Total monthly cost of ownership
Cost to Own a Home in Derby, Connecticut
A $242,000 home here costs
$2,305per 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 $99,000 a year.
A standard mortgage calculator would have told you $1,319. The real number is $986 higher every month, 75% more than the payment most buyers budget for.
Compare Naugatuck Valley Planning Region with anywhere in America · full county breakdown
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Derby against Naugatuck Valley Planning Region and Connecticut
| Measure | Derby | Naugatuck Valley Planning Region |
|---|---|---|
| Median home value | $242,300 | $290,800 |
| Median property tax | $5,474 | $5,926 |
| Effective tax rate | 2.259% | 2.038% |
| Median gross rent | $1,453 | $1,288 |
| Population | 12,359 | 452,303 |
The weather behind that power bill
Derby sits in Naugatuck Valley Planning Region, which averages a high of 84.0°F in its hottest month and a low of 18.7°F in its coldest, with 44.86" of precipitation a year and 27% of it in a single three-month stretch. That climate drives 718 cooling and 5,892 heating degree days, which is what sets the $170 electricity line above.
See the full climate breakdown for Naugatuck Valley Planning Region , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Naugatuck Valley Planning Region
Full Naugatuck Valley Planning Region cost breakdown · Every county in Connecticut
Talk to someone who works this market
These are Derby 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 Derby every week. Free, no obligation, and we never sell your details to a list.
Common questions
How much does it cost to own a home in Derby?
A $242,000 home in Derby, Connecticut costs approximately $2,305 per month with 20% down at 7.24%. That is $1,319 principal and interest, $456 property tax, $90 homeowners insurance, $238 utilities and $202 set aside for maintenance.
What is the property tax rate in Derby?
Derby has an effective property tax rate of 2.259%, based on a median home value of $242,300 and median real estate taxes of $5,474. That is higher than the Naugatuck Valley Planning Region average of 2.038%.
What is the average home price in Derby?
The median owner-occupied home value in Derby, Connecticut is $242,300, against $290,800 across Naugatuck Valley Planning Region.
Is it cheaper to rent or buy in Derby?
Median gross rent in Derby is $1,453 a month, against $2,305 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 Derby?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Derby, Connecticut at today's rate takes a household income of roughly $99,000 a year. That covers the full $2,305 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Derby, 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.