Comptroller Braswell warns rising housing costs are hurting Connecticut residents
Comptroller Natalie Braswell is raising concerns that rising home prices and rental costs in Connecticut are creating a new level of financial stress on the state”™s residents.
Braswell noted the Connecticut housing market has been plagued with a lack of inventory ”“ year-over-year sales of single-family homes were down in January by 17% and new listings declined more than 21% in the same span. With fewer homes available and prices rising ”“ the median sales price is now $340,000 ”“ the competition for rental housing has become more intense. As a result, the average Connecticut rent increased 15.37% year-over-year, from $1,544 to $1,782 per month.
“Many families in our state are finding it harder and harder to afford housing,” said Braswell. “Over half of Connecticut renters are already cost-burdened. With inflation driving up the cost of everyday essentials, rising rent threatens the ability of workers to save, pushing homeownership out of reach.”
Braswell added that she preferred to see more Connecticut residences as homeowners than renters.
“It”™s in our economic best interest to help more young families purchase homes and grow our middle class,” said Braswell. “Everyone in Connecticut deserves housing security and to share in the benefits of the long-term budgetary planning that is beginning to pay big dividends for taxpayers.”
Braswell also reported the state now has projected a General Fund surplus of $1.51 billion for Fiscal Year 2022.
“This month”™s surplus projection reflects the enormous progress our state has made in addressing long-standing fiscal concerns and withstanding the worst of the pandemic,” said Braswell. “However, there is tremendous volatility, both nationally and globally, that is putting stress on working families and keeping everyone from experiencing the benefits of our current economic success.”