The Most Affordable City In Connecticut Has A $265,000 Median Home Price

Connecticut is a state where you will need significant cash to live comfortably. In fact, you need to earn more in Connecticut than any other state to be considered in the top 1%. Thankfully, there are still some affordable cities in the state where the average home price is actually below the U.S. average of $369,147, per Zillow, as of July 2025. According to Redfin, the median home price in Waterbury, Connecticut is just $265,000 — significantly lower than the state average of $498,700, a figure that increased 4.9% between 2024 and 2025.

Redfin's data also indicates that about 114,400 people call Waterbury home, with the median household income around $46,329, thanks in part to Connecticut being one of the states that have a minimum wage above $15 per hour. If you are not someone who wants to buy a home just yet, Waterbury is also a fairly affordable place to rent as well, with Redfin pricing the average 1-bedroom apartment at $1,340. However you choose to live -– either as a homeowner or renter -– you'll find that your dollar goes further in Waterbury than in other parts of Connecticut.

Waterbury shares similarities to another city in Connecticut, Wallingford, for being one of the best places to live that offers prices lower than the state's average. The cost of living in Waterbury, according to BestPlaces, is reasonable, with total monthly expenses for housing, food, transportation, healthcare, and other costs being 2.3% lower than the rest of Connecticut. In 2025, a single person's cost of living comes in 22.4% below the national average, for a total of $44,400 annually or about $3,700 per month. However, it is even cheaper for a family to live comfortably with costs at $3,390 a month, or $40,680 per year, which is 37.2% less than the rest of America.

Salary.com found that, as of July 2025, compared to the national average, residents of Waterbury pay 3.8% less for healthcare and medical expenses, 9.7% less for energy, and, when it comes to food costs, Waterbury comes in at almost 60% less than the national average. So, if you are looking for a place where you can live comfortably in New England, Waterbury could be the perfect place for you.