The typical owner-occupied home in Gales Ferry is worth about $335,100, 9% below the Connecticut median of $366,900 and about the same as the national median of $332,700. Owners pay a median $6,347 a year in property taxes, about 1.89% of their home's value, close to the Connecticut rate of 1.81%. The median household earns $80,735 a year, so the median home costs 4.2 times the median income (3.8 times for Connecticut). 79% of occupied homes here are lived in by their owners, and 75% of those owners still have a mortgage.
Gales Ferry at a glance
| Gales Ferry | Connecticut | U.S. | |
|---|---|---|---|
| Median home value | $335,100 | $366,900 | $332,700 |
| Median property tax paid per year | $6,347 | $6,643 | $3,119 |
| Property tax as a share of value | 1.89% | 1.81% | 0.94% |
| Median household income | $80,735 | $95,781 | $80,734 |
| Homes lived in by their owners | 79% | 66% | 65% |
| Owner homes with a mortgage | 75% | 65% | 61% |
| Median monthly costs, owners with a mortgage | $2,621 | $2,429 | $1,963 |
| Those costs as a share of the owners' income | 24.7% | 21.8% | 21.0% |
| Median rent | $2,201 | $1,488 | $1,413 |
| Median year homes were built | 1969 | 1967 | 1980 |
| Vacant homes | 11.9% | 7.0% | 10.1% |
| Population | 1,141 | 3,624,508 | 334,922,499 |
What a typical home costs per month in Gales Ferry
At this week's average 30-year rate of 7.11%, buying the median Gales Ferry home of $335,100 with 20% down costs about $2,471 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $3,029, 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 $105,891 for the 20%-down payment. That payment is 37% of the median Gales Ferry household income of $80,735; at that income and 20% down, the 28% guideline points to a home of about $255,000.
The median rent here is $2,201 a month, so owning the median home costs about $270 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $67,020 |
|---|---|
| Loan amount | $268,080 |
| Principal and interest | $1,803 |
| Property taxes (1.89% a year) | $528 |
| Homeowners insurance (our estimate, 0.5% a year) | $140 |
| PMI | $0 |
| Total per month | $2,471 |
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| Down payment | $11,728 |
|---|---|
| Loan amount | $329,030 |
| Principal and interest | $2,213 |
| Property taxes (1.89% a year) | $528 |
| Homeowners insurance (our estimate, 0.5% a year) | $140 |
| FHA mortgage insurance | $148 |
| Total per month | $3,029 |
Change the numbers in the calculator
Questions about home buying in Gales Ferry
What is the median home value in Gales Ferry?
About $335,100 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Gales Ferry?
Homeowners pay a median $6,347 a year, which is about 1.89% 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 Gales Ferry?
For the median home with 20% down at 7.11%, the payment is about $2,471 a month. Keeping that under 28% of gross income takes about $105,891 a year.
More about Gales Ferry
- Mortgage Refinance in Gales Ferry
- Debt Relief in Gales Ferry
- Home Equity Loans in Gales Ferry
- 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