What is the cost of living in Connecticut?
The cost of living in Connecticut is 11.4% higher than the US average. According to MIT, the required living wage for a family of four with two working parents in Connecticut is $99,955 vs the national average for a family of four with two working parents of $89,744. The median income of a Connecticut household is $79,855.
The average home price in Connecticut is $279,700, which is higher than the US average home price of $229,800. Median rent in Connecticut is $1,201/mo which is higher than the US average rent of $1,096/mo. If you want to adjust homes prices to local incomes, the ratio of home prices to median household income is about 3.5 to 1. That means it takes roughly 3.5 years of a full salary to pay off a house. That compares to the national average of 3.5 to 1.
All in all, Connecticut has a high cost of living compared to America as a whole.
People Also Ask About Connecticut
Is Connecticut a dangerous state?
No, Connecticut is not a dangerous state as it ranks as the #8 safest state in the United States based on our analysis of the latest FBI Crime Data. The violent crime rate in Connecticut ranks 47th most dangerous in the United States -- 50.9% better than US average violent crime rate. The property crime rate in the Constitution State ranks 37th most dangerous in the United States -- 19.92% better than US average property crime rate. The latest reporting year from the FBI was 2022.
Is Bridgeport, CT a dangerous city?
No, Bridgeport is not a dangerous city. Bridgeport ranks as the #45 safest out of 328 major cities over 100,000 people in the United States based on our analysis of the latest FBI Crime Data. Keep in mind that are always safe and dangerous parts of any city, so even though Bridgeport might be considered safe you still need to be aware of where you are.
Compared to other big cities, the violent crime rate in Bridgeport ranks 190th highest in America -- 26.22% better than US average violent crime rate. The property crime rate in the ranks 298th highest in the United States -- 54.49% better than US average property crime rate. Note the latest reporting year from the FBI was 2022 and that no city in America is "dangerous". Despite the uptick in murders, it's nothing like you'd see in Tijuana or Caracas where the murder rate is 2x any American city.
What county in Connecticut has the lowest cost of living?
The county in Connecticut with the lowest cost of living is Fairfield County. The average living wage in Fairfield County is $107,191 according to MIT data. Fairfield County has the lowest cost of living because it has relatively less expensive childcare and housing costs compared to Connecticut as a whole. Childcare costs $22,084 a year in Fairfield County for two children compared to the Connecticut average of $19,219. Housing costs, defined as a blend of the average rent and average mortgage payment, are $20,654 per year in Fairfield County compared to $17,169 on average in Connecticut.
What is the cheapest housing market in Connecticut?
The cheapest housing market in Connecticut is Waterbury. The average home value in Waterbury is $132,700, the lowest in the state. The average home value in Connecticut is $279,700, almost 2.1 times higher than Waterbury.