A typical worker needs to earn $47,840 annually to afford median rent for a 2 bedroom apartment, while the median earnings for 25-to-34-year-old workers is roughly $30,000.
About 300 young professionals responded to an unscientific survey the Partnership for Strong Communities conducted to try to understand why Connecticut has been losing 25-34 year-old residents at the fastest rate in the country for the past 20 years. A summary of the findings:
- 89.5% (256) of respondents believe Connecticut should make changes to better attract 20-35 year olds.
- Almost half of respondents (47.5%) felt that Connecticut does not provide housing options that are affordable and meet their needs.
- Only 35.3% (107) answered Yes when asked if they plan to live in Connecticut on a long-term basis.
- Among the 64.7% of respondents who are not planning to live in CT for the long-term, nearly two-thirds (64.9%, 120) said housing could be a major factor in them staying – almost the same number who responded Maybe to the previous question.
Here are a sample of some of the answers to the open-ended questions:
- “Housing is significantly more expensive than many other states and the salaries in CT just aren’t high enough.”
- “Half of one’s monthly salary/income is spent on rent and/or utilities.”
- “The culture and public transportation are lacking. It is expensive to do many things in CT and they almost always require travel which is expensive.”
- “This is my home, I don’t want to live anywhere else, but I just don’t see how I can have a good quality of life as a single person if all of my money is going to housing.”
- “Coming from areas that are extremely appealing to this age range (Asheville, NC and Charleston, SC), I believe a prospering artisan community, affordable/safe housing choices, and well maintained community parks (all of which are in walking distance from housing) are draws to this age range. Connecticut is missing this “package”. If you want this age group to live in CT, than have housing in a safe area in walking distance to music, food, entertainment, arts, parks, etc. There are lots of interesting/cool areas in CT, but there’s not centralized area that appeals to youth.”
- “Really support Urban Living. This will have to include a lot of factors, but needs to make cities more attractive and pedestrian friendly, with accessibility to mass transit. People who are younger appreciate the vibe of urban life better, and if they can be attracted to a nice urban area with parks, and affordable high quality living, CT will be nicer overall.”
The Partnership is looking into forming a statewide coalition/advisory group on behalf of young professionals.
Stamford/Norwalk are best places to live in CT. Lots of new developement, mass transit improvements in the works, art & culture, plus proximity to NYC. I work in Manhattan and take that Manhattan salary home to Stamford where it is more than enough to cover my mortgage (~20% of monthly salary).
@Zoo, why did you stay?
Ha, no, I work enough at one job, thanks.
This is news? When I arrived in Stamford back in 68 housing costs were out of sight and half my salary went to rent a studio apartment. Almost all of my then married friends ended in divorce because of fights over money due to housing and trying to raise a child. So get used to Stamford. Expensive is not the new normal, it’s just normal. If you are looking for affordable than either move upstate or more to Austin. Or pick up a second job like I did.
Well, what this article says is true not just for this age group! I know a few older couples who have kids in CT and they would love to retire there, but absolutely cannot afford it. They are in no way considering buying due to the property tax, and the recently-added real estate conveyance tax further discourages them from buying in CT.
Oh and I should add that I am strongly considering relocating.
I am 32 years old and was born and raised in Stamford (and now live in Norwalk which is more affordable in comparison). What a lot of people dont realize is that our generation is being screwed by our parents. Many people who have lived in this area for a long time see large profits on the homes they raised us in. Now facing retirement, they want to squeeze every last dime possible out of the next buyer, who is likely to be someone around my age who is looking to make their first home purchase. I wish more people would consider this when they get greedy about their home sale. Youre already making a 300% profit.