There is an inadequate supply of affordable housing that is affecting households in Old Lyme today – and the problem is getting worse.
According to recent studies, about half of home renters and a quarter of home owners with mortgages in Old Lyme are burdened by housing costs, spending more than 30% of their household income on housing. Overall, a quarter of the households in Old Lyme have income that falls below what is needed to pay for basic necessities such as housing, food, child care, health care, technology, and transportation. This means that as many as 800 or more current households in Old Lyme could potentially benefit from affordable housing today.
However, as of 2021 there are only 83 units of qualified affordable housing in Old Lyme which is less than 2% of the total housing stock.
There has been no new affordable housing developed in Old Lyme for over 20 years.
Against that backdrop, the median income has decreased for New London County over the last year, while housing costs have increased dramatically, and the waiting time for senior housing is now measured in years.
Envision Old Lyme with a more diverse stock of housing that meets the needs of all residents in all stages of life – including young people just entering the job market, those already working in a variety of occupations, established households, and seniors wishing to downsize and stay here – while remaining an essentially small town.