Overview
Connecticut offers proximity to New York City, charming New England towns, and one of the highest household incomes in the nation. Fairfield County communities are among the wealthiest in America. The state faces challenges with high taxes and population loss but offers excellent schools and quality of life.
Connecticut Real Estate Market
Fairfield County (Greenwich, Stamford, Westport) commands premium prices for NYC commuters, though hybrid work has shifted some demand. Hartford area is much more affordable but faces insurance industry consolidation. Coastal communities attract summer residents. Overall market has seen modest appreciation compared to regional peers.
Property Taxes in Connecticut
Connecticut has among the highest property taxes in the nation, varying significantly by municipality.
Average effective rate: 2.15%
Annual tax on median home: ~$8,278
No statewide exemption: Some municipalities offer local exemptions
First-Time Buyer Programs
CHFA Programs: Connecticut Housing Finance Authority offers:
- Below-market rate mortgages
- Down Payment Assistance Program (DAP)
- Time To Own - For first-time buyers
- Police/Teachers Programs
Closing Costs in Connecticut
Connecticut closing costs are moderate to high, typically 2-3% of purchase price.
Common costs include:
- Title insurance: Based on purchase price
- Conveyance tax: 0.75% to 1.25% (tiered by price)
- Recording fees: Town-dependent
- Attorney fees: Required
Frequently Asked Questions
Connecticut has experienced population decline, particularly among working-age residents, driven by high taxes and cost of living. However, pandemic-era migration brought some new residents seeking space from NYC.
High property taxes significantly increase total housing costs. A $400,000 home might have $8,000+ in annual taxes. Always factor taxes into affordability calculations and compare between towns.
Yes, Hartford area prices are a fraction of Fairfield County. However, the job market is smaller and some areas face urban challenges. Surrounding suburbs offer good value with solid schools.