An Overview of Cost of Living in Shelton, CT
Are you thinking about relocating, but curious about the potential cost of living in Shelton? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Shelton stands at 129, making it 29% higher than the national average. The cost of living directly affects the affordability of one's desired lifestyle. Knowing the cost of housing, transportation, groceries and other essentials in the new area allows people to gauge whether they can maintain their preferred standard of living.
If you prioritize affordability when seeking a new place to live, Shelton may not be your ideal choice, as it ranks among the most expensive locations in the entire United States. A very small amount of areas exhibit a cost of living at least 20% higher than the national average, and unfortunately, Shelton falls into this category, which may not align with your preferences for a budget-friendly living environment.
Housing costs are a very significant part of the Shelton cost of living index and generally encompass a large percentage of take-home income. Unfortunately, in this area, the housing costs for both homes and rentals were 74.3% more than the average city. This includes things like home and rent prices, mortgage rates and insurance.
What Do Locals Say About the Cost of Living in Shelton?
When it comes to knowing a city, its residents are the experts. We conducted a survey with 9 locals to understand their opinions on the cost of living in Shelton. The results indicated that 11% found it reasonably priced with decreasing prices of goods and services, while 89% viewed it as quite expensive, with increasing prices.
Is Shelton Affordable?
Is Shelton affordable? This is a pivotal question, especially when mulling over a move, as affordability carries substantial weight in your decision-making process. Factors such as the cost of living index (discussed earlier), housing expenses and income levels all contribute to a location's affordability. For instance, in Shelton, the median home price is 86.9% higher than the national average and monthly rent prices are 44.9% higher than the typical rates. Additionally, the median income levels play a role in affordability, with Shelton boasting a median household income of $98,873, 78.7% higher than the national average.
What Factors can Influence the Cost of Living in Shelton?
Housing: Elevated demand for housing within coveted locales has the propensity to escalate both property values and rental rates, thereby serving as a primary catalyst for an augmented cost of living. Conversely, areas witnessing diminished housing demand, particularly within less desirable environs, often experience an inversely proportional effect, leading to price reductions and subsequently contributing to a more modest cost of living. In Shelton, the housing index is 74.3% higher than the national average.
Groceries: Grocery expenditures have undergone notable escalation over the last 2-3 years. In some markets, the cost of food products has surged by more than 20%, while others have experienced only modest increments. These fluctuations in food costs can have a significant impact on the overall cost of living in any region. In Shelton, the groceries index registers 1% lower than the national average.
Utilities: Similar to the prices of any other goods or services, utility expenditures can exhibit substantial variability, influenced by factors such as climate, energy sources accessibility, geographical location and state regulations. Costs related to electricity, water, heating, and waste disposal can fluctuate, whether higher or lower, contingent on the city or state. In Shelton, the utilities index is 33.1% higher than the national average.
Where is the Data From?
The cost of living data in Shelton displayed above is sourced from the C2ER cost of living index, which serves as a practical tool for comparing living expenses across urban areas. Published on a quarterly basis, this index aggregates data from over 300 independent researchers, encompassing more than 60 goods and services, in 6 different categories. The weightings assigned to cost differences rely on government survey data that tracks the spending habits of professional and executive households. It's worth noting that the C2ER index excludes data on sales or income tax rates, while AreaVibes integrates tax rates into the overall cost of living evaluation for each region.
Here are the best places to live in Connecticut
Check out the 10 safest cities in Connecticut
Safest States In The US
Check out the 10 most dangerous cities in Connecticut