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City · 27,625 residents · Southeastern Connecticut Planning Region, Connecticut

New London , Connecticut

In New London, a typical home is worth $253,300 and typical rent is $1,340 a month. Compared with all of Southeastern Connecticut Planning Region, typical household income is 32% lower, the typical home value is 22% lower, and the share of households that own their home is 29 points lower.

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  • Typical home value

    $253,300

    22% below the planning region

    31% below Connecticut

    • New London
    • Southeastern Connecticut
    • Connecticut

  • Typical rent

    $1,340a month

    About the same as the planning region

    10% below Connecticut

    • New London
    • Southeastern Connecticut
    • Connecticut

  • Typical household income

    $59,098a year

    32% below the planning region

    38% below Connecticut

    • New London
    • Southeastern Connecticut
    • Connecticut

  • Households that own their home

    36%

    29 points below the planning region

    30 points below Connecticut

    • New London
    • Southeastern Connecticut
    • Connecticut

Source: U.S. Census Bureau, Average 2020–2024

New London is in Southeastern Connecticut Planning Region. The FHA loan limit ($541,287 for a one-unit home), the fair market rents and the help on this page are those of all of Southeastern Connecticut Planning Region. See the county

Data updated: October 1, 2026 9 official sources

Only here

What sets New London apart

What this place has that others do not, from public data, most unusual first.

  1. 36% of households in New London own their home, against 65% in Southeastern Connecticut Planning Region.

  2. The typical household income in New London is $59,098, 32% less than in Southeastern Connecticut Planning Region as a whole ($86,586).

  3. Nearby, in Willimantic, the typical home value is $190,900: 25% less than in New London ($253,300).

  4. Nearby, in Willimantic, the typical rent is $1,063: 21% less than in New London ($1,340).

  5. The typical home in New London is worth $253,300, 22% less than in Southeastern Connecticut Planning Region as a whole ($323,400).

Sources: U.S. Census Bureau (Average 2020–2024).

The homes here

Housing in New London

What homes there are in New London, what they cost, how that changed and how people live, from Census figures (2020–2024).

What homes there are

U.S. Census Bureau, ACS 5-year, 2020–2024

Kind of home

Many people here live in apartments: 3 in 10 homes; in Southeastern Connecticut Planning Region, 2.

Year built

There are fewer big homes in New London than in Southeastern Connecticut Planning Region: 37% have 3 bedrooms or more, against 58%.

All homes, occupied or empty. A figure the Census cannot measure precisely enough here is not shown.

Census tables: B25024, B25034, B25035, B25041

What it costs here

U.S. Census Bureau, ACS 5-year, 2020–2024

Value of owner-occupied homes
Monthly rent with utilities

HUD's 2-bedroom fair market rent (FMR) for Southeastern Connecticut Planning Region is $1,902; about 86% of rents in New London are below it.

With a mortgage

$1,774 a month

Southeastern Connecticut Planning Region: $2,140 a month

Without a mortgage

$951 a month

Southeastern Connecticut Planning Region: $931 a month

Owners with a mortgage

63%

Southeastern Connecticut Planning Region: 61%

In New London, 63% of owners have a mortgage, and their typical cost is $1,774 a month, against $2,140 in Southeastern Connecticut Planning Region. Without one it drops to $951.

Value: what owners think their home is worth. Rent: rent plus utilities, for homes of every size. The FHA limit is the most an FHA loan (Federal Housing Administration) lends for a one-unit home; the fair market rent (FMR) is the one HUD uses for housing vouchers.

Census tables: B25075, B25063, B25088, B25081

How it changed

U.S. Census Bureau, ACS 5-year, 2015–2019 and 2020–2024

Change since 2015–2019

From 2015–2019 to 2020–2024, the typical home value in New London rose 39%.

Since 2015–2019, the typical rent in New London rose 36%.

Here income did not keep up with housing: it rose 28%, while home values changed +39% and rent +36%.

Change between two 5-year periods that do not overlap, in each period's dollars, not adjusted for inflation.

