Hartford is the capital of Connecticut and is the state's third-largest city. It is also one of the oldest cities in the United States, which enriches the culture and history of the town itself. Additionally, Hartford serves as the regional center for arts which many people visit. At the same time, the city is also home to the state government and is a significant employment area. It has 17 distinct neighborhoods with many housing options for people and families. There are upscale apartments and condos downtown. But, there are single-family starter houses in the north and south-end neighborhoods. For those looking for the right location to live in a city, Hartford, CT, offers a lot of unique experiences. Being a part of the city's community has many perks that make residents boast.
Quick Facts
- Hartford is the insurance capital of the world.
- Hartford's average household income is $52,689, with a poverty rate of 28.12%.
- The median rental rate in Hartford has been $985 per month, with a median house value of $165,300.
- Hartford's population has declined by -3.22% since the last census and is currently falling at a rate of -0.37% per year.
- It is Connecticut's fourth-largest city, with a population of 120,752.
Hartford, CT in a Nutshell
Being one of the country's oldest cities, Hartford offers many opportunities. There are many possibilities to learn about American history and culture in Hartford. Since the mid-1800s, the Wadsworth Atheneum Museum of Art has displayed ancient antiquities. These artifacts, for example, are European and American paintings. Additionally, authors Mark Twain and Harriet Stowe's residences are open to the public. Connecticut was one of the original thirteen colonies. So, Hartford has a rich history, like the world's oldest newspaper, The Hartford Courant.
Economy
Hartford is a significant medical, research, and educational center. Examples of exemplars in the field are Hartford Hospital and The Institute of Living. Additionally, there is Connecticut Children's Medical Center and Saint Francis Hospital & Medical Center. These are all located within the city of Hartford. Corporate giants are also a significant contributor to the city's economy. Some notable companies are Aetna, Conning & Company, and Harvard Health Care. The Phoenix Companies and Hartford Steam Boiler are also all based in Hartford. Furthermore, Prudential Financial and Axa XL have significant operations in the city.
Hartford is a growing technology hub in the country. For example, Infosys announced the opening of a new digital center in Hartford in March 2018. By 2022, there have been around 1,000 employment opportunities produced. Insurance and manufacturing will be the focus of the Hartford technology innovation hub. CGI Inc., Covr Financial Technologies, and GalaxE. are among the technology companies that relocated to Hartford. Insurity, an insurance software provider, is also based in the city.
Employment
Hartford is the place to go for those seeking work in the insurance industry. Hartford is the "Insurance Capital of the World," with the most insurance experts per capita in the US. Aetna, The Hartford, Travelers, and United Healthcare. Lincoln Financial Group and Cigna also have offices or headquarters in Hartford city. Insurance employment is not the only type of work offered, but some are also in healthcare. Medical centers such as Hartford Hospital, and Saint Francis Hospital, also provide employment. There are also openings at Connecticut Children's Hospital. Besides insurance and healthcare, the financial field also has work opportunities. Renowned companies like Conning or Prudential Financial are leading in the city.
Real Estate in Hartford, CT
Connecticut is one of the most expensive states to live in, but Hartford has a rather low cost of living. Hartford has a median home price of $165,300 and a median monthly rent of $985. Still, the cost of living in the city is 13% lower than Connecticut's average. Additionally, its housing cost is 11% lower than the national average. So, consider Hartford for those searching for a terrific place to live in that will not break the bank. The cost of goods and transportation is still higher than the national average. Hartford's median house sale price is also a little bit higher than the national average.
Real Estate Trends
It is important to note that Hartford has diverse housing options in the Capitol Region. A classic Victorian property in the Westend can be a superb choice for a property. A converted factory loft apartment might also be something interesting. A premium downtown apartment with a view or a starting home in Blue Hills may be more appealing for some. Many locals prefer townhouses Downtown to two and three-family homes in the Southend. In Hartford, 58% of the total properties are for sale, 42% are for rent, and 45% are single-family homes. There are now 315 properties for sale in Hartford, and the median list price per square foot is $105.
Final Thoughts
Hartford has played an essential role in the state's history from the arts and government. When visiting Hartford's rich history, select a convenient place to explore the city. Hartford is a unique state with some specific advantages and disadvantages to consider. The city is also an ideal area to live in for those who enjoy gorgeous landscapes and if money is not an issue. On the upside, renters can control their employment and income levels. So for those willing to compromise, Hartford may be the place many are looking for in a home.
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