Nearly two-thirds of New Haven County’s homebuyers in recent years are Millennials, a new study from the National Association of Realtors has found.
Citing U.S. Census Bureau data covering 2010 to 2017, the NAR study found that people born between 1980 and 1988 represented 75 percent of homebuyers in the New Haven metro area, despite representing only 22 percent of area residents. These buyers’ median income was $53,600, just under the metro area’s median income of $54,800. Based on these statistics, NAR estimated that these Millennial buyers can afford 28 percent of the area’s houses as of March 2019.
Millennials’ share of New Haven homebuyers compared favorably with cities like Seattle, which saw Millennials make up only 70 percent of its homebuyers over the same period.
In Fairfield County, Millennials made up only 62 percent of homebuyers and 17 percent of the general population over the same period, and had a median income of $73,300 compared to the area’s $82,700. These buyers can only afford 12 percent of the area’s houses.
Hartford County saw the lowest rate of Millennial moving overall, with only 57 percent of homebuyers landing in the 30-40 age bracket. Like Fairfield County, their median income of $43,100 was substantially below the area’s median of $63,200 and they could afford only 16 percent of the area’s houses.
According to The Warren Group, publisher of The Commercial Record, the median home sale price in New Haven County was $227,500 in 2018 while the median condominium sale price was $138,000 in 2018. The median 2018 home sale price in Hartford County was $150,000 in 2018 and the median condo sale price was $150,000, while in Fairfield County the median home sale price was $451,750 and the median condo price was $257,750.






