| Index | New London | Connecticut | National |
| Cost of living | 107 | 118 | 100 |
| Groceries | 107 | 106 | 100 |
| Health care | 109 | 111 | 100 |
| Housing | 106 | 139 | 100 |
| Transportation | 105 | 107 | 100 |
| Utilities | 107 | 108 | 100 |
| Lifestyle & Entertainment | 110 | 110 | 100 |
| Household Items | 103 | 106 | 100 |
| Education & Childcare | 113 | 116 | 100 |
Getting a feel for the cost of living in New London is essential for anyone planning to relocate, as it empowers them to make informed financial decisions, secure a comfortable lifestyle and maintain financial stability in their new environment. The cost of living in New London is 107, which is 7% higher than the national average. Relocating individuals may need to adjust their savings and investment strategies based on the cost of living in the new location. It influences decisions about retirement planning, investments and financial goals.
Everyday expenditures like food, housing, lifestyle expenses, transportation and health care in New London are priced in a manner consistent with other areas. This means that residents of New London can anticipate their daily expenses remaining reasonably similar to those in an average city, thereby supporting a manageable cost of living.
Is New London an affordable place to live? It's a good question and one that you might want to ask when considering any new city, as affordability can play a huge role in the decision making process. The cost of living index (which we covered above), as well as housing costs and income levels play a vital role in determining the affordability of an area. The median home price in New London is 5% higher than the national average, while the average monthly rent prices are 7% higher than average. The affordability of any location can also be influenced by median income levels. New London has a median household income of $70,865, which is 12.9% lower than the national average.
Utilities: As with the prices of anything else, utility costs can exhibit significant variations, contingent on factors like climate, energy source availability, geographic location and state regulations. The expenses associated with electricity, water, heating, and waste disposal can fluctuate, either upward or downward, depending on the particular city or state. In New London, the utilities index registers 7% higher than the national average.
Taxes: Cities that enforce higher taxes, covering both sales taxes and income taxes, can be a factor contributing to a higher cost of living. Paying more in taxes for everyday essentials like clothing and food inevitably leads to higher expenses. A higher income tax rate can further contribute to an overall elevated cost of living. In New London, the baseline sales tax rate begins at 6.35%, and income tax rates start at 3%.
Subsidies: Some cities and states may extend government subsidies or aid programs aimed at reducing the cost of living for their residents. These initiatives encompass diverse forms of support, including Medicare, Medicaid, housing subsidies, low-income home energy assistance programs, school lunch programs, supplemental nutrition assistance programs, student loans, electric vehicle tax credits, affordable care act subsidies and farm subsidies. Regions with limited subsidy provisions may witness an increase in their overall cost of living.
The New London cost of living data displayed above uses a U.S. average baseline of 100 to provide a practical way to compare living expenses across cities. Housing estimates incorporate U.S. Census home price and rental data, while all other values are generated using AI-assisted models based on everyday expense expectations, regional pricing trends, climate, transportation patterns, and local economic conditions. These values are designed for directional city-to-city comparisons.
| Cost of living index | |
| Groceries index | |
| Health care index | |
| Housing index | |
| Transportation index | |
| Utilities index | |
| Lifestyle index | |
| Household index | |
| Educare index |
| Median Income | Per Year | Per Month | Max Budget (28% DTI) | Max Budget (36% DTI) |
| Owners | $121,281 | $10,107 | $2,830 | $3,639 |
| Renters | $50,594 | $4,216 | $1,180 | $1,518 |
| State | General Sales Tax | With Max Surtax |
| Connecticut | 6.35% | 6.35% |
| State | Income Tax (Low) | Income Tax (High) |
| Connecticut | 3% | 6.99% |
| City | Population | Cost of Living Index | National Avg. |
| Fishers Island, NY | 63 | 107 | 7.4% |
| Poquonock Bridge, CT | 1,701 | 105 | 4.5% |
| Norwich, CT | 40,661 | 105 | 5.1% |
| Oxoboxo River, CT | 2,855 | 106 | 6.0% |
| Groton, CT | 9,279 | 110 | 10.0% |
| New London, CT | 27,712 | 107 | 6.9% |
| City | Population | Cost of Living Index | National Avg. |
| Twentynine Palms, CA | 27,724 | 107 | 7.0% |
| Florence, AZ | 27,692 | 103 | 2.5% |
| West Linn, OR | 27,690 | 151 | 50.7% |
| Carrollton, GA | 27,734 | 98 | 2.1% |
| Maryland Heights, MO | 27,688 | 97 | 3.4% |
| New London, CT | 27,712 | 107 | 6.9% |
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