Total monthly cost of ownership
Cost to Own a Home in Canaan, Connecticut
A $171,000 home here costs
$1,656per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $879. The real number is $777 higher every month — 88% more than the payment most buyers budget for.
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Canaan against Northwest Hills Planning Region and Connecticut
| Measure | Canaan | Northwest Hills Planning Region |
|---|---|---|
| Median home value | $170,700 | $311,700 |
| Median property tax | $3,076 | $5,609 |
| Effective tax rate | 1.802% | 1.799% |
| Median gross rent | $1,321 | $1,169 |
| Population | 1,297 | 112,848 |
The weather behind that power bill
Canaan sits in Northwest Hills Planning Region, which averages a high of 78.4°F in its hottest month and a low of 14.1°F in its coldest, with 52.94" of precipitation a year and 28% of it in a single three-month stretch. That climate drives 370 cooling and 7,311 heating degree days, which is what sets the $246 electricity line above.
See the full climate breakdown for Northwest Hills Planning Region — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Northwest Hills Planning Region
Full Northwest Hills Planning Region cost breakdown · Every county in Connecticut
Common questions
How much does it cost to own a home in Canaan?
A $171,000 home in Canaan, Connecticut costs approximately $1,656 per month with 20% down at 6.66%. That is $879 principal and interest, $257 property tax, $64 homeowners insurance, $314 utilities and $143 set aside for maintenance.
What is the property tax rate in Canaan?
Canaan has an effective property tax rate of 1.802%, based on a median home value of $170,700 and median real estate taxes of $3,076. That is in line with the Northwest Hills Planning Region average of 1.799%.
What is the average home price in Canaan?
The median owner-occupied home value in Canaan, Connecticut is $170,700, against $311,700 across Northwest Hills Planning Region.
Is it cheaper to rent or buy in Canaan?
Median gross rent in Canaan is $1,321 a month, against $1,656 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Canaan — US Census Bureau, American Community Survey ACS 2023 5-Year, place-level tables.
- Homeowners insurance — NAIC average premium for Connecticut.
- Electricity price — EIA Electric Power Monthly Table 5.6.A.
- Mortgage rate — Freddie Mac PMMS, refreshed weekly.
- Maintenance (1%/yr) and water and sewer ($68/mo) are national estimates. Every assumption above is editable.