Norwich-New London, CT
The numbers that matter most
What an investor checks first when sizing up a new metro — affordability ratio, rent vs income, cap rate proxy, and where the market is moving. Each metric shown vs. state and national medians for instant context.
moderate
Price to income
3.49×
The single most-cited 'is this market still cheap' check. Below 3× and you're in an affordability tailwind.
- vs Connecticut
- 3.49×=
- vs U.S.
- 3.43×
Benchmark
ACS median home value ÷ median HHI
moderate
Rent to income
26.6%
What share of a typical household's income goes to rent. Below 30% means tenants can absorb modest rent increases.
- vs Connecticut
- 26.5%
- vs U.S.
- 23.3%
Benchmark
(HUD FMR 2BR × 12) ÷ median HHI
deal-by-deal
Cap rate proxy
4.95%
Rough first-pass yield assuming a 35% expense ratio. Not an underwriting number — a 'is this even worth modeling' filter.
- vs Connecticut
- 4.60%+0.35
- vs U.S.
- 4.35%+0.61
Benchmark
(FMR 2BR × 12 × 0.65) ÷ ACS median home value
steady
Net migration
+0.06%
Forward-looking demand signal. Positive net migration drives rent growth and absorbs new supply.
- vs Connecticut
- -0.14%+0.20
- vs U.S.
- 0.03%+0.03
Benchmark
IRS net migration ÷ population
tight
Permit pipeline
1.40
permits per 1,000 residents
Forward-supply indicator. Above ~5 means the metro is building meaningfully relative to its size; below 2 means supply is tight.
- vs Connecticut
- 1.25+0.15
- vs U.S.
- 3.52
Benchmark
Census BPS permits TTM ÷ population × 1,000
softening
Unemployment
4.0%
Tighter unemployment means higher wages, more rental demand, lower vacancy.
- vs Connecticut
- 4.0%=
- vs U.S.
- 3.9%
Benchmark
BLS LAUS, latest month
Where prices are and where they've been
5-year price appreciation
+65.2%
homeValues.yearOverYear
+6.6%
Median home value
$293,900
The rent ladder
| Bedroom | Monthly | Annual | % of median HHI |
|---|---|---|---|
| 1 BR | $1,496 | $17,952 | 21.3% |
| 2 BR | $1,866 | $22,392 | 26.6% |
| 3 BR | $2,406 | $28,872 | 34.3% |
Labor market direction
Unemployment
4.0%
Median household income
$84,185
What's being built
Total TTM
375
Single-family
291
2–4 unit
10
5+ unit
74
All 1 counties, ranked by population
| County | Population | Home value | Median HHI | Permits TTM | YoY |
|---|---|---|---|---|---|
| Southeastern Connecticut Planning Region | 280,293 | $293,900 | $84,185 | 375 | -5.8% |
Similar metros nationally
| Metro | Pop | Med HHI | P/I | Cap proxy | HPI 5y | Permits/1k | Unemp |
|---|---|---|---|---|---|---|---|
| ★Norwich | 268,448 | $84,185 | 3.49× | 4.95% | +65.2% | 1.40 | 4.0% |
| Sioux Falls, SD | 277,944 | $81,418 | — | — | +48.0% | — | 2.3% |
| Atlantic City-Hammonton, NJ | 274,339 | $80,600 | — | — | +84.4% | — | 7.2% |
| Cedar Rapids, IA | 275,693 | $77,084 | — | — | +38.5% | — | 3.4% |
| Crestview-Fort Walton Beach-Destin, FL | 288,639 | $79,150 | — | — | +51.3% | — | 4.5% |
| Appleton, WI | 242,972 | $83,919 | — | — | +60.8% | — | 2.6% |
Where people are moving in from
Net migration
+161
+0.06% of population
| Origin county | Tax returns |
|---|---|
| Capitol Planning Region, CT | 1,022 |
| Northeastern Connecticut Planning, CT | 541 |
| Lower Connecticut River Valley Pl, CT | 507 |
| Washington County, RI | 373 |
| South Central Connecticut Plannin, CT | 240 |
| Providence County, RI | 175 |
Who lives in Norwich
- Median age
- 41
- Bachelor's+
- 34.6%
- Owner-occupancy
- 65.4%
- Vacancy rate
- 8.9%
- Rent burdened (30%+)
- 46.7%
- Median household income
- $84,185
This page shows federally sourced data. A full editorial analysis with charts and investment commentary is in progress.