Census tables: B25077, B25064, B19013

How people live

U.S. Census Bureau, ACS 5-year, 2020–2024

MeasureNew LondonSoutheastern Connecticut Planning RegionConnecticutUnited States
Rental vacancy Unreliable estimate4.4%4.3%5.5%
Homeowner vacancy Unreliable estimate0.6%0.8%0.9%
More than one person per room Unreliable estimate1.1%2.1%3.4%
People per household 2.042.322.462.53
Drive alone 67%76%69%69%
Carpool 6%7%8%9%
Public transit Unreliable estimate1%3%3%
Walk or bike 9%3%3%3%
Work from home 12%12%16%15%
Other means Unreliable estimate1%1%2%
Typical commute 10 to 19 minutes20 to 29 minutes20 to 29 minutes20 to 29 minutes

On average, a household in New London has 2.04 people, fewer than in Southeastern Connecticut Planning Region (2.32).

In New London, 9% of workers walk or bike to work; in Southeastern Connecticut Planning Region, 3%.

Vacancy: empty homes offered for rent or for sale. Rooms: every room in the home, not only bedrooms. Commute: the minute range of the typical worker.

Census tables: B25004, B25003, B25014, B25010, B08301, B08303

Do the math

What would you pay each month for a home in New London?

A typical home costs more than the typical income allows

We start with a typical home in New London, worth $253,300, an FHA loan with 3.5% down and the latest average rate (7.18%). That payment would take 47% of the typical household income in New London, which is $59,098 a year. For that payment to be 28% of income, a household would need to earn about $99,264 a year.

The calculator's FHA and conventional loan limits are those of all of Southeastern Connecticut Planning Region.

Your numbers

Local data
$

Starts at the typical home value in New London. Change it to the price you have in mind.

Loan type
Your credit score

Your score changes which loans apply and FHA's minimum down payment. Your real rate also depends on your credit.

Down payment
%

That is $8,866 (3.5% of the price). The usual minimum for this loan is 3.5%.

This week's average ± a quarter or half point.

Term

National average as of November 5, 2026 (Freddie Mac); your rate may be different.

Adjust advanced details

Estimated monthly payment

Local data

$2,316

at 7.18% · 30 years

Loan amount
$248,712
Total interest
$357,838
Paid off in
November 2056

Includes $4,278 FHA upfront mortgage insurance premium.

Does it fit the income?

  • Comfortable

    up to $1,379 a month

  • Tight

    $1,379 to $1,773 a month

  • Hard

    more than $1,773 a month

    Your payment · 47%

Compared with the typical household income in New London ($59,098 a year). Reference: HUD calls paying more than 30% of income for housing a cost burden.

Show the result as
per month$2,316
Principal & interest$1,685
Property tax$414
Home insurance$106
FHA mortgage insurance (MIP)$112

You need at least $8,866 for the down payment, plus closing costs.

Next step

This is an estimate to give you an idea, not a loan offer. Your real payment depends on your rate, your credit, and the insurance and taxes on the home you buy.

The city and its county

New London and Southeastern Connecticut Planning Region

New London is in Southeastern Connecticut Planning Region, Connecticut. The U.S. Census Bureau publishes its own numbers for the city: home values, rent, household income, how many households own their home and the property tax. They are American Community Survey estimates (average 2020–2024).

New London's own numbers

Typical home value
$253,300
Typical monthly rent
$1,340
Typical yearly household income
$59,098
Households that own their home
36%
Effective property tax rate
1.96%

U.S. Census Bureau, American Community Survey (average 2020–2024).

Numbers for all of Southeastern Connecticut Planning Region

FHA limit, one-unit home
$541,287
Conventional limit, one unit
$832,750
HUD fair market rent, 2 bedrooms
$1,902
Price change over 5 years (FHFA)
+65%
Homes in a high flood-risk zone
3.4%

HUD, FHFA and FEMA don't publish these numbers by city.

