Bethel cost of living index

The above illustration supplies generalized information for the Bethel, CT cost of living index. Compared to other cities in Connecticut and cities across the country, the cost of living index in Bethel, CT is 126, which is 5% higher than the Connecticut average and 26% higher than that for the entire country. The index is comprised of the following criteria: cost of retail goods and services (33%), groceries (13%), health care (5%), housing (30%), cost of public/private transportation (9%) and utilities (10%). Everyday goods and services, along with housing account for 63 percent of the total cost of living index. Goods and services that are a necessity regardless of location provide an accurate general sense of the cost of living in one city versus another. As seen above, the cost of retail goods and services in Bethel, CT are 1% higher than the average for Connecticut and 22% higher than the rest of the country.

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Salary Calculator

Use the salary calculator to compare your current salary in Bethel, CT to any other city. The salary calculator will tell you how much you would need to earn in any given city to maintain the same standard of living based on the cost of living in each city. For example, if the cost of living in the city you are looking to relocate to is higher than the cost of living in Bethel, CT, then you would need to earn more income in order to maintain the same standard of living. To use the Bethel, CT salary calculator, simply enter in the name of the new city, then adjust the slider to your current income. The salary calculator will do the rest and let you know if you need to earn more or less in the new city. You will also see a complete breakdown of the cost of living.

Median Income & Debt-To-Income Ratio

The percent of monthly income spent on housing can be a good indicator of the affordability of housing in Bethel, CT as well as the overall cost of living. As a general rule of thumb, the debt-to-income ratio (DTI) for homeowners or renters should be not more than 28 percent of gross income to be spent on housing related costs and not more than 36 percent of income on all expenses, including debts. The median income for Bethel, CT homeowners, is $87,453. This would allow for a maximum of $2,040 per month to be spent on housing costs. For renters, the median monthly income is $51,765 which would result in a maximum of $1,208 to be spent on rental costs.

Connecticut Sales Tax

Connecticut Income Tax

The Connecticut sales tax and Connecticut income tax rates should definitely be considered when determining the overall cost of living in Bethel, 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 6.99%.

Goods & Services

Groceries

Health Care

Housing

Transportation

Utilities

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.

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Source: The Bethel, CT cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for 2017.