Builders Patch | HousingCount: Connecticut affordable housing data and latest news
Connecticut
Summary
Connecticut state is facing an acute affordable housing crisis. For every 100 low-income renter households, there are 53 units available that are affordable to them. The median rent in the state has risen by 30% since 2010, while median household incomes have grown by 27%. Currently, the state is short over 58,104 low-income housing units, meaning rental units that are affordable to households earning ≤60% of AMI.
33.8% share of renter households
41.3% share of low-income households
48.2% share of rent-burdened households
Renter population data
Renters vs homeowners
| Households | % share |
|---|---|
| Renter households | 471,821 |
| Homeowner households | 925,503 |
| Total households | 1,397,324 |
Low-income renter households
| Renter households by income group | Households | % share |
|---|---|---|
| Extremely low-income ≤30% AMI | 70,591 | 15.0% |
| Very low-income 31-50% AMI | 53,875 | 11.4% |
| Low-income 51-80% AMI | 70,338 | 14.9% |
| All low-income households <80% AMI | 194,804 | 41.3% |
Rent-burdened households
| Share of income spent on rent | Households | % share |
|---|---|---|
| Moderately rent-burdened | 109,546 | 23.2% |
| 30.0–34.9% | 40,098 | 8.5% |
| 35.0–39.9% | 29,932 | 6.3% |
| 40.0-49.9% | 39,516 | 8.4% |
| Severely rent-burdened | 117,994 | 25.0% |
| ≥50.0% | 117,994 | 25.0% |
| All rent-burdened households | 227,540 | 48.2% |
Affordable housing shortage
Rent vs median household income
| Year | Median household income | Amount ($) |
|---|---|---|
| 2010 | 35,157 | |
| 2021 | 44,569 | |
| Increase (2010–2021) | 26.8% |
Median rent
| Year | Median rent | Amount ($) |
|---|---|---|
| 2010 | 821 | |
| 2021 | 1,069 | |
| Increase (2010–2021) | 30.2% |
Affordable housing stock
| Units | Amount |
|---|---|
| Supply (current stock) | 66,362 |
| Demand (total units needed) | 124,466 |
| Shortage | 58,104 |
| Total shortage | 58,104 |
| Supply/demand ratio | 53.3% |
Finance institutions
Connecticut Housing Finance Authority
Connecticut Housing Finance Authority
999 West Street
Rocky Hill, CT 06067-4005
LIST OF loan programs
- Federal Low-Income Housing Tax Credit (LIHTC) program
- State Housing Tax Credit Contribution (HTCC) program
- Housing Developer Financing Products
QAP document (Qualified Allocation Plan)
The QAP is a document that states, and a few local agencies, must develop in order to distribute federal Low Income Housing Tax Credits (LIHTCs), which can be awarded only to a building that fits the QAP’s priorities and criteria. Each QAP must spell out a housing finance agency’s (HFA’s) priorities and specify the criteria it will use to select projects competing for tax credits. The priorities must be appropriate to local conditions.
Housing news
Recent articles
How Fed Rate Cuts Impact the Housing Market – Key Takeaways:
- Lower Mortgage Rates: Fed rate cuts have already reduced the average 30-year mortgage rate, potentially easing the burden for homebuyers.
- Home Sales: More homeowners might be encouraged to sell, assisting with housing market stagnation, though recovery will be gradual.
Housing market won’t come ‘unstuck’ until 2026 – Economists predict future recovery hinges on a recession, attributing downturns to past demand, inflation, and mortgage rates.
States With the Largest Homeless Populations – Recent statistics indicate a rise to approximately 653,000 homeless individuals in the U.S., marking a 12% increase since 2020.
The homebuying affordability gap is widening – Only 63% of counties are affordable for median-income households now compared to 94% in 2019. Seemingly significant increases in home prices coupled with rising interest rates are critical factors.
Homelessness among workers rising – An increase in employed individuals unable to afford housing exemplifies a growing issue, exacerbated by high rents.