Even with the same budget, a condo in downtown New Haven and a single-story home in the suburbs present completely different scenarios. A couple preparing for retirement recently explored single-story homes and found that comparing these two options was more complicated than they expected. While both options allowed for living without stairs, the composition of their monthly fixed costs was entirely different. The downtown condo had the advantage of being within walking distance to hospitals and shops, while the suburban single-story home offered tranquility and a yard. Since both had their merits, they decided to compare the numbers.

First, let's look at the sale prices side by side. The average home value in New Haven is $323,843, which has increased by 4.3% over the past year, with a price of $237 per square foot. Expanding the scope to all of Connecticut, the average condo price is $294,150, while the average single-family home price is $531,500. It's important to note that these figures are statewide statistics rather than specific to a particular property in New Haven, but the trend that single-family homes are selling for $33 more per square foot than condos is likely applicable in New Haven as well. Additionally, condos typically have separate HOA fees, but these fees often cover snow removal, roof repairs, and exterior maintenance. If maintaining a single-story home, the homeowner must bear all these costs themselves, so it's more accurate to compare the total monthly fixed costs rather than just the sale price.

Electricity costs are also a variable to consider between the two options. In the New Haven area, United Illuminating supplies electricity, and as of July 2026, the comparison rate is 11.99 cents per kilowatt-hour. However, there was a time in January 2026 when it rose to 13.695 cents, which was a 17% increase compared to the previous summer. For an average household using 700 kilowatt-hours, the average monthly bill from January to June was $252.12. Additionally, starting in November 2025, the distribution charge increased by about $3 from $9.99 to $13 per month. The impact of this increase can be more pronounced in larger single-story homes with extensive heating and cooling areas. In a downtown condo, the smaller unit size means that even with the same rate increase, the actual bill increase is relatively smaller.

Property taxes are also worth comparing. New Haven's mill rate is 39.962 based on the 2025 grand list, which is higher than the Connecticut average of around 32 mills. Condos are often assessed at a lower value than single-family homes, so even with the same mill rate, the actual tax bill tends to be lower. However, Connecticut offers an elderly circuit breaker program for homeowners aged 65 and older with incomes below a certain threshold, providing up to $1,250 for couples and $1,000 for individuals. This benefit can be applied regardless of whether the property is a condo or a single-family home, as long as the income criteria are met. In cities like New Haven with high mill rates, calculating how much this circuit breaker can reduce the actual burden is particularly meaningful.

Ultimately, while the sale price may make condos seem lighter on the wallet, considering the increases in electricity costs, the mill rate, and the applicability of the circuit breaker will help determine which option is truly more affordable. Rather than concluding that one option is better than the other, it seems most accurate to calculate the total annual costs by adding the sale price, electricity costs, and property taxes, and then comparing them side by side. This method of breaking down the comparison often leads to different conclusions than initially expected, as evidenced by this couple's experience. Since specific figures can vary by town and individual property, it's advisable to verify details directly before making any agreements. This is not investment or legal advice, and consulting a professional before finalizing any contracts is recommended.