Connecticut Real Estate
With the recent housing market plummeting and the decline in property values many people are considering purchasing a second home or investment property. If you are one of these people you should consider Connecticut real estate. In fact Connecticut real estate is one of the best investments you could make right now.
What makes Connecticut real estate so desirable in the middle of an economic recession? For one, Connecticut is the perfect and beautiful area to have a second home or investment property. For two, Connecticut real estate could be the perfect investment for a rental property.
Located in New England, Connecticut is bordered by New York, Massachusetts and Rhode Island. Actually the southwestern part of Connecticut is considered part of New York City proper metropolitan area. The most populated area in Connecticut is Cheshire which is in New Haven County.
A strong manufacturing industry in Connecticut kicks off the economy and following in close second is the financial institution industry. Financial organizations as well as insurance companies have flourished in the Connecticut area. Due to Connecticut employing so many manufacturing, financial and insurance workers there must be housing for these workers whether they rent or own. This means as an investor you have an opportunity to grab a piece of the pie with these residents. Additionally, Connecticut has the highest per capital income of any states in the United States as well as the highest average household income of $54,000. Connecticut ironically has the highest average household income as well as the lowest average household income. What better way to capture both sides of the housing market? As an investor you can rent to the lower and middle income families and then market sales to the upper middle and higher income families.
Connecticut also has many educational institutions which contribute to the job market. Some of the educational institutions that employ residents of Connecticut are Post University, Trinity College, The Connecticut State University System, the University of Connecticut, United States Coast Guard Academy and the University of Hartford. These are only some of the many great Institutions located in Connecticut.
Additionally Connecticut has a higher proportion of boarding schools for the country. These boarding schools draw students in from around the world. Another option for a potential investor would be rental properties for some of these students or possibly their families during the off seasons. Surely there would be staff members of these boarding schools and the other educational institutions that would be in the market to rent an investment property or perhaps buy an investment property.
Connecticut is home to many seasonal sports as well. The state is home to three ice hockey teams, a plethora of traveling baseball teams and even two rugby teams. Any investor could see the potential for renters in this group of traveling athletes.
The housing market in Connecticut while it has felt the effects of the recession is still pricey. Homes in certain areas of Connecticut exceed one million dollars. The average price of a home in most towns in Connecticut is in the $500,000 range. So depending upon what kind of Connecticut real estate you are looking to invest in you may want to familiarize yourself with the property values in the various areas of Connecticut. For example, the average price of a home in New London is just under $300,000 while the average price of a home in Fairfield County is over one million dollars. Even though most of the country has been in a real estate slump, Connecticut real estate has still surpassed the country average. Connecticut real estate has felt effects of the recession and real estate slump however not to the extent of the rest of the country.
If you have been considering a financial investment such as a second home or maybe a rental property and you have considered Connecticut real estate you should look further into it. As stated, there are different areas with different property values and any investor would need to make a decision as to their target market for renters or potential buyers. Regardless, the Connecticut real estate market while hit by the recession is still standing tall and still very profitable for investors in Connecticut.