Quick facts: Waterford, CT

Quick Facts

114.2
Cost of Living
above US average
3,276
Population
83.94
Crime Rate per 1000
above US average
$74,701
Median Income
below US average
$424,900
Median House Price
above US average
$2370.0
Average Rent
above US average
5%
Poverty Rate
below US average
3.7%
Unemployment Rate
below US average

πŸ’΅ Affordability Calculator

Based on the 28/36 rule: housing costs should not exceed 28% of your gross income. Compared against local median income of $74,701.

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Income Needed to Buy

βœ— Stretch
$133k/year
Based on $424,900 median home price
Assumes 30-year mortgage at 7% with 20% down payment
⚠️ Requires $133k vs median $74,701
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Income Needed to Rent

⚠ Stretch
$102k/year
Based on $2370.0/month average rent
Annual income where rent = 28% of gross
⚠️ Requires $102k vs median $74,701
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Waterford, CT

Waterford is a charming town located in New London County, Connecticut. Nestled along the southeastern coast of the state, it boasts a mix of residential areas, scenic parks, and waterfront views, making it an appealing destination for both residents and visitors. The town is strategically positioned near the Long Island Sound, offering outdoor recreational opportunities such as boating, fishing, and hiking. Waterford is home to several parks, including Harkness Memorial State Park, which features beautiful beaches and gardens, and the Waterford Country School, which provides a unique educational environment. The town also has a robust community spirit, with various local events and festivals throughout the year. Waterford's convenient location near the city of New London allows easy access to cultural attractions, shopping, and dining options. The area boasts a rich history and is known for its welcoming atmosphere, making it an ideal place for families and individuals seeking a balanced lifestyle. With its combination of natural beauty and community charm, Waterford is a hidden gem in Connecticut.

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