If you're looking for a rental home in West Hartford, Connecticut, you're not alone. Approximately 2,672 homes are for rent. A third are family units with children, making up about 22% of renter-occupied households in the area. The median number of bedrooms per household is two, and the majority of renter-occupied households are comprised of people who have a bachelor's degree or higher. In contrast, 8% of renters in West Hartford have a high school diploma or less.
In addition to the Connecticut Economic Digest, this newspaper also includes a housing market outlook. The publication's Recent Trends & Outlook section highlights issues and trends in the region, including housing market conditions and the Fed's interest rate action. This is a subscription edition, and you can access the full content of this publication and other features. This publication is updated quarterly, annually, and monthly. You can read the full articles in the subscription edition of Connecticut Business.
The age composition of the city is changing. A map showing the number of people in each age group shows the population percentage in each five-year age group, as well as projections for 2040. On the chart, people considered to be part of the "baby boom" are shown in orange, while the age composition of the city 30 years ago is marked in black. One-third of all households are headed by people over 60, and there are several people in each household over the age of 40.While there are many ways to measure the strength of a local economy, the median household income in West Hartford is perhaps the best indicator of its viability. The median income of residents is just one measure, but the taxable value of a home's taxable value can provide the city with the revenue it needs to provide community services and support municipal budgets. Similarly, the percent of a city's real estate tax base is comprised of businesses, which provide revenue but don't require many services.
In the United States, the largest city in each metropolitan statistical area is designated as its principal city, according to the Census data. Additional cities must meet certain requirements for employment and population to qualify as a principal city. A metro's title typically includes the name of at least one principal city, but it can include the names of several smaller cities. While West Hartford is a thriving city, there's still room for improvement. With so many businesses located in the city, the growth in jobs in West Hartford has been impressive.
While the residential stock in West Hartford is relatively young, the overall housing market has been relatively stagnant in recent years. While 1.7 million square feet of office space is currently available for lease, less than ninety-five percent of that space is empty. The inventory of this property is significantly larger than the city's total population and occupies a similar mix of buildings. Moreover, it is located within the New Haven County office market, which has a higher vacancy rate and higher average asking rents than other areas.