Connecticut's wealthy hedge-fund haven, home to Shonda Rhimes and the billionaire owner of the Mets, is losing federal 'high-cost' housing status after its home price gains lagged the US
"I'm actually taken aback," Jonathan Miller, a housing expert and the author of the"Elliman Report," which covers Fairfield County along with two dozen other popular real-estate markets across seven states, told Insider as he learned the county was losing the high-cost designation.The Fairfield County home of Andrew Hall, a hedge-fund manager, in 2009.
According to the FHFA, the high-cost areas are where 115% of the median home price exceeds the base conforming-loan limit for most of the country. According to the FHFA, prices rose so much in other coastal areas like California and the Washington, DC, region that the conforming-loan limit in those high-cost areas— breaking the $1 million mark for the first time — from $970,800 in 2022.
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