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Connecticut Housing Market Continues to Move into 'Buy Territory'

By
Real Estate Broker/Owner with Dave Jones Realty, llc. 0789397

US Housing Market Continues the Move into ‘Buy Territory’! | Keeping Current Matters

According to the Beracha, Hardin & Johnson Buy vs. Rent (BH&J) Index, the CT housing market has continued to move deeper into buy territory.

The BH&J Index is a quarterly report that attempts to answer the question:

In today’s CT housing market, is it better to rent or buy a home?

The index examines the entire CT housing market. The researchers “measure the relationship between purchasing property and building wealth through a buildup in equity versus renting a comparable property and investing in a portfolio of stocks and bonds.” 

It is estimated that renting will top CT homeownership 7 out of 10 times.

Due to a lack of inventory, the home prices in CT areas have increased by 13%, 11.4%, and 7.3% respectively. CT home prices in these areas will begin to return to more normal levels once residents realize that renting is not the best option, therefore bringing home affordability back as well.

Bottom Line

The majority of CT is strongly in buy territory. Buying a home makes sense socially and financially, as rents are predicted to increase substantially in the next year. Protect yourself from rising rents by locking in your housing cost with a mortgage payment now. 

Contact a Real Estate Professional from Dave Jones Realty who can assist with all your Real Estate needs!