Other numbers are not published by city, only for the whole county: FHA and conventional loan limits, HUD’s fair market rents, FHFA’s price index and FEMA’s flood data. On this page, those numbers always say they are for all of Southeastern Connecticut Planning Region.

Everything about Southeastern Connecticut Planning Region

Buying

Buying a home in New London

A typical home in New London is worth $253,300: 22% below the planning region and 31% below Connecticut. With the typical household income in New London ($59,098 a year), a typical home costs 4.3 times what the household earns in a year.

Years of income to pay for a typical home

The typical home value divided by the typical household income for one year. The lower it is, the less buying weighs.

  • New London 4.3 years
  • Southeastern Connecticut 3.7 years
  • Connecticut 3.8 years
  • United States 4.1 years
Source: U.S. Census Bureau, Average 2020–2024

How prices have changed in Southeastern Connecticut Planning Region

According to FHFA’s house price index, home prices in Southeastern Connecticut Planning Region rose 89% in the 10 years through 2025.

FHFA does not publish this index by city: these are the numbers for all of Southeastern Connecticut Planning Region.

Period Region Connecticut U.S.
Last year (2025) +7.5% +6.1% +2.9%
5 years (2020–2025) +65% +62% +47%
10 years (2015–2025) +89% +75% +85%

The index follows the price of the same homes over time (sales and appraisals with Fannie Mae and Freddie Mac loans). It is not the average price of a home. FHFA considers its annual county indexes experimental. Source: FHFA, 2025 data

New London next to Southeastern Connecticut Planning Region, Connecticut and the U.S.

Three numbers side by side. “Typical” means the median: half are above it and half below.

Typical home value
  • New London $253,300
  • Southeastern Connecticut $323,400
  • Connecticut $366,900
  • United States $332,700
Typical monthly rent
  • New London $1,340
  • Southeastern Connecticut $1,365
  • Connecticut $1,488
  • United States $1,413
Typical yearly household income
  • New London $59,098
  • Southeastern Connecticut $86,586
  • Connecticut $95,781
  • United States $80,734
See the full table
New London next to Southeastern Connecticut Planning Region and Connecticut
Measure New London Southeastern Connecticut Planning Region Connecticut U.S.
Typical home value $253,300 $323,400 $366,900 $332,700
Typical monthly rent $1,340 $1,365 $1,488 $1,413
Typical yearly household income $59,098 $86,586 $95,781 $80,734
Households that own their home 36% 65% 66% 65%
Typical yearly property tax $4,977 $5,228 $6,643 $3,119
Effective property tax rate 1.96% 1.62% 1.81% 0.94%
Renters with high rent for their income 53% 51% 53% 51%

“Typical” means the median: half are above and half are below. ▲ and ▼ say whether the city is above or below Southeastern Connecticut Planning Region. “High rent” is the Census measure: renter households that pay 30% or more of their income in rent.

Four ways to pay for a typical home in New London

For a typical $253,300 home in New London, at Freddie Mac's average rate (7.18% as of November 5, 2026) over 30 years. The monthly payment adds principal and interest, New London's typical property tax, an example home insurance and mortgage insurance when it applies.

  • FHA, 3.5% down $2,316a month

    Least cash to close
    Down payment
    $8,866
    Cash to close
    $16,465
    Rate
    7.18%
    Mortgage insurance
    FHA MIP · $112

  • Conventional, 5% down $2,270a month

    Down payment
    $12,665
    Cash to close
    $20,264
    Rate
    7.18%
    Mortgage insurance
    PMI · $120

  • Conventional, 20% down, no PMI $1,892a month

    Down payment
    $50,660
    Cash to close
    $58,259
    Rate
    7.18%
    Mortgage insurance
    None

  • ITIN, 15% down (example) $2,126a month

    Down payment
    $37,995
    Cash to close
    $45,594
    Rate
    8.18%
    Mortgage insurance
    None

The option that asks for the least cash to close is FHA, 3.5% down.

