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Old 12-10-2022, 02:11 PM
 
Location: Connecticut
34,933 posts, read 56,945,109 times
Reputation: 11228

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Quote:
Originally Posted by CTartist View Post
Did anyone on here hear about the following? I didn't.

Congress Is Introducing a Bill to Stop Wall Street Investors From Buying Single-Family Homes. Here's What It Means for Consumers
https://www.msn.com/en-us/money/real...03d676341cf1d8

"Stopping Wall Street firms in their tracks
In November, California Democrats introduced a new bill called the Stop Wall Street Landlords Act. Its aim is to curb the practice of investment firms with loads of capital scooping up homes for investment purposes, leaving regular buyers unable to purchase homes themselves. If the bill is passed, it will make it more expensive for single-family-rental companies with more than $100 million in assets to buy and sell homes by imposing added taxes on their transactions."
This is a big problem in other parts of the country. A close family friend told me that their Seattle neighborhood was half vacant because it was targeted by deep pocketed investors buying up homes on speculation. That drove prices up and the working class out. It happens in tech heavy hot markets like Seattle and San Francisco. It’s a shame that it’s come to this but it’s not fair otherwise. Jay

 
Old 12-10-2022, 04:21 PM
 
Location: USA
6,904 posts, read 3,746,264 times
Reputation: 3499
Quote:
Originally Posted by JayCT View Post
This is a big problem in other parts of the country. A close family friend told me that their Seattle neighborhood was half vacant because it was targeted by deep pocketed investors buying up homes on speculation. That drove prices up and the working class out. It happens in tech heavy hot markets like Seattle and San Francisco. It’s a shame that it’s come to this but it’s not fair otherwise. Jay
It’s a thing out West no question, many foreign investors as well.
 
Old 12-10-2022, 05:36 PM
 
6,588 posts, read 4,975,313 times
Reputation: 8040
Quote:
Originally Posted by SteveM85 View Post
It’s a thing out West no question, many foreign investors as well.
There's a CD thread on that too.
 
Old 12-11-2022, 06:38 PM
 
Location: Northeast states
14,055 posts, read 13,937,277 times
Reputation: 5198
To rent an apartment outside of Fairfield-Greenwich-Ridgefield area you need to make atleast $60,000 minimum to survive no more 30% of monthly income should be rent. New Yorkers been flooding Bridgeport and New Haven area some residents are begin price out to the valley area towns but valley towns are getting pricey as well. Waterbury was once affordable the prices are going up slowly due to high demand towns like Ansonia and Derby are not cheap anymore.



Connecticut rent is ‘affordable’ if you make $60K

Sam Bailey had been eyeing a move from her studio apartment in Hartford to a one-bedroom. The 26-year-old lawyer was looking for somewhere she could have a little more space and balance working from home.

She first thought of staying in Hartford. But even with a raise at her job, the rents were too high. So, she looked a little further out to Glastonbury and West Hartford. But that got expensive, too. Eventually, she settled on a unit in Beacon Falls

A renter in the Hartford MSA would have to make $59,880 — nearly $60,000 — in order to afford rent in the Hartford area.

The median household income for renters in the Hartford MSA is only $42,545

In the New Haven-Milford MSA, the average rent was $1,640 monthly or $19,680 annually, according to CoStar. Renters there would have to make $65,600 to afford rent. But Census data shows a median household income of $41,401 among renters.


In the Bridgeport-Stamford-Norwalk MSA, where rents severely outpace the rest of the state at $2,575 ($30,900), renters need a salary of $103,000 to afford rent. There, the median household income among renters is only $54,060.

In the Norwich-New London MSA, which has the lowest average rent in the state at $1,474 ($17,688 annually), a renter would need a salary of $58,960 for rent to be considered affordable. Census data says Norwich-New London renters have a median household income of $44,652.


Bailey said she wonders who is living in the units going up in cities like Hartford. Even at a salary of $77,000 she said she couldn’t qualify for a one-bedroom apartment in Hartford or Glastonbury without a cosigner to meet the 30% threshhold.

https://www.ctinsider.com/realestate...2-17618448.php
 
Old 12-12-2022, 07:27 AM
 
2,418 posts, read 2,036,841 times
Reputation: 3479
Good info, BPt111, thx for sharing. I've been scouting for a move to CT with a one-year rental so I can explore further on a possible buy. I am fortunate in that I don't have to vacate my current place until I find the right spot. I've also noticed the increases in rents & am kind of kicking myself for letting a few get away. I earn in the mid $ 60's and am considering drawing on my late spouse's SS as a supplemental income.

1.5 to 2 bathrooms really narrow the choices unless I substantially raise my desired rental amount. Even then, they go quick.
 
