Analysis: New London County has lowest home affordability in state

New London County posted the lowest home affordability index in Connecticut, according to an analysis of 432 counties nationwide by ATTOM Data Solutions in the second quarter.

The county’s affordability index was 109 in the analysis, which found that home prices around the country have hit their lowest level of affordability in a decade.

The report determines the affordability number based on the household income needed to purchase a median-priced home in the county compared to historical data. An index under 100 indicates declining affordability.

In New London County, a median home costs $229,000. 

“Slowing home price appreciation in the second quarter was not enough to counteract an 11 percent increase in (national) mortgage rates compared to a year ago, resulting in the worst home affordability we’ve seen in nearly 10 years,” said Daren Blomquist, senior vice president at ATTOM Data Solutions. 

Connecticut counties with lowest home affordability indexes

CountyQ2 2018 Median Sales PriceAnnual Income Needed to Buy (3% Down and 28% Front-End DTI)Annualized Weekly WagesPct of Annualized Wages to BuyHistoric  Pct of Wages to BuyQ2 2018 Affordability Index
New London$229,000$71,744$54,36637.0%40.2%109
New Haven$215,000$71,575$56,23835.6%40.3%113
Source: ATTOM Data Solutions

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