Analytics built by: Location, Inc.
Raw data sources: American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
With a population of 74,135, 27,683 total housing units (homes and apartments), and a median house value of $213,385, New Britain real estate values are some of the lowest in Connecticut, although compared to real estate around the nation, New Britain homes are still considered rather expensive.
Duplexes, homes converted to apartments or other small apartment buildings are the single most common housing type in New Britain, accounting for 37.60% of the city's housing units. Other types of housing that are prevalent in New Britain include single-family detached homes ( 30.98%), large apartment complexes or high rise apartments ( 27.73%), and a few row houses and other attached homes ( 3.41%). This particular housing mix is relatively uncommon and characteristic of cities that are compact and walkable, and which often have a lively downtown.
People in New Britain primarily live in small (one, two or no bedroom) units, chiefly found in duplexes, homes converted to apartments or other small apartment buildings. New Britain has a mixture of owner-occupied and renter-occupied housing.
At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. New Britain's housing was primarily built during this period, from the '40s through the '60s. A full 42.93% of the city's housing hails from this era. Other housing ages represented in New Britain include homes built before 1939 ( 33.66%) and housing constructed between 1970-1999 ( 19.95%). There's also some housing in New Britain built between 2000 and later ( 3.47%).
Vacant housing appears to be an issue in New Britain. Fully 10.73% of the housing stock is classified as vacant. Left unchecked, vacant New Britain homes and apartments can be a drag on the real estate market, holding New Britain real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.
New Britain's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in New Britain during the period has been just 3.66%, which is lower than 70% of US communities.
NeighborhoodScout's data show that during the latest twelve months, New Britain's appreciation rate, at 17.69%, has been at or slightly above the national average. In the latest quarter, New Britain's appreciation rate has been 0.68%, which annualizes to a rate of 2.75%.
Notably, New Britain's appreciation rate in the latest quarter is one of the lowest in America.
Relative to Connecticut, our data show that New Britain's latest annual appreciation rate is higher than 90% of the other cities and towns in Connecticut.
One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within New Britain differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in New Britain - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best New Britain real estate investment or home purchase decisions.
Average for Nation
Very Low for CT