Numerous towns in Greater Hartford are among the top 10 for first-time homebuyers, according to a new study released Thursday.
NerdWallet.com, a personal finance website, determined central and northern Connecticut offer communities with more affordable homes and cost of living, well-suited to those looking to make their first major real estate purchase.
The top 10 homes in Connecticut for first-time homebuyers are:
- New Hartford
- Westbrook
- Coventry
- Berlin
- Colchester
- Windsor Locks
- Durham
- Ellington
- Marlborough
- Windsor
The study analyzed how much first-time homebuyers could spend on a mortgage and examined the data on appreciation to find the best locations, based on the health of the local housing market, the costs of housing, and the prosperity and safety in each community. The report observed Connecticut is not a magnet for first-time buyers based on affordability, but the places it identified stand out as being the most suitable for those looking for a foothold in the housing market.
The study comes on the heels of a report by Bank of America that showed three in four first-time homebuyers would rather jump in and buy a home of their dreams they can retire to, rather than invest right away in a “starter” unit.
By following the Consumer Financial Protection Bureau’s recommendation that homeowners shouldn’t allocate more than 28 percent of their gross monthly income to housing costs, NerdWallet.com determined that a first-time homebuyer in Connecticut could afford to spend $1,712 a month on ownership costs — mortgage, taxes, utilities and insurance.
