The typical owner-occupied home in New Canaan is worth about $1,099,400, 3.0 times the Connecticut median of $366,900 and 3.3 times the national median of $332,700. Owners pay a median $10,001 a year in property taxes, about 0.91% of their home's value, lower than the Connecticut rate of 1.81%. The median household earns $146,700 a year, so the median home costs 7.5 times the median income (3.8 times for Connecticut). 66% of occupied homes here are lived in by their owners, and 55% of those owners still have a mortgage.
New Canaan at a glance
| New Canaan | Connecticut | U.S. | |
|---|---|---|---|
| Median home value | $1,099,400 | $366,900 | $332,700 |
| Median property tax paid per year | $10,001 | $6,643 | $3,119 |
| Property tax as a share of value | 0.91% | 1.81% | 0.94% |
| Median household income | $146,700 | $95,781 | $80,734 |
| Homes lived in by their owners | 66% | 66% | 65% |
| Owner homes with a mortgage | 55% | 65% | 61% |
| Median monthly costs, owners with a mortgage | $4,001 | $2,429 | $1,963 |
| Those costs as a share of the owners' income | 19.3% | 21.8% | 21.0% |
| Median rent | $3,425 | $1,488 | $1,413 |
| Rent as a share of renters' income | 32.1% | 31.4% | 30.6% |
| Median year homes were built | 1968 | 1967 | 1980 |
| Vacant homes | 9.8% | 7.0% | 10.1% |
| Population | 6,896 | 3,624,508 | 334,922,499 |
What a typical home costs per month in New Canaan
At this week's average 30-year rate of 7.11%, buying the median New Canaan home of $1,099,400 with 20% down costs about $7,208 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $9,217, because the loan is bigger and FHA adds mortgage insurance.
Lenders usually want housing costs under about 28% of gross income, which means an income of roughly $308,931 for the 20%-down payment. That payment is 59% of the median New Canaan household income of $146,700; at that income and 20% down, the 28% guideline points to a home of about $522,000.
The median rent here is $3,425 a month, so owning the median home costs about $3,783 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $219,880 |
|---|---|
| Loan amount | $879,520 |
| Principal and interest | $5,917 |
| Property taxes (0.91% a year) | $834 |
| Homeowners insurance (our estimate, 0.5% a year) | $458 |
| PMI | $0 |
| Total per month | $7,208 |
Change the numbers in the calculator
| Down payment | $38,479 |
|---|---|
| Loan amount | $1,079,487 |
| Principal and interest | $7,262 |
| Property taxes (0.91% a year) | $834 |
| Homeowners insurance (our estimate, 0.5% a year) | $458 |
| FHA mortgage insurance | $663 |
| Total per month | $9,217 |
Change the numbers in the calculator
Questions about home buying in New Canaan
What is the median home value in New Canaan?
About $1,099,400 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in New Canaan?
Homeowners pay a median $10,001 a year, which is about 0.91% of the median home value. Your bill depends on your home's assessed value and local rates.
What income do you need to buy a home in New Canaan?
For the median home with 20% down at 7.11%, the payment is about $7,208 a month. Keeping that under 28% of gross income takes about $308,931 a year.
More about New Canaan
- Mortgage Refinance in New Canaan
- Debt Relief in New Canaan
- Home Equity Loans in New Canaan
- Guides and quotes for mortgage refinance on our sister site, MortgageRefinance.com
Sources: U.S. Census Bureau, American Community Survey 2020–2024 5-year estimates; Freddie Mac Primary Mortgage Market Survey, week of November 12, 2026. Estimates for small places have wide margins of error. About our data