Colchester cost of living index

In the event that the cost of living data was unavailable for this city, estimates based upon nearby cities were used. Each cost of living index is based on a national average of 100. If the amount is below 100, it is lower than the national average. If the amount is above 100, it is higher than the national average.
IndexColchesterConnecticutNational
Cost of living index120128100
IndexColchesterConnecticutNational
Goods & Services index120121100
Groceries index120128100
Health care index119117100
Housing index121144100
Transportation index122114100
Utilities index112116100
An overview of the general cost of living index for Colchester, CT is displayed above for your reference. Residents in Colchester, CT enjoy a cost of living index of 120. This index is 6% lower than the Connecticut average, and 20% higher than the national average. The following categories are used when determining the cost of living index for any given city: health care (5%), transportation (9%), utilities (10%), groceries (13%), housing (30%), and goods/services (33%). Clearly, housing and goods/services make up the majority of the formula for calculating the cost of living index. Because of this, the general cost of living for any given area can be estimated by looking at the cost of everyday goods in that area. For those living in Colchester, CT, the average cost of goods and services is 1% lower than it is in Connecticut, and it is 20% higher than the national average.

Did you know?

  • The cost of living in Colchester is 6% lower than the Connecticut average.
  • The cost of living in Colchester is 20% higher than the national average.
  • The cost of housing in Colchester is 21% higher than the national average.
  • Connecticut general sales tax is 25% higher than the national average.
  • Connecticut state income tax is 35% higher than the national average.

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Compare Colchester, CT Cost of living To Other Cities

Salary Calculator

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Groceries index
Health care index
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Using the salary calculator lets you compare the salary you earn in Colchester, CT to what it is in other cities. It will let you know what your earnings would have to be in another city to have the same standard of living, as determined by the cost of living in each city. For example, if the cost of living in the area you want to move to is higher than the cost of living in Colchester, CT, you have to earn a higher income in order to still have the same standard of living. To operate the Colchester, CT salary calculator, put in the name of the other city, then move the slider to the point that represents the current income. The salary calculator will take care of the rest and tell you how much more or less you must earn in the new city. A Total breakdown of the cost of living is also provided.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$95,038$7,920$2,217$2,851
Renters$46,381$3,865$1,082$1,392
How much of your monthly income goes to housing can tell you whether or not you can afford housing in Colchester, CT, as well as what the average cost of living is. Generally, a good rule to follow is that the debt-to-income (DTI) level you want to maintain is 28 percent or less of your income on your rent or mortgage payment and not more than 36 percent of income on all expenses and debts. In Colchester, CT homeowners have a median income of $95,038. Using that number, you will come up with a maximum of $2,217 per month that can be spent on the cost of housing. For those who are renting instead of owning, the median income is $46,381, which means there is a maximum of $1,082 to be spent on the costs of renting a home or apartment.

Connecticut Sales Tax

StateGeneral Sales TaxWith Max Surtax
Connecticut6.35%6.35%

Connecticut Income Tax

StateIncome Tax (Low)Income Tax (High)
Connecticut3%6.7%
When considering the overall cost of living expenses in Colchester, CT, it's important to take into account the sales tax for Connecticut, as well as the rate for income tax in Connecticut. Goods and services sold to consumers in any state have some form of sales tax. Each state has its own tax code, which means that sales tax rates vary from state to state, ranging from over 7% in some states to as low as 0% in others. The maximum surtax for Connecticut is 6.35%, and the sales tax in the state of Connecticut is 6.35%. Alternatively, the tax imposed on your income by the state government is known as income tax. The rate for this tax also varies from state to state, and your rate is affected by your tax bracket, which is determined by your level of income. Income tax rates might be as high as 9%, down to as low as 0%. The range for income tax rates in Connecticut starts from 3% and goes up to 6.7%.

Goods & Services

ItemColchesterNational avg.Difference
Haircut $19.50$15.5625.3%
Beauty Salon $49.55$36.1137.2%
Toothpaste $3.49$2.4741.2%
Shampoo $1.12$0.9616.4%
Movie $9.95$10.131.8%
Bowling $7.17$4.7451.4%

Groceries

ItemColchesterNational avg.Difference
Ground Beef $6.26$3.9857.0%
Fried Chicken $1.67$1.4118.9%
Milk $2.51$2.0621.5%
Potatoes $4.16$2.9839.6%
Pizza $10.00$9.475.6%
Beer $9.82$8.7911.7%

Health Care

ItemColchesterNational avg.Difference
Optometrist $119.91$101.0418.7%
Doctor $124.96$107.4416.3%
Dentist $124.36$90.4237.5%
Ibuprofen $11.99$9.2829.2%
Lipitor $356.99$426.5016.3%

Housing

ItemColchesterNational avg.Difference
Home Price $218,400.00$175,700.0024.3%
Avg. Mortgage Payment $1,486.15$1,133.2331.1%
Apartment Rent $1,056.00$920.0014.8%

Transportation

ItemColchesterNational avg.Difference
Gasoline $2.39$1.9919.7%
Tire Balancing $58.58$45.7628.0%

Utilities

ItemColchesterNational avg.Difference
All Electricity$212.66$163.8129.8%
Phone $24.95$28.3912.1%
Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

Nearby cities with low cost of living

City, StatePopulationCost of Living IndexNational Avg.
Willimantic, CT17,84511010%
East Hartford, CT51,21111212%
Baltic, CT1,14211313%
Norwich, CT40,37811414%
Manchester, CT30,62111414%
Colchester, CT4,41412020%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Elko New Market, MN4,41411515%
Ste. Genevieve, MO4,41386-14%
Lakewood, IL4,41113232%
Indian Mountain Lake, PA4,41111111%
Rogersville, TN4,41090-10%
Colchester, CT4,41412020%
Source: The Colchester, CT cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2016.