Inequality continues to embed itself deeper into Westport’s roots as opportunity and equality continue to be drained from the town principals.
On August 19-23, nine properties sold for a total of $25.1 million, with individual home prices reaching as high as $5.5 million Property Transfers. These transfers generated $62,700 in conveyance tax. While this might seem like another ordinary week in the affluent community such as Westport, these sales underscore a deeper issue: Westport’s growing income inequality and the alarming lack of affordable housing.
During the same period last year, the numbers were even more staggering.
According to the Westport Journal, 13 properties traded for $46.4 million, pointing to an ongoing trend. The prices reflect Westport’s real estate market which continues to cater exclusively to the wealthy, directly contrasting democracy and the “ American way of life. ”
According to Zillow, home prices are pushing past the million-dollar mark and the average Westport, CT home value is $1,767,550, up 7.1% over the past year. What does this mean for those who work essential, lower-paying jobs in the town? How can a community thrive when its workforce cannot afford to live there and greed and consumption is prioritized rather than equal distribution of wealth for all?
Lower-income families are finding it increasingly impossible to secure housing considering that the average CT resident makes $49,862 annually. The average income in a Westport household is $242,868, according to the Data Census, and contributes to the reasons why the area remains segregated.
This problem isn’t unique to Westport and the town has fallen into a place where only the wealthy can afford to live here. Recent spikes in property sales clearly highlight the excess in wealth, creating a divide between the town’s elite and those struggling to keep up with rising housing costs.
If left unchecked, this imbalance threatens Fairfield county’s diversity, vitality, and economic sustainability..
The article Irregular Work Scheduling and Its Consequences | Economic Policy Institute highlights that when local workers cannot afford to live near their jobs, it strains transportation systems, decreases overall job satisfaction, and can lead to higher turnover rates. This has a direct impact on the businesses and services that the town relies on daily. Think about the teachers, first responders and small business employees who commute from neighboring towns, enduring long travel times because living in Westport is financially out of reach. Opportunity is neither fair or equal to all.
Striving to preserve our American way of life is vital to our core values. Opportunity for all should be realistic. The best solution to this growing disparity is implementing affordable housing policies. Further distributions to charity must be done to ensure that Westport along with CT remains a place where individuals from all paths in life can afford to call it home.