Colchester, Connecticut Cost Of Living

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Overall 14%

Goods & Services 21%

Housing 11%

Date & Last Updated: This data reflects 2019 and was released from C2ER in January, 2020; this is the most current data available.

The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
Index	Colchester	Connecticut	National
Cost of living	114	124	100
Goods & Services	121	123	100
Groceries	107	108	100
Health care	106	112	100
Housing	111	137	100
Transportation	108	114	100
Utilities	122	129	100

Key findings

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
Colchester housing is 11% higher than the national average
Connecticut general sales tax is 25% higher than the national average
Connecticut state income tax is 22% higher than the national average

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Price difference in compared to

Cost of living index
Goods & Services index
Groceries index
Health care index
Housing index
Transportation index
Utilities index

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

The percentage of monthly income spent on housing related expenses can help predict the affordability of housing in Colchester, CT, as well as what the overall cost of living might be. 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 payments and not more than 36 percent of income on all expenses and debts. In Colchester, homeowners have a median income of $88,472. Using that number, a maximum of $2,064 per month should be allocated to housing expenses. 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%

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%
Brookridge, FL	4,477	85	-15%
Hawaiian Ocean View, HI	4,477	126	26%
Tuscola, IL	4,478	85	-15%
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

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