Impossible Dream: CT's Housing Crisis

[@Alan-lv9rw]

I grew up in CT. I graduated from UConn-Storrs and I wanted to stay. But in my town homes go for $1+ million. So I took my $165K salary and moved to Texas where I got a new four bedroom home for $258K.

[@tonycordero955]

What did you study in college

[@nicholasthompson7690]

went to HS in CT. Lived in NY for 37 years. Finally got fed up and moved to Ohio. CT needs more affordable housing.

[@felixthecat2786]

When you're competing with corporate wall street investors, nothing is affordable. What part of this can't people understand?

[@Limp-Noodle-Capital]

GAO report from 2024 says that institutional investors own approximately 2% of single family RENTAL housing stock. Much of this is concentrated in the sun belt. In CT it's probably a rounding error.

[@EricJGonzalez]

Very happy to see this sort of reporting from our local news team. Great job!

[@charlesharnois3684]

I bought my house 25yrs ago, it was a struggle then, I can't imagine what its like now! the American dream is a nightmare for many young people and we aren't making it any easier for them!

[@felixthecat2786]

It's a disaster. You bought homes when they were cheap and you could underbid. You could put a smaller downpayment down and the bidding wars weren't dominating the housing market. Today, we're competing with corporate wall street investors who are paying all cash for homes and then renting them out, flipping them and jacking up the profit.

[@willaerley7140]

The sad part is that MA, NY, and RI are actually worse. With today’s mortgage rates there’s no way I could afford to buy my house today.

[@bsgvlog5640]

Actually CT had the highest rate of home appreciation in the country in 2024​@willaerley7140

[@nicholasthompson7690]

It's pathetic

[@grace692]

The appraisals are not legally set since about 2016. Unified Standards of Professional Appraisal Practices and Standard Deviation used to protect the public. The house prices are now set without the benefit of law. Appraisers were bullied into violating their oaths-to abandon the objective number-by some of the federal agencies. Now local districts decide how much they want in property tax income and enter it into the property tax software of the appraisal team they hire. The public doesn’t need further intervention by the government with the introduction of low income housing. The fraud needs to stop.

[@dilciaravelo982]

3:55

[@gchsbus]

THIS IS HILARIOUS! Why do you want to live in Connecticut? My friend lived over in Connecticut amd commuted to NY. He finally said screw it. I bought a home in Nebraska for $74k on several acres of land. He says his house taxes are less than $1k per year, he pays his car insurance yearly in one shot because it is so cheap and no car property tax. He is happy but misses New Haven Pizza.

[@ebonneenelson2325]

I would love to upgrade to a bigger house but I will hold on to my nice little house. I don’t want to let go of my 4% interested rate. I regret not refinancing and getting that 2.75% rate before the rates increased. I do notice that homes in my area are gone the next day and people paid too much for it.

[@bsgvlog5640]

😔 also in the 4% club. So jealous of everyone else who financed at 2%.

[@103swagg]

The zoning laws for multi family homes are ridiculous. I’ve been trying to buy a multi family home for two years, the supply is so low that every time you’re competing with at least 20 other buyers.

[@karltontom5817]

Then after you get the house you will have to maintain monthly expenses for the long run Its not likely to be a new generation house and it’s more expensive now than ever before Something has to give

[@jeretso]

The last guy probably had a 3% rate mortgage from 10-20 years ago and he wants to compare it with today's rental prices. Sorry but you sold your house and did not buy a smaller house at the same time and now you want a government rescue. Home prices go up. Rent prices go up.

[@veronicafuller4353]

Same thing happening in Massachusetts

[@felixthecat2786]

MA is hopeless. My husband and I are planning to move within the next couple of years. Likely to Pennsylvania

[@nicholasthompson7690]

@@felixthecat2786 I had family in MA for years. Looked at housing I could afford on my own. Only thing I could find was in Fall River.

[@025MikeMiller]

That white picket fence needs to be cleaned. People forget about maintenance costs and effort.

