The typical owner-occupied home in Putnam is worth about $245,100, 33% below the Connecticut median of $366,900 and 26% below the national median of $332,700. Owners pay a median $3,564 a year in property taxes, about 1.45% of their home's value, lower than the Connecticut rate of 1.81%. The median household earns $65,511 a year, so the median home costs 3.7 times the median income (3.8 times for Connecticut). 51% of occupied homes here are lived in by their owners, and 66% of those owners still have a mortgage.
Putnam at a glance
| Putnam | Connecticut | U.S. | |
|---|---|---|---|
| Median home value | $245,100 | $366,900 | $332,700 |
| Median property tax paid per year | $3,564 | $6,643 | $3,119 |
| Property tax as a share of value | 1.45% | 1.81% | 0.94% |
| Median household income | $65,511 | $95,781 | $80,734 |
| Homes lived in by their owners | 51% | 66% | 65% |
| Owner homes with a mortgage | 66% | 65% | 61% |
| Median monthly costs, owners with a mortgage | $1,813 | $2,429 | $1,963 |
| Those costs as a share of the owners' income | 23.2% | 21.8% | 21.0% |
| Median rent | $1,147 | $1,488 | $1,413 |
| Rent as a share of renters' income | 27.0% | 31.4% | 30.6% |
| Median year homes were built | 1956 | 1967 | 1980 |
| Vacant homes | 5.7% | 7.0% | 10.1% |
| Population | 7,120 | 3,624,508 | 334,922,499 |
What a typical home costs per month in Putnam
At this week's average 30-year rate of 7.11%, buying the median Putnam home of $245,100 with 20% down costs about $1,717 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $2,126, 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 $73,600 for the 20%-down payment. That payment is 31% of the median Putnam household income of $65,511; at that income and 20% down, the 28% guideline points to a home of about $218,000.
The median rent here is $1,147 a month, so owning the median home costs about $570 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $49,020 |
|---|---|
| Loan amount | $196,080 |
| Principal and interest | $1,319 |
| Property taxes (1.45% a year) | $296 |
| Homeowners insurance (our estimate, 0.5% a year) | $102 |
| PMI | $0 |
| Total per month | $1,717 |
Change the numbers in the calculator
| Down payment | $8,578 |
|---|---|
| Loan amount | $240,661 |
| Principal and interest | $1,619 |
| Property taxes (1.45% a year) | $296 |
| Homeowners insurance (our estimate, 0.5% a year) | $102 |
| FHA mortgage insurance | $108 |
| Total per month | $2,126 |
Change the numbers in the calculator
Questions about home buying in Putnam
What is the median home value in Putnam?
About $245,100 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Putnam?
Homeowners pay a median $3,564 a year, which is about 1.45% 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 Putnam?
For the median home with 20% down at 7.11%, the payment is about $1,717 a month. Keeping that under 28% of gross income takes about $73,600 a year.
More about Putnam
- Mortgage Refinance in Putnam
- Debt Relief in Putnam
- Home Equity Loans in Putnam
- 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