The typical owner-occupied home in Canaan is worth about $204,200, 44% below the Connecticut median of $366,900 and 39% below the national median of $332,700. Owners pay a median $3,371 a year in property taxes, about 1.65% of their home's value, lower than the Connecticut rate of 1.81%. The median household earns $48,214 a year, so the median home costs 4.2 times the median income (3.8 times for Connecticut). 67% of occupied homes here are lived in by their owners, and 75% of those owners still have a mortgage.
Canaan at a glance
| Canaan | Connecticut | U.S. | |
|---|---|---|---|
| Median home value | $204,200 | $366,900 | $332,700 |
| Median property tax paid per year | $3,371 | $6,643 | $3,119 |
| Property tax as a share of value | 1.65% | 1.81% | 0.94% |
| Median household income | $48,214 | $95,781 | $80,734 |
| Homes lived in by their owners | 67% | 66% | 65% |
| Owner homes with a mortgage | 75% | 65% | 61% |
| Median monthly costs, owners with a mortgage | $1,547 | $2,429 | $1,963 |
| Those costs as a share of the owners' income | 23.8% | 21.8% | 21.0% |
| Median rent | $1,588 | $1,488 | $1,413 |
| Rent as a share of renters' income | 42.5% | 31.4% | 30.6% |
| Median year homes were built | 1938 | 1967 | 1980 |
| Vacant homes | 15.4% | 7.0% | 10.1% |
| Population | 961 | 3,624,508 | 334,922,499 |
What a typical home costs per month in Canaan
At this week's average 30-year rate of 7.11%, buying the median Canaan home of $204,200 with 20% down costs about $1,465 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $1,805, 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 $62,777 for the 20%-down payment. That payment is 36% of the median Canaan household income of $48,214; at that income and 20% down, the 28% guideline points to a home of about $157,000.
The median rent here is $1,588 a month, a little more than the monthly cost of owning the median home with 20% down.
| Down payment | $40,840 |
|---|---|
| Loan amount | $163,360 |
| Principal and interest | $1,099 |
| Property taxes (1.65% a year) | $281 |
| Homeowners insurance (our estimate, 0.5% a year) | $85 |
| PMI | $0 |
| Total per month | $1,465 |
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| Down payment | $7,147 |
|---|---|
| Loan amount | $200,501 |
| Principal and interest | $1,349 |
| Property taxes (1.65% a year) | $281 |
| Homeowners insurance (our estimate, 0.5% a year) | $85 |
| FHA mortgage insurance | $90 |
| Total per month | $1,805 |
Change the numbers in the calculator
Questions about home buying in Canaan
What is the median home value in Canaan?
About $204,200 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Canaan?
Homeowners pay a median $3,371 a year, which is about 1.65% 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 Canaan?
For the median home with 20% down at 7.11%, the payment is about $1,465 a month. Keeping that under 28% of gross income takes about $62,777 a year.
More about Canaan
- Mortgage Refinance in Canaan
- Debt Relief in Canaan
- Home Equity Loans in 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