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Securing the best mortgage rates in your state can make homeownership more affordable. If you’re looking to buy a home, be sure to shop around with several mortgage lenders to see what your borrowing options look like.
Connecticut is home to plenty of job opportunities. Its proximity to New York City is a draw for many people as well. Keep reading for our list of most affordable places to live in Connecticut.
Connecticut's capital is a medical care, research, and education hub. It's also home to a number of insurance companies (including The Hartford -- go figure). The median home value in Hartford is $165,300, according to Niche. That’s well below the median home value across Connecticut as a whole, which Zillow reports as $340,415. Meanwhile, the average property tax rate in Hartford County is 1.74% of a property's assessed value, as listed by Tax-rates.org. It’s just above Connecticut's average 1.63% property tax rate.
About an hour southwest of Hartford, Bridgeport is a historic seaport city known for its expansive public parks system. Though much of Bridgeport's economy centers on hospitals and medical centers, there are finance and education jobs to be had as well. Niche lists the median home value in Bridgeport at $174,700. Meanwhile, the average property tax rate in Fairfield County, where Bridgeport is located, is 1.3% -- well below the average property tax rate for Connecticut as a whole.
Home to Yale University, New Haven is loaded with restaurants, cafes, and parks, making it a prime spot for young professionals and families alike. The median home value in New Haven is $199,000, while the average property tax rate in New Haven County is 1.69% of a home's assessed value.
About an hour from New York City, Stamford offers its own share of jobs and nightlife. But residents do pay a premium for proximity to Manhattan, with a median home value of $532,700. That's much higher than Connecticut's average, though it's worth noting that home prices in Westchester County, New York, between Manhattan and Stamford, can be much higher. Property taxes, however, are more affordable. Stamford is located in Fairfield County, where, as mentioned above, the average property tax rate is just 1.3%.
Plainfield is near the Connecticut-Rhode Island border, and residents often seek out job opportunities in nearby Providence, Rhode Island -- the closest major city. The median home value in Plainfield is $182,500, and property taxes are pretty affordable, too. The average property tax rate in Windham County, where Plainfield is located, is 1.29% of a home's assessed value.
Though the East Coast isn’t the cheapest place in the country, it’s possible to snag a good deal on a home there, particularly in Connecticut. Keep in mind, though, that the higher your credit score, the greater your chances of locking in a competitive mortgage rate -- a big part of ensuring that your housing costs stay manageable.
If you want to uncover more about the best mortgage lenders for low rates and fees, our experts have created a shortlist of the top mortgage companies. Some of our experts have even used these lenders themselves to cut their costs.
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