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City Report · CT

Waterford

Pop. 3,304·28th most expensive in Connecticut·Waterford rents are up 5.4% over the past year
Median rent (all units)
$2,173/mo
Year-over-Year
+5.4%
Month-over-Month
+5.9%
vs US Median
+$208
Rising (Monthly)
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Most AffordableMost Expensive
Waterford · $2,173
More expensive than 68% of US cities · National median $1,965/mo
Affordability
36% of income
MODERATE
0%30% benchmark60%+

At $2,173/mo, rent takes about 36% of the local median household income, slightly above the 30% benchmark.

Income to afford
$87,000/yr
Local median income
$73,156/yr
Based on the 30%-of-income rule using Waterford's median rent and household income. See the full affordability breakdown →
Medians by bedroom

Rent by unit size

Studio
$1,300
1 BR
$1,550
2 BR
$1,900
3 BR
$2,460
4 BR+
$3,180
Research median
$1,900/mo

Bedroom estimates are gross rents that include essential utilities (electricity, water, gas, sewer, trash).

Rent trends

12-month history

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Last updated: July 20, 2026

Annual cost
$26,076/yr
At $2,173/mo median
Rent Market Meter
Strong Landlord's Market
Renter's MarketBalancedLandlord's Market
Rents are up 5.4% year-over-year. Expect competition, and move quickly to lock in terms.
Based on rent-price momentum (+5.4% YoY, +5.9% MoM), not inventory.
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Demographics

Who lives here

Waterford, CT is majority owner-occupied, has a large retiree population, 27.3% of residents hold a bachelor's degree or higher.

Population
3,304
Median income
$73,156
Median age
44.8
Renters
33.1%
Age distribution
17.6%
21.7%
24%
13.6%
23.2%
Under 1817.6%
18–3421.7%
35–5424%
55–6413.6%
65+23.2%
Gender
47.6%
52.4%
Male47.6%
Female52.4%
Race & ethnicity
65.5%
18.7%
White65.5%
Black6.7%
Hispanic18.7%
Asian5.7%
Other3.4%
Education (25+)
44.3%
24.3%
27.3%
No HS diploma4.1%
HS diploma44.3%
Some college24.3%
Bachelor's+27.3%
Housing tenure
66.9%
33.1%
Owner66.9%
Renter33.1%

Source: U.S. Census Bureau · ACS 2024 5-Year Estimates

2021 vs 2026

How Waterford, CT has changed in 5 years

Income
$67,333 → $73,156
up 8.6%
Population
3,061 → 3,304
up 7.9%
Renter share
36.9% → 33.1%
-3.8 pts
Bachelor's+
21.7% → 27.3%
+5.6 pts
Median age
41 → 44.8
+3.8 yrs

Median household income rose from $67,333 to $73,156 between 2021 and 2024, a 8.6% shift. The population has grown by 7.9% since 2021, moving from about 3,061 residents to roughly 3,304. Renters now make up 33.1% of households, compared with 36.9% five years ago. College-educated residents now make up 27.3% of adults here, versus 21.7% in 2021.

Community

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View Waterford rent history (2015–2026) →
Salary vs rent

Can you afford rent in Waterford on your salary?

At $2,173/mo, how Waterford rent compares to typical pay (30% rule).

By apartment size

Waterford rent by bedroom count

Median rent for each apartment size in Waterford. Click any size for full breakdown.

Local insights

Tips for renters in Waterford

About renting in Waterford, CT

Last updated: July 20, 2026

The median rent in Waterford is $2,173/mo as of July 2026. A studio apartment averages $1,300/mo while a 2-bedroom runs $1,900/mo. One-bedroom apartments average $1,550/mo and 3-bedroom units go for $2,460/mo.

At 36% of local median household income ($73,156/yr), Waterford ranks as moderate compared to the national benchmark of 30%. Rents have increased 5.4% over the past year.

FAQ

Frequently asked questions

Is Waterford an affordable city for renters?

Waterford is considered moderate for renters. At $2,173/mo, rent takes approximately 36% of the local median household income ($73,156/yr). The standard benchmark is 30%. Waterford slightly exceeds that threshold, so budgeting carefully matters here.

How much income do you need to rent in Waterford?

To keep rent at or below 30% of gross income, you would need to earn at least $87,000/year (~$42/hour full-time) to afford the median rent of $2,173/mo in Waterford. The local median household income is $73,156/yr, meaning the typical Waterford household falls short of that threshold.

Is rent going up or down in Waterford?

Rent in Waterford has increased 5.4% over the past year as of July 2026, putting upward pressure on renter budgets.

How does Waterford rent compare to other cities in Connecticut?

Waterford is middle-of-the-pack for Connecticut for rent, ranking #28 out of 56 tracked cities at $2,173/mo.

Which nearby cities are cheaper to rent in than Waterford?

Several nearby cities have lower median rents than Waterford ($2,173/mo): New London ($1,586/mo), Norwich ($1,883/mo), Groton ($2,172/mo).

What percentage of Waterford residents rent vs. own?

According to Census data, approximately 33.1% of Waterford households are renters, while 66.9% are owner-occupied. Waterford leans toward homeownership, which can mean a smaller rental inventory.

How does Waterford rent compare to the national average?

Waterford's median rent of $2,173/mo is $208 (11%) above the US national median of $1,965/mo. Within Connecticut, it ranks #28 out of 56 tracked cities.
Income Affordability
36%
MODERATE

At $2,173/mo, rent takes ~36% of Waterford's median household income ($73,156/yr). The standard benchmark is 30%.

Waterford 36%Benchmark 30%
State income tax3–6.99%
Run the Waterford affordability calculator →
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Neighborhoods

Estimated from ZIP-level data

Schools nearby

Public schools near Waterford, CT

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