The typical owner-occupied home in Groton is worth about $306,600, 16% below the Connecticut median of $366,900 and 8% below the national median of $332,700. Owners pay a median $4,411 a year in property taxes, about 1.44% of their home's value, lower than the Connecticut rate of 1.81%. The median household earns $79,577 a year, so the median home costs 3.9 times the median income (3.8 times for Connecticut). 45% of occupied homes here are lived in by their owners, and 53% of those owners still have a mortgage.
Groton at a glance
| Groton | Connecticut | U.S. | |
|---|---|---|---|
| Median home value | $306,600 | $366,900 | $332,700 |
| Median property tax paid per year | $4,411 | $6,643 | $3,119 |
| Property tax as a share of value | 1.44% | 1.81% | 0.94% |
| Median household income | $79,577 | $95,781 | $80,734 |
| Homes lived in by their owners | 45% | 66% | 65% |
| Owner homes with a mortgage | 53% | 65% | 61% |
| Median monthly costs, owners with a mortgage | $2,080 | $2,429 | $1,963 |
| Those costs as a share of the owners' income | 19.6% | 21.8% | 21.0% |
| Median rent | $1,250 | $1,488 | $1,413 |
| Rent as a share of renters' income | 28.6% | 31.4% | 30.6% |
| Median year homes were built | 1971 | 1967 | 1980 |
| Vacant homes | 9.2% | 7.0% | 10.1% |
| Population | 9,490 | 3,624,508 | 334,922,499 |
What a typical home costs per month in Groton
At this week's average 30-year rate of 7.11%, buying the median Groton home of $306,600 with 20% down costs about $2,146 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $2,656, 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 $91,958 for the 20%-down payment. That payment is 32% of the median Groton household income of $79,577; at that income and 20% down, the 28% guideline points to a home of about $265,000.
The median rent here is $1,250 a month, so owning the median home costs about $896 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $61,320 |
|---|---|
| Loan amount | $245,280 |
| Principal and interest | $1,650 |
| Property taxes (1.44% a year) | $368 |
| Homeowners insurance (our estimate, 0.5% a year) | $128 |
| PMI | $0 |
| Total per month | $2,146 |
Change the numbers in the calculator
| Down payment | $10,731 |
|---|---|
| Loan amount | $301,047 |
| Principal and interest | $2,025 |
| Property taxes (1.44% a year) | $368 |
| Homeowners insurance (our estimate, 0.5% a year) | $128 |
| FHA mortgage insurance | $136 |
| Total per month | $2,656 |
Change the numbers in the calculator
Questions about home buying in Groton
What is the median home value in Groton?
About $306,600 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Groton?
Homeowners pay a median $4,411 a year, which is about 1.44% 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 Groton?
For the median home with 20% down at 7.11%, the payment is about $2,146 a month. Keeping that under 28% of gross income takes about $91,958 a year.
More about Groton
- Mortgage Refinance in Groton
- Debt Relief in Groton
- Home Equity Loans in Groton
- 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