The metro areas on Forbes’ 2016 Fastest Growing Cities in the U.S. are diverse in landscape, climate, cultural experiences, and inhabitants. With a powerful collision of fast-growing populations and economies ablaze, these cities offer plentiful job opportunities for creative and technical talent, varied housing and lifestyle options, low unemployment rates, and better-than-average median annual pay for college-educated workers. Here are the top 5 from Forbes’ 20 fastest growing cities in the U.S. Continue reading The Top 5 Fastest Growing Cities in the U.S.
Weighing the pros and cons between renting a home and buying one of your own? You’re not the only one! With rent prices skyrocketing across much of the US and mortgage rates staying low, a lot of people are starting to reevaluate their housing situation. In today’s post, we’ll explore buying vs renting and point out some of the most common pros and cons. Continue reading Buying or Renting? Exploring the Pros and Cons
If you are considering purchasing a rental property, one of the biggest decisions may be whether to utlize the property as a short-term or long-term rental. Both have may have an upside and drawbacks. Below we’ll discuss elements that you as a property owner may want to consider when weighing your options. Continue reading Short Term vs Long Term Rentals – Considerations for Property Owners
If you’re looking to buy a home in Connecticut, the first order of business is to determine how much “house” you can actually afford. That will determine whether or not you will need to apply for a loan and, more importantly, how much money you will reasonably be able to borrow.
According to the United States Census Bureau, the median value of owner-occupied housing units from 2010 to 2014 in Connecticut was $274,500. As this was only the median value, there were obviously homes in the state that were valued lower and higher than the median price.
Late last year, Coldwell Banker Real Estate said in a report that the most expensive market in Connecticut was Greenwich, while the most affordable market in the state was Hartford.
Check out the two top 10 lists below, courtesy of the aforementioned report, on the most expensive and the most affordable housing markets. You may be surprised to see that there was a world of difference between the most expensive and the most affordable, but that also means that there were price points to meet the needs of many families and individuals in the state. And this is still the case.
As for the most expensive, the top 10 housing markets and the corresponding average listing prices (four bedrooms, two bathrooms) were as follows:
- Greenwich ($1,290,921)
- Westport ($1,056,316)
- Wilton ($789,112)
- Weston ($770,917)
- Fairfield ($713,425)
- Ridgefield ($685,668)
- Branford ($640,346)
- Redding ($621,408)
- Stamford ($609,613)
- Old Lyme ($605,843)
As for the least expensive, the top 10 housing markets and the corresponding average listing prices (four bedrooms, two bathrooms) were as follows:
- Hartford ($129,736)
- Waterbury ($132,233)
- New Britain ($178,350)
- East Hartford ($182,738)
- Bridgeport ($182,738)
- Meriden ($203,807)
- Ansonia ($208,955)
- West Haven ($220,291)
- Naugatuck ($226,311)
- Vernon ($228,153)
There was a greater than 90% difference between the most expensive and the least expensive housing markets in Connecticut, which shows that the housing markets in the state are diverse.
Home Financing Options in Connecticut
In the event that you require a loan for a higher-end home in Connecticut, Luxury Mortgage has you covered. We offer a wide range of adjustable and fixed mortgage products for loans on residential properties including jumbo loans for amounts exceeding today’s conforming loan limits.
For those borrowers who are seeking financing in the middle or lower end of the market, we offer Federal Housing Administration (FHA) mortgages. FHA loans are popular with first-time home buyers and consumers hoping to put down less than may be required through conventional financing products.
Let us help you secure the mortgage you need to get into your new luxury home in Connecticut. For more information on how we can help you, contact us today for a free no-obligation consultation – 888-379-0303.
The United States’ East Coast is a beautiful, diverse landscape offering a variety of exciting beach destinations. From the rugged, rocky beaches of New England to the bustling New Jersey shore, to quiet sandy nooks in the Carolinas, the East Coast boasts some of the most impressive (and most expensive) beach towns. According to various sources, here are a few of those towns:
1. Water Mill, NY (The Hamptons)
According to a 2015 report from Realtor.com, the least affordable beach town on the East Coast is Water Mill, NY. It came in at number two on a list of the least affordable beach towns in the United States, following Southern California’s Malibu at number one.
“In Water Mill, where entertainer Jennifer Lopez plunked down $10 million for a stunning 3-acre mansion, fewer than a dozen properties are currently for sale,” writes Realtor.com contributer, Yuqing Pan.
Another top-five contender on Realtor.com’s list of least affordable beach towns, Bridgehampton, NY, is also located in the Hamptons and came in at number four. Continue reading Some of the East Coast’s Most Expensive Beach Towns