Even many of those who are more comfortable often struggle to balance the cost of housing with the cost of transportation, childcare, and other necessary household costs. In Connecticut, the cost of a single family home has continued to drop from the highest prices reached during the mid 1980s. At that time, a home cost more than eight times the per capita personal income in the state. By 1996 that ratio has improved to 3.9, the lowest on record since 1970, making home ownership increasingly accessible. The cost of a home varies by location.
Rental housing continues to be unaffordable for many Connecticut residents.
Connecticut s rental market is expensive in comparison to other states. These figures represent a small improvement from 1995, when 47 percent of the state s residents could not afford a typical two-bedroom apartment. The continuing improvement in the affordability of both single family homes and rental apartments in Connecticut is a positive contributor to the quality of life. However, even with such improvements, a significant portion of the state s residents still cannot afford adequate rental housing.