New Canaan, CT
Population 7,032 · Connecticut
About New Canaan, CT
New Canaan is a small town located in Connecticut with a population of 7,032 residents according to the latest US Census Bureau American Community Survey data. The median household income is $163,355 per year, which is 117% above the national median of $75,149. The median age of 44.6 years is notably older the US median age of 38.9 years, suggesting a more established community with a higher proportion of long-term residents.
Housing Market Overview
The housing market in New Canaan features a median home value of $1,115,600, which is 356% above the national median of $244,900. This places New Canaan in a higher-cost housing market, where property demand often outpaces supply. Median monthly rent is $3,501, 201% above the national average of $1,163/month. Of the 2,993 total housing units, 64% are owner-occupied (1,749 units) and 36% are renter-occupied (977 units). The balanced mix of owners and renters indicates a diverse housing market.
Economy & Employment
The local economy in New Canaan shows an unemployment rate of 10.3%, which is significantly above the national rate of 3.7%, suggesting economic challenges in the area. The poverty rate stands at 4.2%, below the national average of 12.4%, reflecting generally favorable economic conditions. Workers in New Canaan have an average one-way commute time of 37.7 minutes, suggesting many residents commute to jobs in a nearby metro area.
Education & Demographics
76.6% of New Canaan residents aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. This significantly higher educational attainment rate often correlates with access to knowledge-economy jobs and higher household incomes. The community's demographic composition includes 0.4% White, 0.2% Hispanic or Latino, 0.0% Black or African American, and 2.3% Asian residents, with 16.7% of the population being foreign-born.
How New Canaan Ranks in Connecticut
Cost of Living in New Canaan, CT
Compared to national averages, New Canaan has a median household income of $163,355 (117% above the national median of $75,149). Home values average $1,115,600, which is 356% above the national median. Monthly rent at $3,501 is 201% above the US average of $1,163. Within Connecticut, New Canaan's income is 33% above the state average of $123,065, and home values are 116% above the state median of $516,920.
Why Live in New Canaan, CT?
New Canaan offers a strong local economy with a median household income of $163,355, well above the national average, and a well-educated community where 76.6% of residents hold a bachelor’s degree or higher, and a low poverty rate of 4.2%, better than the national average.
Potential considerations include a competitive housing market where the typical home costs $1,115,600. However, New Canaan’s smaller community size offers a quieter lifestyle and tight-knit neighborhoods.
New Canaan has a population of 7,032 with a median age of 44.6 years. Compare New Canaan with other cities to see how it stacks up, or explore all cities in Connecticut.
Similar Cities Near New Canaan
Cities in Connecticut with a similar population size.
| City | Population | Median Income | Home Value | |
|---|---|---|---|---|
| Winsted | 7,074 | $66,058 | $214,000 | Compare |
| Staples | 6,985 | $218,365 | $1,202,800 | Compare |
| Ridgefield | 7,103 | $143,286 | $843,200 | Compare |
| Putnam | 7,120 | $63,209 | $236,000 | Compare |
| Old Greenwich | 6,904 | $250,001 | $1,668,200 | Compare |
| Cos Cob | 7,354 | $176,602 | $1,149,500 | Compare |
| Rockville | 6,657 | $51,607 | $192,500 | Compare |
| Thompsonville | 7,473 | $71,714 | $235,200 | Compare |
Demographics
Racial & Ethnic Composition
Economy & Education
Housing
Other Cities in Connecticut
Data source: US Census Bureau ACS 5-Year Estimates. Last updated: 2026-04-05.
Compare New Canaan With Other Cities
Frequently Asked Questions about New Canaan
What is the population of New Canaan, CT?
The population of New Canaan, CT is 7,032 according to the latest US Census Bureau American Community Survey estimates. This makes it a small town in Connecticut.
What is the median household income in New Canaan?
The median household income in New Canaan, CT is $163,355 per year, which is 117% above the national median of $75,149.
What is the median home value in New Canaan?
The median home value in New Canaan, CT is $1,115,600, which is 356% above the national median of $244,900. The majority of housing units are owner-occupied.
What is the average rent in New Canaan?
The median monthly rent in New Canaan, CT is $3,501, which is 201% above the national average of $1,163/month.
What is the unemployment rate in New Canaan?
The unemployment rate in New Canaan, CT is 10.3%, compared to the national average of 3.7%. Job seekers may want to research the dominant industries in the area.
Is New Canaan, CT a good place to live?
New Canaan offers above-average incomes, a competitive housing market, and growing employment opportunities. With a population of 7,032 and a median age of 44.6, the city appeals to a broad range of residents.
How educated is New Canaan, CT?
76.6% of residents in New Canaan aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. This above-average educational attainment often reflects a knowledge-based local economy.
What is the cost of living in New Canaan?
Key cost-of-living indicators for New Canaan, CT: median home value is $1,115,600 (356% above national), median rent is $3,501/month, and median household income is $163,355. The home-value-to-income ratio is 6.8x, which suggests housing may be stretched relative to local earnings.
What is the poverty rate in New Canaan?
The poverty rate in New Canaan, CT is 4.2%, compared to the national average of 12.4%. This below-average poverty rate reflects generally favorable economic conditions in the community.
How diverse is New Canaan, CT?
New Canaan's population is 0.4% White, 0.2% Hispanic or Latino, 0.0% Black or African American, 2.3% Asian, and 1.6% two or more races. 16.7% of residents are foreign-born.