Rockville cost of living index

A general overview of the cost of living index for Rockville, CT is displayed above. In Rockville, CT, the overall cost of living index is 105, which is 13% lower than the Connecticut average and 5% 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 Rockville, CT, the city's goods and services are 2% lower than the Connecticut average and 18% higher than the U.S. average.

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Salary Calculator

Using the salary calculator lets you compare the salary you earn in Rockville, 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 Rockville, CT, you have to earn a higher income in order to still have the same standard of living. To operate the Rockville, 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

One can approximate the cost of living and the housing affordability in Rockville, CT by the percentage of a person’s income that he or she spends on the monthly housing, otherwise known as the debt-to-income ratio (DTI). To stay on the safe side and keep one’s head above the water, a consumer should never spend more than 28 percent of his or her gross income on housing-related expenses and costs and not more than 36 percent of income on all expenses and debts. Homeowners in Rockville, CT have a median income of $74,323. Therefore, the amount that a consumer should spend on housing costs should be no more than $1,734 per month to avoid calamity and poverty. The renters in the city have an income of about $26,908, which would make their monthly maximum allowable rental costs $628.

Connecticut Sales Tax

Connecticut Income Tax

The Connecticut sales tax and Connecticut income tax rates should definitely be considered when determining the overall cost of living in Rockville, CT. Sales taxes are taxes that are imposed onto goods and services sold. Sales taxes do vary by state and can range from no tax at all to upwards of 7%. The Connecticut sales tax is 6.35% and the maximum surtax is 6.35%. Income tax is the tax imposed on income by the government. The income tax rates will vary by state and will also increase or decrease depending on the corresponding tax bracket. State income tax rates can range from anywhere from no tax at all 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 Rockville, CT cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for 2017.