Total monthly cost of ownership
Cost to Own a Home in Putnam, Connecticut
A $236,000 home here costs
$2,106per 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 $90,000 a year.
A standard mortgage calculator would have told you $1,287. The real number is $819 higher every month, 64% more than the payment most buyers budget for.
Compare Northeastern 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.
Putnam against Northeastern Connecticut Planning Region and Connecticut
| Measure | Putnam | Northeastern Connecticut Planning Region |
|---|---|---|
| Median home value | $236,000 | $281,300 |
| Median property tax | $3,556 | $4,340 |
| Effective tax rate | 1.507% | 1.543% |
| Median gross rent | $1,124 | $1,153 |
| Population | 7,120 | 95,829 |
The weather behind that power bill
Putnam sits in Northeastern Connecticut Planning Region, which averages a high of 82.8°F in its hottest month and a low of 18.1°F in its coldest, with 43.25" of precipitation a year and 28% of it in a single three-month stretch. That climate drives 626 cooling and 6,094 heating degree days, which is what sets the $170 electricity line above.
See the full climate breakdown for Northeastern Connecticut Planning Region , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Northeastern Connecticut Planning Region
Full Northeastern Connecticut Planning Region cost breakdown · Every county in Connecticut
Talk to someone who works this market
These are Putnam 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 Putnam every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Putnam I already own here and may sell
Common questions
How much does it cost to own a home in Putnam?
A $236,000 home in Putnam, Connecticut costs approximately $2,106 per month with 20% down at 7.24%. That is $1,287 principal and interest, $296 property tax, $88 homeowners insurance, $238 utilities and $197 set aside for maintenance.
What is the property tax rate in Putnam?
Putnam has an effective property tax rate of 1.507%, based on a median home value of $236,000 and median real estate taxes of $3,556. That is lower than the Northeastern Connecticut Planning Region average of 1.543%.
What is the average home price in Putnam?
The median owner-occupied home value in Putnam, Connecticut is $236,000, against $281,300 across Northeastern Connecticut Planning Region.
Is it cheaper to rent or buy in Putnam?
Median gross rent in Putnam is $1,124 a month, against $2,106 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 Putnam?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Putnam, Connecticut at today's rate takes a household income of roughly $90,000 a year. That covers the full $2,106 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Putnam, 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.