[@SamMcKinley]

Besides Greenwich, Westport, Stamford and a few areas I never saw the appeal with CT. Most activities require travel to NYC. Besides that, the state has a Massive wealth gap. You either live in Meriden, Waterbury, Bristol or Darien and New Canaan.

[@realdeal139]

Housing regulations are ridiculous in ct

[@flowerforsyte5671]

Racism is part to blame. They want to keep it super segregated.

[@SSNESS]

Wade Boggs can buy multiple homes!

[@NarutoPHC]

Too many home assisted down payments and people buying with

[@nicholasthompson7690]

NImbyim is a huge issue too!

[@GhostFaceCillah]

avg house price in ct is 500k now, after mortgage your at nearly 1mil for the AVERAGE house over 20-30 years, and thats not even anything nice , just a regular house in a decent area. literally need to make 75-100 an hour to be a real home owner in ct now. you can find for less sure, then your living in the straight hood where your stuff gets stolen all the time, and if you fight back against the criminals you get arrested

[@Terrathrax]

💯

[@brc9064]

I think the problem is investors are buying the stock and not letting first time buyers a chance to buy There must be neighborhood that need revitalization-Politicians need to get involved

[@bsgvlog5640]

Those hoods were bought up about a year and a half ago by people desperate to find SOME place affordable to live. Now prices there are too high for most people.

[@PianoMatronNeeNee]

It’s because all the people that moved to Florida during the pandemic are moving back home. A completely different story in Florida. Houses are sitting on the market with NO showings.

[@abigailsanderson5943]

Idk if its accurate but connecticut doesn't seem to allow manufactured homes on private land only in trailer parks. Utter bullsh1te

[@triciawilliams1093]

I rent don’t care to own I pay my rent and keep going 😇

[@anna.banana.075]

MOST PEOPLE DO NOT WANT TO BE JAMMED TOGETHER IN PROJECTS

[@bsgvlog5640]

People wouldn't mind living in multi family if they were centrally located, constructed property and came with amenities To touch on construction, there's been a horrifying trend the last decade of building luxury housing with barely any sound insulation. Your neighbors cough you can hear them.

[@anthonystrambler457]

Guess what still impossible!

[@amardeepsidhu2871]

Lot of people probably end up moving to south carolina, Florida,texas or Georgia coast line where they building housing in thousands.

[@Roben647]

This wont be fixed unless you put strong regulation on private equity there buying everything up and charging out of reach prices! For the working class!

[@spscorse]

The cost of building a home is so expensive, lumber has doubled, appliances and the labor cost are through the roof and you want a builder to build a house to give it away good luck. When you double minimum wage you double everything else down the line.

[@Meltedcrayons002]

+ quality is way down.

[@linardskinard8199]

One third of Connecticut single family residences are vacant, and being held off the market, to keep prices high, real estate is a scam

[@SamMcKinley]

CT people don’t want multi family in their towns.

[@nicholasthompson7690]

Because many are selfish

[@Luni844]

Welcome to the blue state blah blah is all I hear. No solution but tax the living shit at of you to give to this politicians so they can enjoy the money with their family and go to country clubs in ct and have no care in the world cause it don’t affect them in anyway.

[@johngore6920]

Nice to see that in Connecticut every home owner is now a millionaire. Connecticut should start taxing imputed wealth.

[@christinegagnon6622]

😷☕

[@Terrathrax]

TOO MANY PEOPLE Especially when you count the illegal immigrants that CT people seem to adore for some reason.

[@Roben647]

Yup!

[@nicholasthompson7690]

Then either help fix it, or move.

[@grovve8960]

If you would like to own a home it’s super easy, you can join the military and use the VA Loan. Also if your credit is decent you use FHA and finance the closing cost. Another key point would be to gain a skill through an apprenticeship program, such as plumbing, electrical and aerospace.

[@Terrathrax]

A friend has the VA right now and you still need to know what you can afford. It's still not that simple. Too much competition and over-bidding. A VA loan won't help that.

[@nicholasthompson7690]

Leave CT! Go elsewhere

[@mikepict9011]

But if you work for the government/ catholic church your rich af . Go figure . Union strong dont last long