Estimated Monthly Payment — Median Connecticut Home
$3,048
Based on $380,000 home · 20% down · 6.7% APR · 30-year fixed · taxes & insurance included
Median Price
$380,000
Property Tax
2.14%
Avg. HOA
$250/mo
Median Rent
$1,600/mo
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Estimate only. Not a loan offer, approval, pre-approval, or financial advice. Actual payments and terms may vary. Consult a licensed mortgage professional before making real estate decisions.
Market Insights
About the Connecticut housing market
Connecticut's housing market is moderately priced for the region, with a median home price around $380,000. Bridgeport is the largest metro, with Stamford a close second. Connecticut's high property taxes (one of the top three in the nation) substantially raise total monthly housing costs even on moderately-priced homes. Connecticut's effective property tax rate of 2.14% is one of the highest in the country.
The median Connecticut home costs $380,000. At today's average 30-year fixed rate (6.7%) with 20% down, principal & interest works out to roughly $1,962, and the total monthly payment including taxes, insurance, and average HOA comes to approximately $3,048. First-time buyers in Connecticut can explore programs through Connecticut HFA.
Photo by Balazs Busznyak on Unsplash
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FAQ
Connecticut mortgage FAQs
What's the property tax rate in Connecticut?
Connecticut's effective property tax rate averages about 2.14% — one of the highest in the country. On a $380,000 home, that's roughly $678/month or $8,132/year.
How much do I need to earn to afford a typical Connecticut home?
Using the 28/36 rule, a buyer would need roughly $114,000–$146,000 in gross annual income to comfortably afford Connecticut's $380,000 median home with 20% down at current rates.
What first-time buyer programs are available in Connecticut?
CHFA offers the Time to Own forgivable loan covering up to 20% of the purchase price and below-market first-mortgage programs for income-eligible buyers. Eligibility typically requires being a first-time buyer with income within program limits and completing homebuyer education.
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