How Much House Can I Afford on a 70k Income in Connecticut?

With a 70k income, homeownership in Connecticut might be more challenging, especially in Hartford. Financial advisors recommend spending about 3 to 4 times your annual income on a home, setting your budget between $210,000 and $280,000.

However, the median home price in Hartford is approximately $350,000, which exceeds your maximum affordability range. This suggests that the major market may be less accessible at your current income level.

That said, more affordable options may be found in other areas such as New Haven and Stamford, where prices average around $400,000. Connecticut has a property tax rate of 2.2%, or roughly $7,700 per year on an average home. Considering a cost of living significantly above the national average, you might need to explore alternative locations or financing strategies to meet your homeownership goals.