Mortgage payment estimates, closing cost breakdowns, and homebuying data for Norwalk, Connecticut.
Median Home Price
$575K
Population
91K
Avg Monthly Rent
$2,180
Property Tax Rate
2.15% *
* Property tax shown is the Connecticut state average effective rate. Actual rates vary by county, city, and school district — check with your local assessor for exact rates in Norwalk.
Norwalk vs Connecticut Median
The median home price in Norwalk is $575,000, which is 42% above the Connecticut state median of $405,000.
Mortgage Calculator — Norwalk, CT
Pre-filled with Norwalk median home price and Connecticut tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $575K home using Connecticut's 2.15% tax rate and $2,100/yr insurance.
5% Down
$4,977/mo
Down: $28,750
Loan: $546K
P&I: $3,453
Tax: $1,030
Insurance: $175
PMI: $319
10% Down
$4,778/mo
Down: $57,500
Loan: $518K
P&I: $3,271
Tax: $1,030
Insurance: $175
PMI: $302
20% Down (No PMI)
$4,113/mo
Down: $115,000
Loan: $460K
P&I: $2,908
Tax: $1,030
Insurance: $175
Income needed (28% rule): $176K/year with 20% down, $205K/year with 10% down.
Rent vs Buy in Norwalk
Rent
$2,180/mo
vs
Buy (10% down)
$4,778/mo
Price-to-rent ratio: 22.0 — At a ratio above 20, renting may be more economical in Norwalk for shorter stays. Buying costs $2,598 more per month than renting, and it typically takes 5-7 years to break even on the transaction costs of buying.
The median home price in Norwalk is $575,000, 42% above the Connecticut state median of $405,000. With a population of 91,184, Norwalk is a smaller market where home prices reflect strong demand and local economic factors.
Property taxes in Connecticut average 2.15% annually. This higher-than-average tax rate means a $575,000 home in Norwalk would carry roughly $1,030/month in property taxes alone — plan accordingly. Homeowners insurance in Connecticut runs approximately $2,100 per year. This is within the normal range nationally.
Average rent in Norwalk is $2,180/month. With a price-to-rent ratio above 20, renting could be more economical in the short term — use our Rent vs Buy calculator to model your specific timeline.
Norwalk is a higher-cost market. At $575K median, buyers need significant savings or strong income. Down payment assistance through Connecticut's CHFA Homebuyer Mortgage program becomes especially important.
Run a Rent vs Buy analysis
Compare total costs of renting vs buying in Norwalk.