F
Overall 11%
Goods & Services 21%
Housing 1%
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.
IndexNew LondonConnecticutNational
Cost of living111124100
Goods & Services121123100
Groceries107108100
Health care106112100
Housing99137100
Transportation108114100
Utilities122129100

Key findings

  • The cost of living in New London is 11% lower than the Connecticut average
  • The cost of living in New London is 11% higher than the national average
  • New London housing is 1% lower 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

Most Affordable Places to Live in and Around New London

See all the best places to live around New London

Compare New London, CT Cost of Living

      vs
      How would you rate the cost of living in New London?
      Write a review to give others more information about this area.
      Is the cost of living increasing or decreasing in New London?
      Write a review to give others more information about this area.
      See all New London poll results

      Salary Calculator

      This is how much you would need to earn in
      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 IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
      Owners$66,017$5,501$1,540$1,981
      Renters$23,656$1,971$552$710
      A good indicator of the general affordability of housing in New London, CT, is the percentage of monthly income that should be spent on housing expenses, otherwise known as the debt-to-income ratio (DTI). Generally speaking, no more than 28 percent of your total gross income should be spent on your housing expenses and not more than 36 percent of your gross income on total expenses, including debts. In New London, the median monthly income is $66,017 for those who own their own homes. Under the standard rule, that income level would allow for $1,540 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $23,656, per the median income in the area. That would allow for renters to spend up to $552 on monthly rental expenses.

      Connecticut Sales Tax

      StateGeneral Sales TaxWith Max Surtax
      Connecticut6.35%6.35%

      Connecticut Income Tax

      StateIncome Tax (Low)Income Tax (High)
      Connecticut3%6.99%

      Goods & Services

      ItemNew LondonNational avg.Difference
      Haircut $28.20$17.4961.2%
      Beauty Salon $47.40$38.1724.2%
      Toothpaste $1.75$2.3224.6%
      Shampoo $0.99$1.012.2%
      Movie $11.60$10.728.2%
      Bowling $19.00$13.8637.1%

      Groceries

      ItemNew LondonNational avg.Difference
      Ground Beef $3.45$3.9011.5%
      Fried Chicken $1.67$1.4019.7%
      Milk $1.97$1.960.4%
      Potatoes $3.51$3.1810.3%
      Pizza $9.79$10.395.8%
      Beer $10.19$9.2310.4%

      Health Care

      ItemNew LondonNational avg.Difference
      Optometrist $156.20$106.3446.9%
      Doctor $115.00$115.250.2%
      Dentist $105.80$98.387.5%
      Ibuprofen $8.89$9.264.0%
      Lipitor $477.60$466.472.4%

      Housing

      ItemNew LondonNational avg.Difference
      Home Price $183,900.00$184,700.000.4%
      Avg. Mortgage Payment $1,431.64$1,273.3212.4%
      Apartment Rent $914.00$949.003.7%

      Transportation

      ItemNew LondonNational avg.Difference
      Gasoline $2.66$2.592.5%
      Tire Balancing $58.32$48.9019.3%

      Utilities

      ItemNew LondonNational avg.Difference
      All Electricity$238.43$167.6042.3%
      Phone $174.02$163.426.5%
      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, StatePopulationCost of Living IndexNational Avg.
      Poquonock Bridge, CT2,2061066%
      Long Hill, CT4,4621099%
      Norwich, CT40,0571099%
      Oxoboxo River, CT2,88411010%
      Groton, CT9,24011212%
      New London, CT27,21811111%

      Cities with similar population

      City, StatePopulationCost of Living IndexNational Avg.
      Deer Park, NY27,22313939%
      Anderson, SC27,20689-11%
      West Islip, NY27,23114545%
      Lindenhurst, NY27,23413838%
      Glen Cove, NY27,24615555%
      New London, CT27,21811111%
      Source: The New London, CT cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for 2019.