Total monthly cost of ownership
Cost to Own a Home in Norwich, Connecticut
A $231,000 home here costs
$2,166per 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 $93,000 a year.
A standard mortgage calculator would have told you $1,259. The real number is $906 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.
Norwich against Southeastern Connecticut Planning Region and Connecticut
| Measure | Norwich | Southeastern Connecticut Planning Region |
|---|---|---|
| Median home value | $231,300 | $293,900 |
| Median property tax | $4,682 | $5,146 |
| Effective tax rate | 2.024% | 1.751% |
| Median gross rent | $1,203 | $1,316 |
| Population | 39,992 | 279,025 |
The weather behind that power bill
Norwich 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 Norwich 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 Norwich every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Norwich I already own here and may sell
Common questions
How much does it cost to own a home in Norwich?
A $231,000 home in Norwich, Connecticut costs approximately $2,166 per month with 20% down at 7.24%. That is $1,259 principal and interest, $390 property tax, $86 homeowners insurance, $238 utilities and $193 set aside for maintenance.
What is the property tax rate in Norwich?
Norwich has an effective property tax rate of 2.024%, based on a median home value of $231,300 and median real estate taxes of $4,682. That is higher than the Southeastern Connecticut Planning Region average of 1.751%.
What is the average home price in Norwich?
The median owner-occupied home value in Norwich, Connecticut is $231,300, against $293,900 across Southeastern Connecticut Planning Region.
Is it cheaper to rent or buy in Norwich?
Median gross rent in Norwich is $1,203 a month, against $2,166 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 Norwich?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Norwich, Connecticut at today's rate takes a household income of roughly $93,000 a year. That covers the full $2,166 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Norwich, 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.