Mortgage Payment in Connecticut

Market Overview: Connecticut Housing Upper Mid-Range

Connecticut ranks as a upper-mid-range housing market, with a median home price of $452,000. The state's effective property tax rate of 1.54% is well above the national average of 0.90% (about 72% higher than the average state), and annual homeowners insurance averaging $1,814 falls above the US average of $1,492 (about 22% higher than the average state).

These three factors — price level, tax burden, and insurance costs — combine to shape the true monthly cost of homeownership in Connecticut. Below we break down a realistic purchase scenario using state-specific data.

📊 How Connecticut Compares to the Other 50 States

Rank 1 is the cheapest. Every row below uses the same 20% down, 6.5% APR and 30-year term as the rest of this page.

Measure	Connecticut	Rank	Lowest of the 51
Median home price	$452,000	#37 of 51	West Virginia ($225,000)
Effective property tax rate	1.54%	#49 of 51	Hawaii (0.29%)
Average homeowners insurance	$1,814/yr	#42 of 51	Oregon ($893/yr)
Est. monthly payment	$3,017/mo	#40 of 51	West Virginia ($1,326/mo)

The same $3,017/month would cover the median-priced home in 39 other states, including West Virginia ($1,326/month) and Utah ($2,935/month).

Within the Northeast region, Connecticut has the #4 lowest median-price monthly payment of the 9 states there.

📍 Connecticut's Largest Planning Region: Capitol Planning Region

Everywhere else on this page Connecticut is one set of numbers — one median price, one tax rate, one insurance premium. The U.S. Census Bureau's American Community Survey publishes the same kind of measures for individual counties, so here is Connecticut's most populous county equivalent — Capitol Planning Region — from the 2020–2024 ACS 5-year estimates release. Connecticut retired its eight counties in 2022, and the Census Bureau now reports the state’s nine planning regions as county equivalents.

Capitol Planning Region — 2020–2024 ACS 5-year estimates	Estimate
Population	977,290
Median home value (owner-reported)	$323,700
Median real estate taxes paid (annual)	$6,454
Effective property tax rate (taxes ÷ value)	1.99%
Median household income	$93,394

Two things to keep in mind before you use these numbers. First, the Census asks owners what their home is worth: this is a five-year survey estimate, not the sale price of homes that changed hands, so it is not comparable with the sale-price figures elsewhere on this page. Second, 1.99% is the median tax bill divided by the median home value, which is a different calculation from the statewide effective rate in the comparison table above (that one weighs total taxes collected against total value).

Source: U.S. Census Bureau, American Community Survey 2020–2024 5-year estimates (B01003 population; B25077 median home value; B25103 median real estate taxes paid; B19013 median household income). Retrieved 2026-09-24. Learn how the American Community Survey collects these estimates.

🏡 Purchase Example: Buying a $452,000 Home in Connecticut

Using the state's median home price of $452,000, a 20% down payment, and a 6.5% 30-year fixed rate, here is the complete picture of what it costs to buy in Connecticut:

Cost Component	Amount
Home Price	$452,000
Down Payment (20%)	$90,400
Loan Amount	$361,600
Estimated Closing Costs (3.5%)	$15,820
Total Cash Needed at Closing	$106,220

Monthly Payment (20% Down)

Item	Monthly
Principal & Interest	$2,286
Property Taxes (1.54%)	$580
Homeowners Insurance	$151
PMI (not needed at 20% down)	$0
Total Monthly Payment	$3,017

Annual income needed (28% DTI): $130,000/yr

PMI Scenario: What If You Put Only 10% Down?

With a 10% down payment ($45,200), you'd have a loan of $406,800 and would need to pay Private Mortgage Insurance (PMI) at roughly 0.85% of the loan annually:

Item	10% Down	20% Down (savings)
Principal & Interest	$2,571	$2,286
Monthly PMI	$288	$0
Total PITI+PMI	$3,591	$3,017

The lower down payment costs you an extra $574/month (P&I + PMI). You would need $154,000/yr to qualify under the 28% DTI rule. PMI can typically be canceled once you reach 20% equity.

First-year interest: In year one, $23,385 of your payments go to interest alone. Over the full 30-year term, you'll pay $461,201 in total interest.

💰 State-Specific Cost Notes for Connecticut

Property taxes in Connecticut are among the highest in the nation at 1.54%. On a $452,000 home, that's $6,961/year — significantly above the national norm. Buyers should factor this into their budget, as it adds roughly $580/month to the payment.

Homeowners insurance in Connecticut is among the more expensive in the country — $1,814/year ($151/month), about 22% above the national average of $1,492. Premiums this high are usually driven by weather exposure, so it is worth comparing quotes from several insurers before you commit.

Closing costs in a upper-mid-range market like Connecticut typically run 2%–4% of the purchase price — roughly $15,820 on a $452,000 home. This includes loan origination, appraisal, title insurance, escrow fees, and prepaid taxes/insurance.

Monthly Payment on a $452,000 Home in Connecticut

With a standard 20% down payment ($361,600 loan) and a 6.5% interest rate on a 30-year fixed-rate mortgage, your estimated total monthly payment comes to $3,017.

Monthly Payment Breakdown (PITI)

Component	Monthly Cost	Annual Cost
Principal & Interest	$2,286	$27,432
Property Taxes (1.54% est.)	$580	$6,960
Home Insurance	$151	$1,812
Total Monthly Payment	$3,017	$36,204

Income Required in Connecticut

Using the standard 28% front-end DTI rule, you'd need a gross annual income of approximately $130,000 to comfortably afford the median-priced home in Connecticut with 20% down at 6.5%.

How Interest Shapes Your Payments

In your first year, approximately $23,385 goes toward interest alone. Over the full 30-year term, you'll pay a total of $461,201 in interest.

Amortization Schedule — First 10 Years

* Full 30-year amortization available in our interactive calculator.

❓ Frequently Asked Questions — Buying a Home in Connecticut

Compare Connecticut With Nearby States

Buyers relocating within the Northeast compare these markets most often. Every figure uses the same model as this page — each state's median home price, 20% down, 6.5% APR on a 30-year fixed loan, plus that state's property tax rate and average insurance premium — so the rows are directly comparable.

At $3,017/month for Connecticut's median home, Connecticut sits below the Northeast average of $3,112/month for the states listed here.

See mortgage payments for all 50 states + DC →

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