Home Affordability in New Haven, CT
The median home price in New Haven is $250,000 with a median household income of $42,758. Housing is significantly stretched relative to local incomes.
Median Home Price
$250,000
Median Income
$42,758
Price-to-Income Ratio
5.8x
Est. Affordable Home
$166,000
Property Tax Rate
3.89%
Annual Property Tax
$9,725
Sales Tax Rate
6.35%
Cost of Living Index
108
Buying a Home in New Haven
Based on the 28% rule (spending no more than 28% of gross income on housing), a household earning the median income of $42,758 in New Haven can afford a monthly housing payment of approximately $998. This translates to a home price of roughly $166,000, which is below the median home price of $250,000 — many households may need a higher income, larger down payment, or should consider more affordable neighborhoods.
Property taxes on a median-priced home in New Haven would be approximately $9,725 per year ($810/month) at the effective rate of 3.89%.
Down Payment Scenarios
| Down Payment | Amount | Loan Amount | PMI Required |
|---|---|---|---|
| 3% | $7,500 | $242,500 | Yes |
| 5% | $12,500 | $237,500 | Yes |
| 10% | $25,000 | $225,000 | Yes |
| 20% | $50,000 | $200,000 | No |
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