The cost of living in Connecticut is among some of the highest in the country, so you may want to rethink moving there. Stamford, CT is one of the most expensive cities to live in. It is almost as pricey as living in Manhattan. Connecticut is the third most expensive state to live in. Alaska is number one followed by Hawaii. What makes Connecticut so expensive to live in? Lets take a look.
Buying a house in CT is very costly, contributing to the cost of living in Connecticut. The average home value has been $231,300 for the past 5 years in CT. Considering the size of Connecticut, this is an extremely high home value. Larger states New York, California and Massachusetts are the only states to have higher home prices. The United States average home value has been $161,600 for the past 4 years. This is $61,700 under what a house is worth in CT. This makes selling a property very lucrative in Connecticut. A house you bought 10 years ago would sell for a good profit in today's market. But, if you move within the state, you would be stuck buying another home at a high price.
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.
Anything from real estate to daily transportation can be attributed to the expensive cost of living in the state. Cities like Greenwich, nestled in the New York bedroom community of southwest CT, are among the wealthiest in the nation and contribute to the high cost of living also. The job opportunities and ideal seasons may be appealing at first, but the cost of living in Connecticut is 14.4% higher than the US median, and could be a drastic financial change for anyone relocating there.
Buying a house in CT is very costly, contributing to the cost of living in Connecticut. The average home value has been $231,300 for the past 5 years in CT. Considering the size of Connecticut, this is an extremely high home value. Larger states New York, California and Massachusetts are the only states to have higher home prices. The United States average home value has been $161,600 for the past 4 years. This is $61,700 under what a house is worth in CT. This makes selling a property very lucrative in Connecticut. A house you bought 10 years ago would sell for a good profit in today's market. But, if you move within the state, you would be stuck buying another home at a high price.
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.
Anything from real estate to daily transportation can be attributed to the expensive cost of living in the state. Cities like Greenwich, nestled in the New York bedroom community of southwest CT, are among the wealthiest in the nation and contribute to the high cost of living also. The job opportunities and ideal seasons may be appealing at first, but the cost of living in Connecticut is 14.4% higher than the US median, and could be a drastic financial change for anyone relocating there.
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