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These days, finding an affordable place to live in the New London area can be challenging. Home prices in New London are now at a median cost of $236,457, lower than the Connecticut average of $418,901.
The average cost of rent is $1,311/mo in New London, primarily driven by the current value of real estate in the New London area. In New London, 63.83% of households rent, and 40.36% of homeowners own their homes outright.
Housing affordability isn’t just about home prices, though. The average household income in New London is $5,389 per month. Households that rent pay about 24.33% of their income on rent here. New London’s most expensive areas are in the southeastern regions, while the cheapest areas are in the central parts of the city.
Source: BestNeighborhood calculations from the U.S. Census Bureau, American Community Survey (ACS) 2020-2024 5-year estimates.
Nearby Cities
- Waterford, CT: higher priced homes
- Conning Towers Nautilus Park, CT: equally priced homes
- Groton, CT: higher priced homes
- Pleasure Beach, CT: higher priced homes
- Quaker Hill, CT: higher priced homes
- Millstone, CT: higher priced homes
- Groton Long Point, CT: higher priced homes
- Gales Ferry, CT: higher priced homes
- Niantic, CT: higher priced homes
- Noank, CT: higher priced homes
Cities with Similar Populations
- Eldersburg, MD: higher priced homes
- Villalba, PR: less expensive homes
- Villa Park, IL: higher priced homes
- Uniontown, PA: less expensive homes
- Fort Hood, TX: equally priced homes
- Feasterville-Trevose, PA: higher priced homes
- Faribault, MN: higher priced homes
- Ellensburg, WA: higher priced homes
- Elk River, MN: higher priced homes
- Waianae, HI: higher priced homes
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