A typical home in the Hartford-West Hartford-East Hartford metro area costs $247,000, lower than in Connecticut as a whole, where the typical home is worth $270,900.
The price of a typical Hartford home is, however, more than the national median home value of $194,500.
Residents of areas with more expensive real estate also tend to have relatively high incomes. In Hartford, the typical household earns $72,275 annually, roughly the same as the $71,346 median household income statewide and higher than the $55,775 national figure. Hartford has the second highest median household income of any Connecticut metro area.
Home values tend to be higher in dense, urban areas, where space is limited and land is more expensive as a result. The priciest homes in the country are in cities along the East and West Coast, where population density is also among the highest nationwide. In the Hartford-West Hartford-East Hartford metro area, there are 800 people per square mile, far greater than the average urban population density of 283 Americans per square mile across all metro areas nationwide. Hartford has the highest population density of any Connecticut metro area.
Home values in the metro area may also be augmented by the health of the local job market. People often relocate for occupational reasons, and an area with lower unemployment is more likely to have more expensive real estate. The Hartford-West Hartford-East Hartford metro area’s unemployment rate, however, was 5.4% as of August 2016, higher than the 4.9% jobless rate nationwide.
Areas with high home values are often fairly well-educated. In addition to the better-paying jobs that educated residents often hold, the presence of good schools and universities are likely to increase demand for nearby homes. In Hartford, 38.3% of adults have at least a bachelor’s degree, a larger share than the 30.6% of Americans with similar education nationwide.
|10||Santa Rosa, CA||$512,100|
|9||Oxnard-Thousand Oaks-Ventura, CA||$528,700|
|8||Los Angeles-Long Beach-Anaheim, CA||$540,600|
|7||Santa Maria-Santa Barbara, CA||$547,600|
|4||Urban Honolulu, HI||$629,900|
|3||Santa Cruz-Watsonville, CA||$668,300|
|2||San Francisco-Oakland-Hayward, CA||$718,400|
|1||San Jose-Sunnyvale-Santa Clara, CA||$823,700|