  • Cash to close = down payment plus 3% of the price in closing costs (example).
  • Minimum score: FHA requires 580 or higher for the minimum down payment (HUD Handbook 4000.1). * Fannie Mae requires 620 when a loan is underwritten by hand; its automated system has no fixed minimum.
  • The ITIN row is an example with a rate 1 percentage point higher: ITIN loans follow no federal rule and each lender sets its own down payment and rate. Nothing in this table promises an approval.

How much house can I afford? Estimate closing costs

Taxes and floods

Two costs that change from place to place

Property tax and flood insurance raise or lower what you pay each month. Here are the numbers for New London and for Southeastern Connecticut Planning Region.

Property tax

Effective rate in New London

1.96%of the home’s value each year

$4,977 a year for the typical owner in New London.

  • New London 1.96%
  • Southeastern Connecticut 1.62%
  • Connecticut 1.81%

What Connecticut publishes Deadline to appeal the assessment: February 20 (Connecticut General Assembly (General Statutes of Connecticut, Chapter 203))

Exemptions and deadlines in Connecticut

Flood risk in Southeastern Connecticut Planning Region

FEMA does not publish these numbers by city: they are for all of Southeastern Connecticut Planning Region.

Homes in the high-risk zone
3.4%
2,728
Of those, with NFIP insurance
61%
Region Connecticut U.S.
Homes in the high-risk zone 3.4% 3.1% 3.5%
Of those, with NFIP insurance 61% 51% 48%

Most homeowners insurance policies do not cover flood damage.

Look up your address on FEMA’s map

Renting

Renting in New London

Typical rent in New London is $1,340 a month: about the same as the planning region. In New London, 53% of renter households pay 30% or more of their income in rent.

HUD publishes a fair market rent for all of Southeastern Connecticut Planning Region, by unit size. To pay the 2-bedroom one ($1,902 a month) without spending more than 30% of your income, you would need to earn $36.58 an hour working full time.

HUD fair market rent for all of Southeastern Connecticut Planning Region

What you need to earn to pay it without spending more than 30% of income, working full time.

Size Fair rent a month Hourly wage Yearly income
Studio $1,324 $25.46 $52,960
1 bedroom $1,518 $29.19 $60,720
2 bedrooms $1,902 $36.58 $76,080
3 bedrooms $2,418 $46.50 $96,720
4 bedrooms $2,995 $57.60 $119,800

Includes basic utilities. It isn't the lowest or highest rent: it's a reference point. Source: HUD, Fiscal year 2027

Low-income apartments

Low-income apartments in New London

HUD lists 10 buildings with rents for lower incomes in New London. These are the largest.

  • Winthrop Squares Phases I & II 59 Federal St, New London 295 low-income homes · In service since 1988
  • Winthrop Square Apts I & II 47 Federal St, New London 06320 295 homes, 294 low-income · For families (860) 442-8482
  • Winthrop Square Apts 254 Eugene Oneill Dr, New London 294 low-income homes · 1 bd: 14 · 2 bd: 70 · 3 bd: 195 · 4 bd: 15 · In service since 2008 · For families
  • Mohican Historic Apts. 281 State St, New London 146 homes, 145 low-income · Studio: 27 · 1 bd: 110 · 2 bd: 9 · In service since 2015 · For older adults
  • Huntington Towers 149 Huntington St, New London 06320 120 low-income homes · For families (860) 447-2282

See all 62 buildings in Southeastern Connecticut Planning Region Source: HUD, Retrieved November 6, 2026

Free help

Help to buy or rent in New London

You do not have to do this alone. A HUD-approved housing counseling agency helps for free or at low cost: getting ready to buy, understanding your credit, or solving a problem with your rent.

There is 1 HUD-approved agency with an office in Southeastern Connecticut Planning Region; none says it serves in Spanish.

A pregnant woman reads paperwork on the sofa while the grandmother plays with the girl on the floor.

HUD counseling is free or low-cost

Assistance programs in New London

No down payment, repair or rent-help program on our list is for New London or Southeastern Connecticut Planning Region. The ones below are statewide in Connecticut: they work in New London the same as in the rest of the state.

