide a very rich atmosphere in this town of about 120,000 people.
New Haven is located on Long Island Sound and offers many beautiful views and scenery year round. Finding a home here would be an excellent place to locate a family of any size.
Norwalk
This city is well known for its oysters and often has festivals and fairs each summer. This is another city that is a short drive to New York and would be a great compromise if you are undecided on which state to live in. It is close to all the amenities, but not so close you feel suffocated by them.
Stamford
Many companies call this Connecticut city home and it is also a short drive to NYC. Here, there are many jobs and the median family income is over $80,000 making it an affluent area of the state. This city offers a good mix of jobs and culture as there always seems like something to do year round here.
The best part about Stamford is its’ safety. It is often ranked as one of the top 10 safest cities in the country year in and year out. That, combined with its’ excellent schools, is a reason why the homes here are a bit more expensive than in other areas of the state. Overall, it is hard to justify not moving here just because of the price though.
Waterbury
If you do not want to live near the coast and want some affordable housing, Waterbury is a great place to live in the central part of Vermont. They have all the amenities of the coastal cities, but are a bit more secluded and often have more farmland and rural areas that are all within a short drive of the city.
Foreclosure Process
If a person falls behind on their payments then a foreclosure proceeding against the borrower will be started. Connecticut uses a judicial foreclosure process that is implemented by the courts. Here the borrower and lender will have to have the proceeding settled there.
If the borrower owes more than the property is worth, a deficiency judgment could be made against the borrower and the lender will be able to sue the borrower for the difference.
The important thing to remember is that the above process takes place when the property does not get enough value to pay off the amount owed. The Connecticut foreclosure laws can be complex so it is best to contact a local expert on the matter if you need more information.
Connecticut Mortgage Rates
Since Connecticut is a very wealthy state, competition is very intense and mortgage rates fall in line with the national averages. Mortgages here are very affordable, as long as the borrower qualifies, and some great deals can be had if you shop around at various lenders.
Please be aware if a rate sounds too good to be true it probably is. Be sure to check with the local real estate agents or other experts in the field to make sure you find a good lender. A mortgage is a very important long term decision that needs to be made right the first time around.
Overall, Connecticut offers many great cities to live in with affordable mortgages to be found across the entire state. Your only job will be to decide if you want to live closer to the big cities or further away in the country. This state offers something for people of all ages and makes a great home to many families.