Connecticut Mortgage Calculator

Mortgage Calculator in Connecticut

The median home price in Connecticut is $380,000, which is 10% below the national average of $420,000. Connecticut's effective property tax rate of 2.14% is 1.04 percentage points higher than the national average of 1.1%.

Metric	Connecticut (CT)	National Avg	vs National Average
Median Home Price	$380,000	$420,000	-10%
Property Tax Rate	2.14%	1.1%	+1.04%
Home Insurance (Annual)	$2,400	$2,300	+4%
State Sales Tax	6.35%	5%	+1.3%
FHA Loan Limit	$766,550	$472,030	Higher
Conforming Loan Limit	$766,550	$766,550	Standard

Homeownership in Connecticut

Connecticut has the third-highest effective property tax rate in the nation at 2.14%, making it one of the most expensive states to own a home on an ongoing basis. However, the state's proximity to New York City, strong school systems, and high median household income (one of the highest in the U.S.) support sustained housing demand, particularly in Fairfield County. Home prices across the state rose sharply during the pandemic as NYC residents sought more space.

Tips for Connecticut Homebuyers and Homeowners

• Property taxes in Connecticut are set by individual municipalities -- Greenwich and Westport assess at much higher mill rates than rural eastern Connecticut towns, so compare effective tax rates across towns before buying.
• Connecticut offers a Property Tax Credit of up to $300 on the state income tax return for owners 65+ or those with total disability, but it has been phased down and has income limits.
• The transfer tax in Connecticut is 0.75% on the first $800,000 and 1.25% above that -- on a $800,000 home, that's $6,000 out of pocket at closing.
• Connecticut has an estate tax with a $12.92 million exemption that mirrors the federal level through 2025; after 2025, if federal exemptions drop, Connecticut estate planning becomes more important.

Connecticut Programs and Assistance

• Connecticut Housing Finance Authority (CHFA) Homebuyer Mortgage Program -- below-market rate loans for first-time buyers and qualified veterans, with income and purchase price limits by area.
• CHFA DAP (Down Payment Assistance Program) -- provides up to $20,000 in secondary financing at 1% interest for down payment and closing costs.
• Time to Own Program (state-funded) -- offered forgivable down payment loans of up to $50,000 to first-time buyers purchasing in targeted communities; check current availability.

Did you know? Connecticut's property tax burden is among the heaviest in the nation -- the average homeowner pays over $6,000 per year in property taxes, reflecting both high mill rates and high home values.