The best places for home ownership in Connecticut are in Glastonbury, Enfield and Plymouth, according to an analysis that included home ownership rates, monthly homeowner costs, median household income, home value and population growth. Glastonbury Center, the Southwood Acres section of Enfield and the Terryville section of Plymouth were ranked as the top three slices of Connecticut for home ownership in the analysis by the website nerdwallet.com, which provides analysis on financial and consumer issues. Rounding out the top 10 were the Kensington section of Berlin, Simsbury Center, Cos Cob, Trumbull, Windsor Locks, Orange and North Haven.
NerdWallet looked at 60 communities in Connecticut with populations of at least 5,000 to determine what places were the best for homeownership. Overall, the pointed out that “although its median home value is substantially higher than the national average, Connecticut’s proximity to New York and Massachusetts, and its many commuting options, make the state a top destination for homeownership.”
Of the top three, the website pointed out:
- With a two-year population growth of 6.95% and an unemployment rate of just 1.4%, Glastonbury Center has all the signs of a top home destination.
- Up north, near the border with Massachusetts, Southwood Acres is within driving distance of Hartford and Springfield, Mass., and boasts the highest homeowner rate among our top 10.
- Terryville is the largest village within the town of Plymouth. It has shown relatively strong population growth (2.57%), and is the most affordable median home value among our top 10.
The next ten on the list of best places for home owneership in Connecticut include: 11. Shelton (city), 12. Newington, 13. Stratford, 14. Wethersfield, 15. West Hartford, 16. Bethel, 17. Riverside section of Greenwich, 18. East Haven, 19. Milford (city), and 20. Winsted.
The analysis focused on three main questions:
Are homes available? They looked at the area’s homeownership rate to determine the availability of homes. Areas with a high homeownership rate led to a higher overall score. (A low homeownership rate was seen as indicating competitive inventory, more options for renters rather than buyers and expensive housing.)
Can you afford to live there? They looked at median household income, monthly homeowner costs and median home value to assess affordability and determine whether residents could live comfortably in the area. Monthly homeowner costs were used to measure cost of living. Areas with high median incomes and low cost of living scored higher.
Is the area growing? The website’s analysis measured population growth to determine if the area is attracting new residents and showing signs of solid growth. This was seen as a signal of a robust local economy - another attractive characteristic for homebuyers.
Homeownership rate and population change from 2010 to 2012 each made up 33.3% of the total score, using data from the U.S. Census American Community Survey 5-year estimates. Selected monthly owner costs as a percentage of median household income made up 16.7% of the total score, and median home value made up 16.7% of the total score.