Colchester, CT Cost Of Living

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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.
Index	Colchester	Connecticut	National
Cost of living index	114	124	100
Index	Colchester	Connecticut	National
Goods & Services index	121	123	100
Groceries index	107	108	100
Health care index	106	112	100
Housing index	111	137	100
Transportation index	108	114	100
Utilities index	122	129	100

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 114. This index is 8% lower than the Connecticut average, and 14% 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 2% lower than it is in Connecticut, and it is 21% higher than the national average.

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Did you know?

The cost of living in Colchester is 8% lower than the Connecticut average.
The cost of living in Colchester is 14% higher than the national average.
The cost of housing in Colchester is 11% 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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Cost of living index
Goods & Services index
Groceries index
Health care index
Housing index
Transportation index
Utilities index

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 Income	Per Year	Per Month	Max Budget (28% DTI)	Max Budget (36% DTI)
Owners	$88,472	$7,373	$2,064	$2,654
Renters	$48,750	$4,063	$1,137	$1,463

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 $88,472. Using that number, you will come up with a maximum of $2,064 per month that can be spent on the cost of housing. For those who are renting instead of owning, the median income is $48,750, which means there is a maximum of $1,137 to be spent on the costs of renting a home or apartment.

Connecticut Sales Tax

State	General Sales Tax	With Max Surtax
Connecticut	6.35%	6.35%

Connecticut Income Tax

State	Income Tax (Low)	Income Tax (High)
Connecticut	3%	6.99%

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 6.99%.

Goods & Services

Item	Colchester	National avg.	Difference
Haircut	$28.20	$17.49	61.2%
Beauty Salon	$47.40	$38.17	24.2%
Toothpaste	$1.75	$2.32	24.6%
Shampoo	$0.99	$1.01	2.2%
Movie	$11.60	$10.72	8.2%
Bowling	$19.00	$13.86	37.1%

Groceries

Item	Colchester	National avg.	Difference
Ground Beef	$3.45	$3.90	11.5%
Fried Chicken	$1.67	$1.40	19.7%
Milk	$1.97	$1.96	0.4%
Potatoes	$3.51	$3.18	10.3%
Pizza	$9.79	$10.39	5.8%
Beer	$10.19	$9.23	10.4%

Health Care

Item	Colchester	National avg.	Difference
Optometrist	$156.20	$106.34	46.9%
Doctor	$115.00	$115.25	0.2%
Dentist	$105.80	$98.38	7.5%
Ibuprofen	$8.89	$9.26	4.0%
Lipitor	$477.60	$466.47	2.4%

Housing

Item	Colchester	National avg.	Difference
Home Price	$202,500.00	$184,700.00	9.6%
Avg. Mortgage Payment	$1,431.64	$1,273.32	12.4%
Apartment Rent	$1,085.00	$949.00	14.3%

Transportation

Item	Colchester	National avg.	Difference
Gasoline	$2.66	$2.59	2.5%
Tire Balancing	$58.32	$48.90	19.3%

Utilities

Item	Colchester	National avg.	Difference
All Electricity	$238.43	$167.60	42.3%
Phone	$174.02	$163.42	6.5%

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, State	Population	Cost of Living Index	National Avg.
Willimantic, CT	17,339	104	4%
South Windham, CT	1,330	108	8%
East Hartford, CT	50,834	109	9%
Norwich, CT	40,057	109	9%
Manchester, CT	30,364	110	10%
Colchester, CT	4,475	114	14%

Cities with similar population

City, State	Population	Cost of Living Index	National Avg.
Clintonville, WI	4,475	82	-18%
Greendale, IN	4,475	91	-9%
Hawaiian Ocean View, HI	4,477	126	26%
Brookridge, FL	4,477	85	-15%
Elko New Market, MN	4,472	116	16%
Colchester, CT	4,475	114	14%

Source: The Colchester, CT cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for 2019.

Colchester, CT Cost of Living