Southwood Acres 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.
IndexSouthwood AcresConnecticutNational
Cost of living index119128100
IndexSouthwood AcresConnecticutNational
Goods & Services index121123100
Groceries index128125100
Health care index119117100
Housing index114144100
Transportation index109105100
Utilities index128130100
Displayed above is a general overview of the Southwood Acres, CT cost of living index. The overall cost of living index in Southwood Acres, CT is 119, which is 7% lower than the Connecticut average and 19% higher than the national average. The cost of living index is created from the following categories: goods/services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). As you can see, goods/services and housing make up the majority of the overall cost of living index. Everyday goods and services can be a good indicator of the general cost of goods in a given city. In this case, the goods and services in Southwood Acres, CT are 2% lower than the Connecticut average and 21% higher than the national average.

Did you know?

  • The cost of living in Southwood Acres is 7% lower than the Connecticut average.
  • The cost of living in Southwood Acres is 19% higher than the national average.
  • The cost of housing in Southwood Acres is 14% 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 Southwood Acres, CT Cost of living To Other Cities

Salary Calculator

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The salary calculator is used in order to provide a comparison of your current salary in Southwood Acres, CT to another city of your choice. The calculator will inform you of what your salary needs to be in any specific city in order for you to maintain your living standard based on what the city’s cost of living is. As an example, if you are seeking to move to a city that has a higher cost of living compared to Southwood Acres, CT, you would have to earn a higher income to maintain a standard of living that is similar. To get started with the Southwood Acres, CT salary calculator, input the new city’s name and then move the slider to indicate your current income. The salary calculator will now process the numbers and show you whether you need to earn more or less in the chosen city. A comprehensive breakdown of the cost of living will also be shown.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$85,568$7,131$1,996$2,567
Renters$37,639$3,137$878$1,129
One can approximate the cost of living and the housing affordability in Southwood Acres, CT by the percentage of a person’s income that he or she spends on the monthly housing, otherwise known as the debt-to-income ratio (DTI). To stay on the safe side and keep one’s head above the water, a consumer should never spend more than 28 percent of his or her gross income on housing-related expenses and costs and not more than 36 percent of income on all expenses and debts. Homeowners in Southwood Acres, CT have a median income of $85,568. Therefore, the amount that a consumer should spend on housing costs should be no more than $1,996 per month to avoid calamity and poverty. The renters in the city have an income of about $37,639, which would make their monthly maximum allowable rental costs $878.

Connecticut Sales Tax

StateGeneral Sales TaxWith Max Surtax
Connecticut6.35%6.35%

Connecticut Income Tax

StateIncome Tax (Low)Income Tax (High)
Connecticut3%6.7%
The Connecticut sales tax and Connecticut income tax rates should definitely be considered when determining the overall cost of living in Southwood Acres, CT. Sales taxes are taxes that are imposed onto goods and services sold. Sales taxes do vary by state and can range from no tax at all to upwards of 7%. The Connecticut sales tax is 6.35% and the maximum surtax is 6.35%. Income tax is the tax imposed on income by the government. The income tax rates will vary by state and will also increase or decrease depending on the corresponding tax bracket. State income tax rates can range from anywhere from no tax at all to more than 9%. The Connecticut income tax rates range from 3% to 6.7%.

Goods & Services

ItemSouthwood AcresNational avg.Difference
Haircut $17.50$14.5919.9%
Beauty Salon $47.06$34.6835.7%
Toothpaste $3.22$2.4730.2%
Shampoo $1.17$1.0214.5%
Movie $10.07$9.872.0%
Bowling $7.17$4.3963.3%

Groceries

ItemSouthwood AcresNational avg.Difference
Ground Beef $6.34$4.4841.6%
Fried Chicken $1.90$1.4629.8%
Milk $2.56$2.368.6%
Potatoes $4.51$3.0647.3%
Pizza $10.11$9.249.4%
Beer $10.03$8.6316.2%

Health Care

ItemSouthwood AcresNational avg.Difference
Optometrist $116.73$99.7817.0%
Doctor $123.77$105.0317.8%
Dentist $122.94$88.7038.6%
Ibuprofen $11.38$9.4120.9%
Lipitor $267.92$298.5010.2%

Housing

ItemSouthwood AcresNational avg.Difference
Home Price $192,400.00$175,700.009.5%
Avg. Mortgage Payment $1,493.00$1,081.0338.1%
Apartment Rent $1,137.00$920.0023.6%

Transportation

ItemSouthwood AcresNational avg.Difference
Gasoline $2.44$2.0916.6%
Tire Balancing $39.98$45.2911.7%

Utilities

ItemSouthwood AcresNational avg.Difference
All Electricity$265.73$170.8055.6%
Phone $24.95$28.2611.7%
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.
Springfield, MA153,83611010%
Stafford Springs, CT4,73411313%
Hartford, CT125,21111313%
Chicopee, MA55,60311414%
Blue Hills, CT2,73511414%
Southwood Acres, CT8,06011919%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Ludington, MI8,06187-13%
London, KY8,06287-13%
Decorah, IA8,05890-10%
Senatobia, MS8,06387-13%
Pukalani, HI8,06718484%
Southwood Acres, CT8,06011919%
Source: The Southwood Acres, CT cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2015.