Lake Chaffee, CT
Population 299 · Connecticut
About Lake Chaffee, CT
Lake Chaffee is a small community located in Connecticut with a population of 299 residents according to the latest US Census Bureau American Community Survey data. The median household income is $97,813 per year, which is 30% above the national median of $75,149. The median age of 48.6 years is notably older the US median age of 38.9 years, suggesting a more established community with a higher proportion of long-term residents.
Housing Market Overview
The housing market in Lake Chaffee features a median home value of $252,800, which is 3% above the national median of $244,900. This positions Lake Chaffee in a moderately priced market relative to the rest of the country. Median monthly rent is $0, 100% below the national average of $1,163/month. Of the 228 total housing units, 80% are owner-occupied (112 units) and 20% are renter-occupied (28 units). The high homeownership rate suggests a stable, established residential community.
Economy & Employment
The local economy in Lake Chaffee shows an unemployment rate of 0.0%, which is lower than the national rate of 3.7%, indicating a relatively strong job market. The poverty rate stands at 0.0%, below the national average of 12.4%, reflecting generally favorable economic conditions. Workers in Lake Chaffee have an average one-way commute time of 37.1 minutes, suggesting many residents commute to jobs in a nearby metro area.
Education & Demographics
45.7% of Lake Chaffee residents aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. This significantly higher educational attainment rate often correlates with access to knowledge-economy jobs and higher household incomes. The community's demographic composition includes 0.0% White, 0.0% Hispanic or Latino, 0.0% Black or African American, and 0.0% Asian residents, with 0.0% of the population being foreign-born.
How Lake Chaffee Ranks in Connecticut
Cost of Living in Lake Chaffee, CT
Compared to national averages, Lake Chaffee has a median household income of $97,813 (30% above the national median of $75,149). Home values average $252,800, which is 3% above the national median. Monthly rent at $0 is 100% below the US average of $1,163. Within Connecticut, Lake Chaffee's income is 21% below the state average of $123,065, and home values are 51% below the state median of $516,920.
Why Live in Lake Chaffee, CT?
Lake Chaffee offers a strong local economy with a median household income of $97,813, well above the national average, and rent that’s lower than the national average at $0/month, and a strong job market with an unemployment rate of just 0.0%. Additionally, the city features a well-educated community where 45.7% of residents hold a bachelor’s degree or higher, and a low poverty rate of 0.0%, better than the national average.
Lake Chaffee has a population of 299 with a median age of 48.6 years. Compare Lake Chaffee with other cities to see how it stacks up, or explore all cities in Connecticut.
Similar Cities Near Lake Chaffee
Cities in Connecticut with a similar population size.
| City | Population | Median Income | Home Value | |
|---|---|---|---|---|
| Knollcrest | 277 | $0 | $475,000 | Compare |
| Riverton | 342 | $118,708 | $343,000 | Compare |
| Pleasant Valley | 343 | $59,135 | $242,600 | Compare |
| Cornwall Bridge | 239 | $30,357 | $362,500 | Compare |
| Candlewood Lake Club | 235 | $250,001 | $1,663,000 | Compare |
| Quasset Lake | 233 | $96,641 | $369,600 | Compare |
| Dayville | 379 | $66,000 | $244,500 | Compare |
| Lakeside Woods | 379 | $201,875 | $398,200 | Compare |
Demographics
Racial & Ethnic Composition
Economy & Education
Housing
Other Cities in Connecticut
Data source: US Census Bureau ACS 5-Year Estimates. Last updated: 2026-04-05.
Compare Lake Chaffee With Other Cities
Frequently Asked Questions about Lake Chaffee
What is the population of Lake Chaffee, CT?
The population of Lake Chaffee, CT is 299 according to the latest US Census Bureau American Community Survey estimates. This makes it a small community in Connecticut.
What is the median household income in Lake Chaffee?
The median household income in Lake Chaffee, CT is $97,813 per year, which is 30% above the national median of $75,149.
What is the median home value in Lake Chaffee?
The median home value in Lake Chaffee, CT is $252,800, which is 3% above the national median of $244,900. The majority of housing units are owner-occupied.
What is the average rent in Lake Chaffee?
The median monthly rent in Lake Chaffee, CT is $0, which is 100% below the national average of $1,163/month.
What is the unemployment rate in Lake Chaffee?
The unemployment rate in Lake Chaffee, CT is 0.0%, compared to the national average of 3.7%. This lower-than-average rate suggests a relatively healthy local job market.
Is Lake Chaffee, CT a good place to live?
Lake Chaffee offers above-average incomes, a competitive housing market, and a strong job market. With a population of 299 and a median age of 48.6, the city appeals to established professionals and retirees.
How educated is Lake Chaffee, CT?
45.7% of residents in Lake Chaffee aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. This above-average educational attainment often reflects a knowledge-based local economy.
What is the cost of living in Lake Chaffee?
Key cost-of-living indicators for Lake Chaffee, CT: median home value is $252,800 (3% above national), median rent is $0/month, and median household income is $97,813. The home-value-to-income ratio is 2.6x, indicating relatively affordable housing relative to local incomes.
What is the poverty rate in Lake Chaffee?
The poverty rate in Lake Chaffee, CT is 0.0%, compared to the national average of 12.4%. This below-average poverty rate reflects generally favorable economic conditions in the community.
How diverse is Lake Chaffee, CT?
Lake Chaffee's population is 0.0% White, 0.0% Hispanic or Latino, 0.0% Black or African American, 0.0% Asian, and 0.0% two or more races. 0.0% of residents are foreign-born.