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.
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.
Taxes can be thanked for helping increase the cost of living in Connecticut. But, Connecticut also has the highest income per capita so the high taxes are a effect of this. The average Connecticut home grossed $57,902 in 2011 according to research done by the Bureau of Economic Analysis.
Connecticut has two different gas taxes. CT drivers have to pay 25 cents on every gallon of gas. This is an excise tax. They also have to pay a Gross Receipts Tax, 7.53% on petroleum products. CT also taxes Social Security, but you can be exempt if you make less than $50,000 as a single tax filer or $60,000 or less as a joint filer. The cost of living in Connecticut is high do to the property taxes. They are the third highest in the nation behind New Jersey and New Hampshire. The state also taxes motor vehicles. The income tax is 6.87% for residents making over $500,000 a year and drops a little under that. CT's sales tax is 6.35%.
The cost of living in Connecticut is made more expensive by the food and transportation as well. The average price of an economic fast food meal is $9.75. A meal at a restaurant like Chill's will cost you around $45.00 without alcoholic drinks. $3.50 is the average price for a domestic beer and a bottle of water will run you $1.29.
Transportation can be an expensive day to day cost. A taxi ride will, on average, cost you $2.62 base price. You will then be charge an average of $1.15 per km for the rest of the ride. A monthly pass, good for taxi or bus, costs $47.00 on average. Gas costs $370 a gallon.
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.
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.
Taxes can be thanked for helping increase the cost of living in Connecticut. But, Connecticut also has the highest income per capita so the high taxes are a effect of this. The average Connecticut home grossed $57,902 in 2011 according to research done by the Bureau of Economic Analysis.
Connecticut has two different gas taxes. CT drivers have to pay 25 cents on every gallon of gas. This is an excise tax. They also have to pay a Gross Receipts Tax, 7.53% on petroleum products. CT also taxes Social Security, but you can be exempt if you make less than $50,000 as a single tax filer or $60,000 or less as a joint filer. The cost of living in Connecticut is high do to the property taxes. They are the third highest in the nation behind New Jersey and New Hampshire. The state also taxes motor vehicles. The income tax is 6.87% for residents making over $500,000 a year and drops a little under that. CT's sales tax is 6.35%.
The cost of living in Connecticut is made more expensive by the food and transportation as well. The average price of an economic fast food meal is $9.75. A meal at a restaurant like Chill's will cost you around $45.00 without alcoholic drinks. $3.50 is the average price for a domestic beer and a bottle of water will run you $1.29.
Transportation can be an expensive day to day cost. A taxi ride will, on average, cost you $2.62 base price. You will then be charge an average of $1.15 per km for the rest of the ride. A monthly pass, good for taxi or bus, costs $47.00 on average. Gas costs $370 a gallon.
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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