Which programs do I qualify for? All programs in Connecticut

Housing counselors near New London

The HUD-approved agencies closest to the center of New London, in a straight line, nearest first. If one says it serves in Spanish, its card says so.

  • New London Homeless Hospitality Center

    727 Bank St, New London · 1 miles away

    • Mortgage delinquency and default
    • Pre-purchase counseling
    • and 3 more
    (860) 501-9900

  • Capital for Change, Inc. (housing Counseling Office)

    10 Alexander Dr, Wallingford · 38 miles away

    • Mortgage delinquency and default
    • Mortgage delinquency workshops
    • and 3 more
    (203) 624-7406

  • Mutual Housing Association of South Central Ct, Inc. DBA Neighborworks New Horizons

    235 Grand Ave, New Haven · 42 miles away · Spanish

    • Mortgage delinquency and default
    • Budget and credit workshops
    • and 4 more
    (203) 562-4514

Every agency in Southeastern Connecticut Planning Region All counseling agencies in Connecticut

Help in Spanish near New London

1 of the 3 agencies on this list says it serves in Spanish.

Ask for service in Spanish

When you call, say “Spanish, please” or ask if someone speaks Spanish. If not, ask whether they offer an interpreter.

Housing authorities of New London

HUD’s record names them for New London or Southeastern Connecticut Planning Region. They run public housing or Section 8 vouchers. Ask whether their waiting list is open.

2 other authorities have an office in Southeastern Connecticut Planning Region: see the list Source: HUD

Cities

Other cities in Southeastern Connecticut Planning Region

These cities are also in Southeastern Connecticut Planning Region. They share its loan limits and fair market rents, but home values and rent change from one to the next.

Everything about Southeastern Connecticut Planning Region Housing in Connecticut

Nearby cities

The cities closest to New London, with the typical home value.

Neighboring counties

If Southeastern Connecticut Planning Region is out of reach, look next door. Each number is that county's own.

Keep going

Guides for your next step

Short explanations, in plain language and with official sources, for buying or renting in New London.

All guides
A man and two girls read a book together on the sofa.

Questions

Housing questions about New London

Short answers with the numbers for New London and all of Southeastern Connecticut Planning Region. If your case is different, a HUD-approved counseling agency can guide you for free or at low cost.

How much does a typical home cost in New London?

The typical home value in New London is $253,300, according to the U.S. Census Bureau (average 2020–2024). For comparison, in Southeastern Connecticut Planning Region it is $323,400.

How much does it cost to rent in New London?

Typical rent in New London is $1,340 a month, according to the U.S. Census Bureau. HUD’s fair market rent for 2 bedrooms in Southeastern Connecticut Planning Region is $1,902.

What is the FHA loan limit in New London?

New London uses the FHA limit for all of Southeastern Connecticut Planning Region (2026): $541,287 for a one-unit home and $1,041,125 for a four-unit home.

How much property tax do owners pay in New London?

The typical homeowner in New London pays $4,977 a year, according to the U.S. Census Bureau. That is 1.96% of the home’s value; in Southeastern Connecticut Planning Region, the rate is 1.62%.

Where can I find free help to buy or rent in New London?

There is 1 HUD-approved counseling agency with an office in Southeastern Connecticut Planning Region. They can help you get ready to buy, with your credit, or with rent.

Sources: American Community Survey (ACS) 5-year estimates (Average 2020–2024); FHA mortgage limits (HUD) (2026 data); Conforming loan limits (FHFA) (2026 data); Fair Market Rents (HUD) (Fiscal year 2027); HUD-approved housing counseling agencies (Retrieved November 6, 2026); Public Housing Agencies (HUD) (Retrieved November 6, 2026); Freddie Mac Primary Mortgage Market Survey (PMMS) (As of November 5, 2026); FHFA House Price Index (HPI) (2025 data); Homes with flood insurance (NFIP, FEMA) (As of August 3, 2026).