Oakville cost of living index

Displayed above is a general overview of the Oakville, CT cost of living index. The overall cost of living index in Oakville, CT is 110, which is 8% lower than the Connecticut average and 10% higher than the national average. The cost of living index is created from the following categories: goods/services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). As you can see, goods/services and housing make up the majority of the overall cost of living index. Everyday goods and services can be a good indicator of the general cost of goods in a given city. In this case, the goods and services in Oakville, CT are 1% higher than the Connecticut average and 21% higher than the national average.

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Salary Calculator

Use the salary calculator to compare your current salary in Oakville, CT to any other city. The salary calculator will tell you how much you would need to earn in any given city to maintain the same standard of living based on the cost of living in each city. For example, if the cost of living in the city you are looking to relocate to is higher than the cost of living in Oakville, CT, then you would need to earn more income in order to maintain the same standard of living. To use the Oakville, CT salary calculator, simply enter in the name of the new city, then adjust the slider to your current income. The salary calculator will do the rest and let you know if you need to earn more or less in the new city. You will also see a complete breakdown of the cost of living.

Median Income & Debt-To-Income Ratio

How much of your monthly income goes to housing can tell you whether or not you can afford housing in Oakville, CT, as well as what the average cost of living is. Generally, a good rule to follow is that the debt-to-income (DTI) level you want to maintain is 28 percent or less of your income on your rent or mortgage payment and not more than 36 percent of income on all expenses and debts. In Oakville, CT homeowners have a median income of $77,313. Using that number, you will come up with a maximum of $1,804 per month that can be spent on the cost of housing. For those who are renting instead of owning, the median income is $40,536, which means there is a maximum of $946 to be spent on the costs of renting a home or apartment.

Connecticut Sales Tax

Connecticut Income Tax

When considering the overall cost of living expenses in Oakville, CT, it's important to take into account the sales tax for Connecticut, as well as the rate for income tax in Connecticut. Goods and services sold to consumers in any state have some form of sales tax. Each state has its own tax code, which means that sales tax rates vary from state to state, ranging from over 7% in some states to as low as 0% in others. The maximum surtax for Connecticut is 6.35%, and the sales tax in the state of Connecticut is 6.35%. Alternatively, the tax imposed on your income by the state government is known as income tax. The rate for this tax also varies from state to state, and your rate is affected by your tax bracket, which is determined by your level of income. Income tax rates might be as high as 9%, down to as low as 0%. The range for income tax rates in Connecticut starts from 3% and goes up 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 Oakville, CT cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for 2017.