You may want to rethink about relocating to Connecticut, because the cost of living in Connecticut is one of the highest in the country. The cost to live in Stamford, Connecticut is sometimes compared to living in Manhattan, New York. CT is the third most expensive state to live in, in the nation. Alaska and Hawaii round out the two most expensive. Lets see why it costs so much to live in CT.
The cost of living in Connecticut is greatly affected buy home values. The average home value in CT has been $231,300 for the last five years or so. This is very high considering the small size of the state. A higher average home vale is only found in three other states in the country. These state are Massachusetts, California and New York. Over the past four years, the nations average home value has been $161,600. Connecticut's average home value is $61,700 more than this. This does make selling a house in Connecticut very, very profitable. Hypothetically speaking, a home purchased in 2003 could sell for a lot more than it was bought for, turning a good profit for the homeowner. But, that profit would be useless if used to buy another house in the state. Relocate to another state and cash in on your earnings.
CT taxes greatly affect the cost of living in Connecticut. Ct also has the highest income per capita, so the taxes go hand in hand. The Bureau of Economic Analysis said that $57,902 was the median household income for CT in 2011.
There are two gas taxes for the drivers in Connecticut to pay. The first is 25 cents on every gallon of gas, known as a excise tax. The second is 7.53% on petroleum products, known as a Gross Receipts Tax. Social Security income is also taxed by the state of Connecticut. If you are a single filer making less than $50,000 or a joint filer making less than $60,00, then you are exempt from this tax. Connecticut also has the 3rd highest property taxes in the country. This also drives the cost of living in Connecticut through the roof. Only New Jersey and New Hampshire have higher ones. The sales tax is 6.35% in CT. There is also a motor vehicle tax and income tax. The top rate for the income tax is 6.87% for people making over $500,00 a year.
The cost of living in Connecticut is greatly influenced by foo d and transportation costs. $9.75 will by you a fast food meal, from a McDonald's type restaurant. $45.00 will purchase you a meal for 2 at a Chili's type restaurant chain without drinks. An average domestic beer will cost you $3.50 and a bottle of water is $1.29.
Another monthly expense for some residents is transportation. A typical taxi ride will cost you $2.62 plus $1.15 per km. $47.00 will buy you a monthly pass good for the bus or a taxi. A gallon of gas costs on average $3.70.
The astronomical price of living in the state can be attributed to anything from transportation to real estate to food and groceries. Connecticut's southwest corner, known as a New York bedroom community, is the wealthiest part of the state and greatly contributes to this high cost of existing. The beautiful season changes and economic growth could be appealing to the eye at first, but the cost of living in Connecticut is 14.4% higher than the national average. This could be a drastic change for anyone moving to CT, especially from the more inexpensive states in the south.
The cost of living in Connecticut is greatly affected buy home values. The average home value in CT has been $231,300 for the last five years or so. This is very high considering the small size of the state. A higher average home vale is only found in three other states in the country. These state are Massachusetts, California and New York. Over the past four years, the nations average home value has been $161,600. Connecticut's average home value is $61,700 more than this. This does make selling a house in Connecticut very, very profitable. Hypothetically speaking, a home purchased in 2003 could sell for a lot more than it was bought for, turning a good profit for the homeowner. But, that profit would be useless if used to buy another house in the state. Relocate to another state and cash in on your earnings.
CT taxes greatly affect the cost of living in Connecticut. Ct also has the highest income per capita, so the taxes go hand in hand. The Bureau of Economic Analysis said that $57,902 was the median household income for CT in 2011.
There are two gas taxes for the drivers in Connecticut to pay. The first is 25 cents on every gallon of gas, known as a excise tax. The second is 7.53% on petroleum products, known as a Gross Receipts Tax. Social Security income is also taxed by the state of Connecticut. If you are a single filer making less than $50,000 or a joint filer making less than $60,00, then you are exempt from this tax. Connecticut also has the 3rd highest property taxes in the country. This also drives the cost of living in Connecticut through the roof. Only New Jersey and New Hampshire have higher ones. The sales tax is 6.35% in CT. There is also a motor vehicle tax and income tax. The top rate for the income tax is 6.87% for people making over $500,00 a year.
The cost of living in Connecticut is greatly influenced by foo d and transportation costs. $9.75 will by you a fast food meal, from a McDonald's type restaurant. $45.00 will purchase you a meal for 2 at a Chili's type restaurant chain without drinks. An average domestic beer will cost you $3.50 and a bottle of water is $1.29.
Another monthly expense for some residents is transportation. A typical taxi ride will cost you $2.62 plus $1.15 per km. $47.00 will buy you a monthly pass good for the bus or a taxi. A gallon of gas costs on average $3.70.
The astronomical price of living in the state can be attributed to anything from transportation to real estate to food and groceries. Connecticut's southwest corner, known as a New York bedroom community, is the wealthiest part of the state and greatly contributes to this high cost of existing. The beautiful season changes and economic growth could be appealing to the eye at first, but the cost of living in Connecticut is 14.4% higher than the national average. This could be a drastic change for anyone moving to CT, especially from the more inexpensive states in the south.
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