Buying a Home in Connecticut: What You Need to Know
If you're considering buying a home in Connecticut, understanding the true cost of homeownership is essential. Beyond your mortgage payment, Connecticut homeowners face property taxes, insurance costs, and closing fees that vary significantly from the national average. This calculator uses Connecticut-specific data to give you accurate monthly payment estimates.
Connecticut Property Taxes
Connecticut has an effective property tax rate of 1.48%, ranking #3 out of 50 states (where #1 is the highest). On a median-priced home of $415,000, you'd pay approximately $6,142 per year in property taxes, or about $512/month.
Connecticut is among the states with the highest property taxes in the nation. This is often because property taxes fund local schools and services. Be sure to factor this into your budget when determining how much home you can afford.
Connecticut Homeowners Insurance
The average annual homeowners insurance premium in Connecticut is $1,700 for $300,000 in dwelling coverage, or about $142/month.
Connecticut's insurance costs are moderate compared to national averages. You may be able to lower your premium by increasing your deductible, bundling with auto insurance, or installing security systems.
Connecticut Closing Costs
Closing costs in Connecticut average 0.93% of the home's purchase price. On a $415,000 home, that's approximately $3,860. Closing costs typically include:
- Loan origination fees
- Appraisal and inspection fees
- Title insurance and search
- Recording fees
- Prepaid property taxes and insurance
Connecticut Housing Market
The median home price in Connecticut is $415,000. This is close to the national median of approximately $410,000, offering a balanced housing market with options for various budgets.
More Connecticut Mortgage Tools
Use these additional calculators to plan your Connecticut home purchase: