$2,500 Per Month
- 2 Beds
- 1 Bath
- 720 Sq Ft
- House for Rent
40 Portland Ave, Old Lyme, CT 06371
40 Portland Ave, Old Lyme, CT 06371
Frequently Asked Questions
How much does it cost to rent a home in Old Lyme, CT?
The median rent for a home in Old Lyme, CT is $2,875 per month, though prices vary by neighborhood, size, and property type. As of September 2026, condos tend to be the most affordable option while townhouses and single-family homes are currently more expensive.
How much do you need to make to afford rent in Old Lyme, CT?
To comfortably afford the median rent in Old Lyme, CT, a household needs to earn roughly $115,000 per year. This is based on the common guideline that households should spend no more than 30% of gross income on housing. Most landlords require monthly household income of at least 3x the monthly rent, and with a median rent of $2,875 per month in Old Lyme, CT, renters typically need to show $8,625 per month in gross income to qualify. Actual affordability will vary depending on household debts, other living expenses, and overall budget.
Is it more affordable to rent or buy in Old Lyme, CT?
In Old Lyme, CT, the price-to-rent ratio is 20.6, which generally favors renting. This ratio divides the median home price by the annual median rent: below 15 typically favors buying, 15 to 20 is balanced, and above 20 typically favors renting. Your finances, how long you plan to stay, and costs like mortgage rates, taxes, and maintenance all factor into the decision.
What neighborhoods in Old Lyme, CT are best for renting a home?
The best neighborhood for renting in Old Lyme, CT depends on your priorities: commute, walkability, budget, and lifestyle all play a role. Popular areas for renting a home include Niantic, Jefferson, South New London, Willetts and Coit, each with its own character and price range.
