Looking for encouragement... (Bridgeport, New Haven, Hartford: renting, mortgage, hotel)

CTyankee15 · 10-02-2007, 09:22 AM

Hey All,

Stumbled upon this forum recently as I'm preparing to move back to CT from Tulsa, OK. I'm a little worried and looking for some encouragement. Little background first. I was born and raised in Mystic, CT so I'm pretty much a native of Southeastern CT. Most of my family is still in that area. I've been in out here in Oklahoma for about seven years. In that seven years, I've grown quite accustomed to the cost of living, housing, etc... Within the last year, I finally finished college and that was really the last nail holding me here. Always said I would look to head back after that. So, I found the love of my life in Stamford and let her talk me into moving back a little earlier than I planned. She has always lived in the Fairfield County area, so the prices don't surprise her but they are sticker shock to me! I'm a computer programmer by profession, so I'm probably looking at the $60k-80k mark salary wise once I land a good job. Her current salary is probably between $30k-40k. Question is, can we really afford to survive in the Fairfield County area on that salary?
Thanks for comments...looking forward to being back on home turf!

Lintu · 10-02-2007, 09:52 AM

Quote:

Originally Posted by CTyankee15

Hey All,

Stumbled upon this forum recently as I'm preparing to move back to CT from Tulsa, OK. I'm a little worried and looking for some encouragement. Little background first. I was born and raised in Mystic, CT so I'm pretty much a native of Southeastern CT. Most of my family is still in that area. I've been in out here in Oklahoma for about seven years. In that seven years, I've grown quite accustomed to the cost of living, housing, etc... Within the last year, I finally finished college and that was really the last nail holding me here. Always said I would look to head back after that. So, I found the love of my life in Stamford and let her talk me into moving back a little earlier than I planned. She has always lived in the Fairfield County area, so the prices don't surprise her but they are sticker shock to me! I'm a computer programmer by profession, so I'm probably looking at the $60k-80k mark salary wise once I land a good job. Her current salary is probably between $30k-40k. Question is, can we really afford to survive in the Fairfield County area on that salary?
Thanks for comments...looking forward to being back on home turf!

If you are frugal, I don't see why not. It won't get you a place in Greenwich, but if you're willing to go out to Bridgeport, Stratford, Milford (yeah, Milford's not Ffld county, but it's close and a nice place), you can do it. Save up a big down payment and you'll be golden.

JayCT · 10-02-2007, 10:38 AM

Most young people on limited incomes in Fairfield County live modestly to save for a home. Like Lintu said, they will live in more modest communities like Milford, Stratford or even Bridgeport and do the commute into lower Fairfield County. It can be difficult but without children it is not bad.

If this does not appeal to you, then may I suggest a compromise. Consider either Hartford or New Haven for your careers. They are great places ot live and a lot more affordable than Fairfield County. They do not have the commuting issues that Stamford has, but you would also be within a reasonable distance of both your families. This is what I did and have been very happy. Jay

mels · 10-02-2007, 10:51 AM

Like Jay I also got out of Fairfield County (grew up in Milford but lived in Stamford for a while). The cost of living there wasn't worth it to me since I wasn't exactly in love with that part of the state anyway. If you are set on Ffld. County, look at the more affordable towns like Stratford and others already mentioned here. Also don't expect a monster house on a good sized lot. In the more affordable towns you can get an averaged sized home (under 2,000 SF) on a small lot for a decent price that you can afford on your salaries.

if you aren't dead set on Fairfield County I think the Hartford area would get you the most bang for your buck. Affordable homes (by CT standards) with plenty of jobs around.

CTyankee15 · 10-02-2007, 12:45 PM

Thank you for your input everyone! I definitely agree that the New Haven/Hartford areas would be a good compromise. I believe we even entertained the New Haven idea. She definitely likes to make her trips into the city (Manhattan) with friends and such on a regular basis, so I think New Haven should be our primary target. I think I will continue to push that idea and try to find work in a relatively close commuting radius. I know we'll be able to save for a house faster if we make the sacrifice now of not forcing ourselves to live in Stamford. Think she might love me enough to lower her standards a little for the greater good!

Wish me luck!

P.S. Relocating is sooo nerveracking!!!

Lintu · 10-02-2007, 01:48 PM

Yeah, saving up for a place like Stamford is difficult these days as young people. We lived in Norwalk for the past 2.5 years but just couldn't afford 400k+ for a starter home. Out in the towns I mentioned or in NH county (with some exceptions), you can still get a nice place under 300k and still be in a safe, picturesque, and convenient location. That's practically the national average.

S2000 · 10-02-2007, 02:06 PM

I would find another way for your girlfriend to make more than 30-40k a year especially in Fairfield Co. Unless her parents are willing to give up their house for cheap. I think like others suggested Milford or Stratford.

Isn't there a big development happening in Bridgeport on the water? The city has agreed to transfer a 50-acre waterfront site to a developer for a $1.2 billion project that would include thousands of housing units, a hotel, marina, shops, restaurants and night clubs.
Bridgeport takes another step for major waterfront development -- Courant.com

davfar · 10-03-2007, 09:51 AM

I don't live in Fairfield County, but I think that even living on a tight budget it might be hard to get by on your incomes down there. Depending on where your jobs are, try Litchfield County. It still has that status your girlfriend might be looking to uphold, and it's more affordable, compared to Fairfield County, but still pricey compared to OK I'm sure.

Lintu · 10-03-2007, 11:08 AM

?? The average income in Fairfield County for a household is $65,249, or $77,690 for a family. $90-$120k is more than enough. It's not going to support a mortgage in Westport, but you can easily get by renting or moving to one of the aforementioned towns. My husband and I made $77k when we first moved to the area and had absolutely no problem.

If you've just finished college, your incomes will be growing, anyways.

HeadedWest · 10-04-2007, 08:07 AM

Quote:

Originally Posted by Lintu

?? The average income in Fairfield County for a household is $65,249, or $77,690 for a family. $90-$120k is more than enough.

Those average income statistics are skewed a bit by a number of people who have owned a home for a long time but who couldn't buy it at today's prices.

The other thing is that housing is not the only thing that's expensive in Fairfield county. When I first moved here the sticker shock also included the cost of gasoline, the cost of a haircut, the cost of car repairs, the cost of hiring a remodeler, etc etc etc.