CHFA data show Old Lyme renters face shortages and rising costs; median home price near $670,000

Andrew Bolger, CHFA senior research and data analyst, presented the commission with a gap analysis showing more households at lower income bands than units affordable to them in the Old Lyme area. “4 out of 5 of renter households earning under 50% AMI ... are cost burdened, again paying above 30% of their income on housing,” he said, summarizing the analysis of HUD and vendor data used by CHFA.

Bolger explained the methodology — household formation versus population change, vacancy metrics for stabilized rental stock, and a gap analysis that accounts for units occupied by higher‑income households. He said regional asking rents are approaching $2,500 and reported year‑to‑date median sales price in Old Lyme of about $670,000, a pattern driven by limited active listings relative to pre‑pandemic levels. Commissioners asked about town‑level differences when data are combined across nearby towns; CHFA cautioned vendors aggregate some markets for sampling reliability and recommended supplementing HUD data with local knowledge.