New Haven cost of living index

A general overview of the cost of living index for New Haven, CT is displayed above. In New Haven, CT, the overall cost of living index is 111, which is 8% lower than the Connecticut average and 11% higher than the U.S. average. The following categories are used to calculate the overall cost of living index: goods/services (33%), housing (30%), groceries (13%), utilities (10%), transportation (9%) and health care (5%). From the list, it is clear that the categories of goods/services and housing are responsible for the largest portions of the overall cost of living index. As a general rule, everyday goods and services provide an accurate measure of the general cost of goods in any given city. In the case of New Haven, CT, the city's goods and services are 1% higher than the Connecticut average and 21% higher than the U.S. average.

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Salary Calculator

Using the salary calculator lets you compare the salary you earn in New Haven, 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 New Haven, CT, you have to earn a higher income in order to still have the same standard of living. To operate the New Haven, 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 affordability of the housing market in New Haven, CT as well as the overall cost of living can be indicated accurately by what percent of the monthly income is spent on housing related costs. This is konwn as the debt-to-income ratio (DTI). The overall rule of thumb is that no more than 28% of your gross income should ever be used on the overall costs related to housing and no more than 36% of gross income on all expenses and debts. Among New Haven, CT homeowners, the median income is $72,867. This indicates that a monthly maximum of $1,700 should be spent by homeowners on all housing related costs. Renters have a median income of $29,923. This indicates that renters should have a maximum of $698 used for their rent related monthly costs.

Connecticut Sales Tax

Connecticut Income Tax

When you are determining the total cost of living in New Haven, CT you will want to make sure you consider both the Connecticut sales tax and the Connecticut income tax rates. Sales tax come in the form of taxes levied on both services and goods that are sold. The sales tax rates are different state to state and range from zero sales tax to higher than 7%. The sales tax in Connecticut is 6.35%, with the highest surtax being 6.35%. Tax that is on income by the government is income tax. Different states have different income tax rates and these rates can be higher or lower dependent on the corresponding tax bracket. The state income tax rates are different state to state and range from no income tax to more than 9% income tax. The income tax rates in Connecticut have a 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 New Haven, CT cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for 2017.