The typical owner-occupied home in New London is worth about $150,000, 47% below the Texas median of $283,800 and 55% below the national median of $332,700. Owners pay a median $2,205 a year in property taxes, about 1.47% of their home's value, close to the Texas rate of 1.49%. The median household earns $63,036 a year, so the median home costs 2.4 times the median income (3.6 times for Texas). 94% of occupied homes here are lived in by their owners, and 43% of those owners still have a mortgage.
New London at a glance
| New London | Texas | U.S. | |
|---|---|---|---|
| Median home value | $150,000 | $283,800 | $332,700 |
| Median property tax paid per year | $2,205 | $4,232 | $3,119 |
| Property tax as a share of value | 1.47% | 1.49% | 0.94% |
| Median household income | $63,036 | $78,476 | $80,734 |
| Homes lived in by their owners | 94% | 63% | 65% |
| Owner homes with a mortgage | 43% | 56% | 61% |
| Median monthly costs, owners with a mortgage | $1,227 | $2,106 | $1,963 |
| Those costs as a share of the owners' income | 19.4% | 21.7% | 21.0% |
| Median rent | – | $1,403 | $1,413 |
| Median year homes were built | 1972 | 1992 | 1980 |
| Vacant homes | 12.1% | 9.4% | 10.1% |
| Population | 1,085 | 30,188,424 | 334,922,499 |
What a typical home costs per month in New London
At this week's average 30-year rate of 7.11%, buying the median New London home of $150,000 with 20% down costs about $1,054 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $1,303, 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 $45,150 for the 20%-down payment. That payment is 20% of the median New London household income of $63,036; at that income and 20% down, the 28% guideline points to a home of about $209,000.
| Down payment | $30,000 |
|---|---|
| Loan amount | $120,000 |
| Principal and interest | $807 |
| Property taxes (1.47% a year) | $184 |
| Homeowners insurance (our estimate, 0.5% a year) | $62 |
| PMI | $0 |
| Total per month | $1,054 |
Change the numbers in the calculator
| Down payment | $5,250 |
|---|---|
| Loan amount | $147,283 |
| Principal and interest | $991 |
| Property taxes (1.47% a year) | $184 |
| Homeowners insurance (our estimate, 0.5% a year) | $62 |
| FHA mortgage insurance | $66 |
| Total per month | $1,303 |
Change the numbers in the calculator
Questions about home buying in New London
What is the median home value in New London?
About $150,000 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in New London?
Homeowners pay a median $2,205 a year, which is about 1.47% 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 London?
For the median home with 20% down at 7.11%, the payment is about $1,054 a month. Keeping that under 28% of gross income takes about $45,150 a year.
More about New London
- Mortgage Refinance in New London
- Debt Relief in New London
- Home Equity Loans in New London
- 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