Total monthly cost of ownership
Cost to Own a Home in Colchester, Connecticut
A $281,000 home here costs
$2,546per month, all in, with 20% down at today's 7.24% 30-year fixed rate. By the 28% rule that takes a household income of about $109,000 a year.
A standard mortgage calculator would have told you $1,532. The real number is $1,014 higher every month, 66% more than the payment most buyers budget for.
Compare Southeastern Connecticut Planning Region with anywhere in America · full county breakdown
Small-place caveat: the Census publishes these figures for Colchester from a five-year rolling sample, and with about 4,624 residents that sample is small. The median home value here carries a much wider margin of error than a big-city figure does, so treat it as indicative rather than exact. The Southeastern Connecticut Planning Region figures are drawn from a far larger sample if you want a steadier number.
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Colchester against Southeastern Connecticut Planning Region and Connecticut
| Measure | Colchester | Southeastern Connecticut Planning Region |
|---|---|---|
| Median home value | $280,500 | $293,900 |
| Median property tax | $5,241 | $5,146 |
| Effective tax rate | 1.868% | 1.751% |
| Median gross rent | $1,444 | $1,316 |
| Population | 4,624 | 279,025 |
The weather behind that power bill
Colchester sits in Southeastern Connecticut Planning Region, which averages a high of 84.1°F in its hottest month and a low of 21.2°F in its coldest, with 52.18" of precipitation a year and 27% of it in a single three-month stretch. That climate drives 802 cooling and 5,579 heating degree days, which is what sets the $170 electricity line above.
See the full climate breakdown for Southeastern Connecticut Planning Region , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Southeastern Connecticut Planning Region
Full Southeastern Connecticut Planning Region cost breakdown · Every county in Connecticut
Talk to someone who works this market
These are Colchester averages. What one specific house costs to own, or what it would sell for today, depends on the street and the condition of the place. We will connect you with one licensed local agent who works Colchester every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Colchester I already own here and may sell
Common questions
How much does it cost to own a home in Colchester?
A $281,000 home in Colchester, Connecticut costs approximately $2,546 per month with 20% down at 7.24%. That is $1,532 principal and interest, $437 property tax, $104 homeowners insurance, $238 utilities and $234 set aside for maintenance.
What is the property tax rate in Colchester?
Colchester has an effective property tax rate of 1.868%, based on a median home value of $280,500 and median real estate taxes of $5,241. That is higher than the Southeastern Connecticut Planning Region average of 1.751%.
What is the average home price in Colchester?
The median owner-occupied home value in Colchester, Connecticut is $280,500, against $293,900 across Southeastern Connecticut Planning Region.
Is it cheaper to rent or buy in Colchester?
Median gross rent in Colchester is $1,444 a month, against $2,546 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
What salary do you need to buy a home in Colchester?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Colchester, Connecticut at today's rate takes a household income of roughly $109,000 a year. That covers the full $2,546 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Colchester, 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.