Meriden cost of living index

An overview of the general cost of living index for Meriden, CT is displayed above for your reference. Residents in Meriden, CT enjoy a cost of living index of 106. This index is 12% lower than the Connecticut average, and 6% 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 Meriden, 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 Meriden, 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 Meriden, CT, you have to earn a higher income in order to still have the same standard of living. To operate the Meriden, 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

The percent of monthly income spent on housing can be a good indicator of the affordability of housing in Meriden, 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 Meriden, CT homeowners, is $77,163. This would allow for a maximum of $1,800 per month to be spent on housing costs. For renters, the median monthly income is $35,640 which would result in a maximum of $832 to be spent on rental costs.

Connecticut Sales Tax

Connecticut Income Tax

One thing to keep in mind when considering the cost of living in Meriden, CT is the Connecticut sales tax and Connecticut income tax rates. Sales taxes are taxes that are collected on most goods or services sold. Sales taxes can vary by state and can be as high as 7% and as low as 0% as not every state imposes a sales tax. The Connecticut sales tax rate is 6.35% and the maximum surtax that can be charged is 6.35%. Income tax is the tax imposed on income by both the federal and state government. The income tax rates varies by individual state and will also be higher or lower depending on the applicable tax bracket. The rates of state income tax can vary from 0% 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 Meriden, CT cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for 2017.