The real estate website Trulia released a report earlier this week that tells a tale well known in this area: There aren’t very many homes affordable for middle class residents in Fairfield County. Specifically, the report states that 37 percent of the homes currently on the market in this area are listed at or below the “affordable” cut-off of $369,000. That’s down from 38 percent last year.
It’s bad enough to land Fairfield County in the bottom 10 metropolitan areas in the nation.
One of the most interesting facets of this report is the way a resident’s education levels affect his or her ability to afford a home. According to data provided by Trulia, 61 percent of homes for sale are within reach if the head of the household has a graduate degree. It’s 54 percent if the head of the household has a bachelor’s degree, 27 percent when the head has some college under their belt or an associate degree.
These homes are most out of reach for households where the head has a high school education or less: Only 14 percent can afford to spend $369,000 on a home then, the data shows.
It’s an interesting story, and one that’s very familiar to us here. We looked into affordability of homes for the middle class in December when we tracked how long it would take the typical resident to save up for a down payment in towns around the area. Check out the results of that here: