Cos Cob cost of living index

A general summary of the cost of living index in Cos Cob, CT is shown above. Compared to the state average of Connecticut the cost of living index in Cos Cob, CT is 212, which is 76% higher than the average in Connecticut and compared to the national average it is 112% higher than. The cost of living index is made up of several categories. These are transportation at 9%, utilities at 10%, goods and services at 33%, housing at 30%, groceries at 13%, and health care at 5%. The bulk of the cost of living index comes from the categories of goods and services and housing. If you look at everyday goods and services they can be a good indicator in a certain city of the general costs of goods there. In Cos Cob, CT goods and services come in at 1% higher than the average in Connecticut and are 22% higher than compared to the nationwide average.

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Salary Calculator

The salary calculator allows you to compare how much your current salary in Cos Cob, CT would be worth in another city. In other words, the salary calculator will adjust the figure you enter for cost of living so that you can determine how much more or much less you would need to earn while maintaining your current quality of living. If you are considering relocating to a more expensive city than Cos Cob, CT, the calculator will tell you how much more you need to earn so you can assess job offers more accurately. The Cos Cob, CT salary calculator is easy to use. All you do is enter the name of another city, then move the slider to your current income. After that, the salary calculator will crunch the numbers for you and give you the information you need about the place you are considering going. Additionally, it will show a detailed breakdown of the cost of living.

Median Income & Debt-To-Income Ratio

A good way to judge both the affordability of the housing and the cost of living is by simply calculating the maximum that a person should spend on housing in Cos Cob, CT, otherwise known as the debt-to-income ratio (DTI). The safest way to live in the city is to avoid spending more than 28 percent of the gross income that one earns on costs that pertain to housing and no more than 36 percent on all expenses and debts. Cos Cob, CT has a median income of about $133,611 for people who own homes. Based on that number, a person should spend a maximum of $3,117 on expenses related to housing. Renters have a slightly different median income, which is $129,125. Based on this average, renters should spend no more than $3,013 on all of their rental costs if they want to maintain a non-impoverished standard of living.

Connecticut Sales Tax

Connecticut Income Tax

When assessing the complete cost of living in Cos Cob, CT, the Connecticut income tax and the Connecticut sales tax percentages should unquestionably be taken into consideration. Sales taxes aren't just levies imposed onto sold goods, but they also include taxes that are charged when services are provided for a fee. The rates are different from state to state and can run has high as 7 percent. Some states have no sales tax at all. The Connecticut maximum surtax is 6.35%, and the Connecticut sales tax is 6.35%. By contrast, income tax is an unfortunate obligation that is charged by the government against earnings. Just like sales taxes, the rates for income taxes differ from state to state. They also decrease or increase according to the individual's tax bracket. Tax rates can run as high as 9 percent, with a minimum of zero. Income tax rates range from 3% to 6.99% in Connecticut.

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