Colchester cost of living index

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 111. This index is 8% lower than the Connecticut average, and 11% 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 18% higher than the national average.

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Salary Calculator

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

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

Connecticut Income Tax

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

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