Home Affordability in Hartford, CT
The median home price in Hartford is $185,000 with a median household income of $36,154. Housing is significantly stretched relative to local incomes.
Median Home Price
$185,000
Median Income
$36,154
Price-to-Income Ratio
5.1x
Est. Affordable Home
$141,000
Property Tax Rate
4.03%
Annual Property Tax
$7,456
Sales Tax Rate
6.35%
Cost of Living Index
100
Buying a Home in Hartford
Based on the 28% rule (spending no more than 28% of gross income on housing), a household earning the median income of $36,154 in Hartford can afford a monthly housing payment of approximately $844. This translates to a home price of roughly $141,000, which is below the median home price of $185,000 — many households may need a higher income, larger down payment, or should consider more affordable neighborhoods.
Property taxes on a median-priced home in Hartford would be approximately $7,456 per year ($621/month) at the effective rate of 4.03%.
Down Payment Scenarios
| Down Payment | Amount | Loan Amount | PMI Required |
|---|---|---|---|
| 3% | $5,550 | $179,450 | Yes |
| 5% | $9,250 | $175,750 | Yes |
| 10% | $18,500 | $166,500 | Yes |
| 20% | $37,000 | $148,000 | No |
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