The average New Englander expects to spend roughly $260,000 on their next home. But what happens when you take that same budget from one town to the next in our area?
A survey conducted by the National Association of Home Builders found that the average home buyer in America expects to pay $203,910 for their next home. Here’s how the NAHB explained the average American’s expectations in the organization’s report “What Home Buyers Really Want”:
Several years of declining home values have led home buyers to significantly adjust expectations of how much they are ready to pay for their next home (or have recently paid for one). In 2012, buyers expect to pay a median of $203,910 for their next home, which is 12 percent lower than their expected price was in 2007 ($230,900). The median price buyers expect to pay in 2012, nonetheless, is about 16 percent higher than it was in 2004 ($175,900).
But here in New England, prospective home buyers are prepared to pay a bit more. According to the survey of more than 3,600 home buyers, New England folks have the second highest expected price, at $259,555. The area in which home buyers have the highest expected price is in the Pacific portion of the country, where the expected price is $285,816. It’s the lowest in the East North Central section (Michigan, and surrounding states), where the expected price was recorded as $164,168.
We searched the real estate website Trulia to see what prospective homeowners could snatch up for $259,55 or less in every town in Southwestern Connecticut, and found that the properties vary quite a bit between towns. Check out what $260,000 buys you in each of the towns in Southwestern Connecticut.