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.
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 different gas taxes charged to Connecticut residents. One is an excise tax, which is 25 cents on every gallon of gasoline. The other one is a Gross Receipts tax on petroleum products. The tax is 7.53% on these products. Social Security is also taxed by CT. If you gross less than $50,000 as a single tax filer or less than $60,000 as a joint tax filer, you can be fully exempt from this tax. High property taxes also affect the cost of living in Connecticut. Connecticut is ranked 3rd in the nation for highest property taxes. New Hampshire and New Jersey are the only states with more expensive property taxes. Motor vehicles are also taxed along with an income tax. The top tier is 6.87% for a household earning $500,000 or more. a 6.35% sales tax is applied to all sales in CT.
Food and transportation expenses also affect the cost of living in Connecticut. An average fast food meal from McDonald's will run you $9.75. A meal for 2 at Chill's with no drinks costs an average of $45.00. The average cost of a bottle of water is $1.29. Domestic beer averages $3.50.
Some people rely on transportation day to day, which makes it a monthly expense. In the urban areas, a taxi will cost $2.62 to start and charge you $1.15 per km after that. You can purchase a monthly pass for $47.00 that is good for a bus or taxi. Gasoline is pricey too. A gallon of gas will put you back $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.
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 different gas taxes charged to Connecticut residents. One is an excise tax, which is 25 cents on every gallon of gasoline. The other one is a Gross Receipts tax on petroleum products. The tax is 7.53% on these products. Social Security is also taxed by CT. If you gross less than $50,000 as a single tax filer or less than $60,000 as a joint tax filer, you can be fully exempt from this tax. High property taxes also affect the cost of living in Connecticut. Connecticut is ranked 3rd in the nation for highest property taxes. New Hampshire and New Jersey are the only states with more expensive property taxes. Motor vehicles are also taxed along with an income tax. The top tier is 6.87% for a household earning $500,000 or more. a 6.35% sales tax is applied to all sales in CT.
Food and transportation expenses also affect the cost of living in Connecticut. An average fast food meal from McDonald's will run you $9.75. A meal for 2 at Chill's with no drinks costs an average of $45.00. The average cost of a bottle of water is $1.29. Domestic beer averages $3.50.
Some people rely on transportation day to day, which makes it a monthly expense. In the urban areas, a taxi will cost $2.62 to start and charge you $1.15 per km after that. You can purchase a monthly pass for $47.00 that is good for a bus or taxi. Gasoline is pricey too. A gallon of gas will put you back $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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