Connecticut Mortgage Calculator

Buying a Home in Connecticut

If you're considering buying a home in Connecticut, understanding the local housing market and costs is essential. Property taxes, insurance rates, and home prices vary significantly by area within the state. This calculator pre-fills Connecticut's average property tax rate of 1.98% to give you a more accurate estimate.

Connecticut Property Taxes

Connecticut has an average effective property tax rate of 1.98%. Property taxes are a significant component of your monthly housing cost — on a $350,000 home, a 1.98% rate means approximately $6930 per year, or $577 per month in property taxes alone.

Cost of Living in Connecticut

Connecticut's cost of living is about 21% above the national average, with housing and healthcare costs being the primary drivers. When evaluating whether to buy a home in Connecticut, consider how your mortgage payment plus other housing costs fit within the recommended 28% of gross income guideline.

Financial Tips for Connecticut Homebuyers

• Connecticut's PFML payroll tax adds to your overall tax burden — include it in your calculations
• Connecticut has high property taxes but relatively high salaries in financial services and insurance
• If you work in New York but live in Connecticut, understand the reciprocity rules
• Connecticut partially taxes Social Security benefits above certain income thresholds

Key Connecticut Features

• Progressive rates up to 6.99%
• PFML payroll tax (0.5%)
• High property taxes
• Partial Social Security taxation