Total monthly cost of ownership
Cost to Own a Home in Durham, Connecticut
A $379,000 home here costs
$3,380per 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 $145,000 a year.
A standard mortgage calculator would have told you $2,066. The real number is $1,313 higher every month, 64% more than the payment most buyers budget for.
Compare Lower Connecticut River Valley Planning Region with anywhere in America · full county breakdown
Small-place caveat: the Census publishes these figures for Durham from a five-year rolling sample, and with about 3,508 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 Lower Connecticut River Valley 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.
Durham against Lower Connecticut River Valley Planning Region and Connecticut
| Measure | Durham | Lower Connecticut River Valley Planning Region |
|---|---|---|
| Median home value | $378,900 | $359,000 |
| Median property tax | $7,420 | $6,326 |
| Effective tax rate | 1.958% | 1.762% |
| Median gross rent | $1,684 | $1,399 |
| Population | 3,508 | 174,983 |
The weather behind that power bill
Durham sits in Lower Connecticut River 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 Lower Connecticut River Valley Planning Region , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Lower Connecticut River Valley Planning Region
Full Lower Connecticut River Valley Planning Region cost breakdown · Every county in Connecticut
Talk to someone who works this market
These are Durham 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 Durham every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Durham I already own here and may sell
Common questions
How much does it cost to own a home in Durham?
A $379,000 home in Durham, Connecticut costs approximately $3,380 per month with 20% down at 7.24%. That is $2,066 principal and interest, $618 property tax, $141 homeowners insurance, $238 utilities and $316 set aside for maintenance.
What is the property tax rate in Durham?
Durham has an effective property tax rate of 1.958%, based on a median home value of $378,900 and median real estate taxes of $7,420. That is higher than the Lower Connecticut River Valley Planning Region average of 1.762%.
What is the average home price in Durham?
The median owner-occupied home value in Durham, Connecticut is $378,900, against $359,000 across Lower Connecticut River Valley Planning Region.
Is it cheaper to rent or buy in Durham?
Median gross rent in Durham is $1,684 a month, against $3,380 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 Durham?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Durham, Connecticut at today's rate takes a household income of roughly $145,000 a year. That covers the full $3,380 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Durham, 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.