Total monthly cost of ownership
Cost to Own a Home in New London, Connecticut
A $235,000 home here costs
$2,206per 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 $94,500 a year.
A standard mortgage calculator would have told you $1,281. The real number is $925 higher every month, 72% more than the payment most buyers budget for.
Compare Southeastern Connecticut 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.
New London against Southeastern Connecticut Planning Region and Connecticut
| Measure | New London | Southeastern Connecticut Planning Region |
|---|---|---|
| Median home value | $234,800 | $293,900 |
| Median property tax | $4,837 | $5,146 |
| Effective tax rate | 2.060% | 1.751% |
| Median gross rent | $1,303 | $1,316 |
| Population | 27,199 | 279,025 |
The weather behind that power bill
New London 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 New London 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 New London every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in New London I already own here and may sell
Common questions
How much does it cost to own a home in New London?
A $235,000 home in New London, Connecticut costs approximately $2,206 per month with 20% down at 7.24%. That is $1,281 principal and interest, $403 property tax, $87 homeowners insurance, $238 utilities and $196 set aside for maintenance.
What is the property tax rate in New London?
New London has an effective property tax rate of 2.060%, based on a median home value of $234,800 and median real estate taxes of $4,837. That is higher than the Southeastern Connecticut Planning Region average of 1.751%.
What is the average home price in New London?
The median owner-occupied home value in New London, Connecticut is $234,800, against $293,900 across Southeastern Connecticut Planning Region.
Is it cheaper to rent or buy in New London?
Median gross rent in New London is $1,303 a month, against $2,206 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 New London?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in New London, Connecticut at today's rate takes a household income of roughly $94,500 a year. That covers the full $2,206 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for New London, 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.