Buying a home that is the right fit for your family can be challenging, but a new study digs deeper into where in Connecticut your money will go the farthest and where your finances may be stretched thin.
According to a study by UnitedStatesZipCodes.org, which analyzed data from the Census Bureau, the Milldale section of Southington has been named the most affordable place to live in the state, followed by Manchester and Barkhamsted.
“The taxes are manageable,” said Milldale resident Mark Zigmont. “They’re not overpriced as opposed to some other towns, the mill rate is not too high, so you get some bang for the buck.”
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Broker Associate Heidi Matusik explained Southington ranked highest for two reasons: the property tax rate paired with the median income. Matusik said a central location has also been key to the town’s success.
“We have great access to the highways and also we have a lot of homes that are affordable, all the way up to luxury homes.”
The study named Greenwich as the least affordable place to buy a home and Waterbury, where the mill rate is 60.2, was ranked second.
“That’s probably the first time Waterbury has been compared to the gold coast,” said Rocky Salvador of Waterbury.
“The median income in Waterbury is substantially lower and their mill rate is double what it is here in Southington, so that would drastically impact the way the housing market is,” said Matusik.
Homeowners said city services are top-notch, but they hope officials can attract more businesses to ease the burden.
“The mayor in this town is pretty active trying to bring in business,” said Salvador. “I think he’s doing a pretty decent job. The addition of the UConn campus in downtown Waterbury has really revitalized that a lot, so I’m optimistic about Waterbury. I’m hoping they increase the tax base and take the burden off the homeowner.”