Old 12-12-2022, 10:06 AM
 
Location: Connecticut
34,933 posts, read 56,945,109 times
Reputation: 11228
Quote:
Originally Posted by BPt111 View Post
To rent an apartment outside of Fairfield-Greenwich-Ridgefield area you need to make atleast $60,000 minimum to survive no more 30% of monthly income should be rent. New Yorkers been flooding Bridgeport and New Haven area some residents are begin price out to the valley area towns but valley towns are getting pricey as well. Waterbury was once affordable the prices are going up slowly due to high demand towns like Ansonia and Derby are not cheap anymore.



Connecticut rent is ‘affordable’ if you make $60K

Sam Bailey had been eyeing a move from her studio apartment in Hartford to a one-bedroom. The 26-year-old lawyer was looking for somewhere she could have a little more space and balance working from home.

She first thought of staying in Hartford. But even with a raise at her job, the rents were too high. So, she looked a little further out to Glastonbury and West Hartford. But that got expensive, too. Eventually, she settled on a unit in Beacon Falls

A renter in the Hartford MSA would have to make $59,880 — nearly $60,000 — in order to afford rent in the Hartford area.

The median household income for renters in the Hartford MSA is only $42,545

In the New Haven-Milford MSA, the average rent was $1,640 monthly or $19,680 annually, according to CoStar. Renters there would have to make $65,600 to afford rent. But Census data shows a median household income of $41,401 among renters.


In the Bridgeport-Stamford-Norwalk MSA, where rents severely outpace the rest of the state at $2,575 ($30,900), renters need a salary of $103,000 to afford rent. There, the median household income among renters is only $54,060.

In the Norwich-New London MSA, which has the lowest average rent in the state at $1,474 ($17,688 annually), a renter would need a salary of $58,960 for rent to be considered affordable. Census data says Norwich-New London renters have a median household income of $44,652.


Bailey said she wonders who is living in the units going up in cities like Hartford. Even at a salary of $77,000 she said she couldn’t qualify for a one-bedroom apartment in Hartford or Glastonbury without a cosigner to meet the 30% threshhold.

https://www.ctinsider.com/realestate...2-17618448.php
Beacon Falls??? She should have come here to ask for help. That’s almost 40 miles from Hartford. Any savings will quickly be lost to commuting costs.

I suspect she only wants new or newer apartments with many amenities because there certainly more affordable apartments around greater Hartford.

Glastonbury and West Hartford are among the most desirable suburbs in greater Hartford so of course she is having trouble affording them. Why not look in Manchester, Vernon, Middletown or Southington among many others? I know there are many nice 1 bedroom apartments in these towns that she should be able to afford and with half the commute. Jay
 
Old 12-12-2022, 10:17 AM
 
Location: Northeast states
14,055 posts, read 13,937,277 times
Reputation: 5198
Quote:
Originally Posted by JayCT View Post
Beacon Falls??? She should have come here to ask for help. That’s almost 40 miles from Hartford. Any savings will quickly be lost to commuting costs.

I suspect she only wants new or newer apartments with many amenities because there certainly more affordable apartments around greater Hartford.

Glastonbury and West Hartford are among the most desirable suburbs in greater Hartford so of course she is having trouble affording them. Why not look in Manchester, Vernon, Middletown or Southington among many others? I know there are many nice 1 bedroom apartments in these towns that she should be able to afford and with half the commute. Jay
Stamford, Norwalk, West Hartford, Milford, Avon, Madison etc feel more prestige for some people
 
Old 12-12-2022, 03:58 PM
 
Location: USA
6,904 posts, read 3,746,264 times
Reputation: 3499
3 years, 300 pages and 3000 posts.
Never in their wildest dreams did the OP-SkylinePG think their thread would reach legendary status when they asked why homes in Weston weren't selling.
 
Old 12-12-2022, 09:30 PM
 
7,924 posts, read 7,814,489 times
Reputation: 4152
Seattle is about 150 miles from Vancouver which is very hot. Canada is doing the same thing starting at the start of the year. The average house price is 1.3 million
https://www.zolo.ca/vancouver-real-estate/trends
https://jingdaily.com/what-canadas-b...ncouver-dream/

Just crazy
 
Old 12-13-2022, 07:49 AM
 
Location: USA
6,904 posts, read 3,746,264 times
Reputation: 3499
Quote:
Originally Posted by mdovell View Post
Seattle is about 150 miles from Vancouver which is very hot. Canada is doing the same thing starting at the start of the year. The average house price is 1.3 million
https://www.zolo.ca/vancouver-real-estate/trends
https://jingdaily.com/what-canadas-b...ncouver-dream/

Just crazy
Wealthy asian investors in West Coast cities is nothing new. Covid may have reinvigorated the process but it's been a thing for quite a while now.
I'm not sure it's really a thing in CT, pre or post Covid.
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