Shelton cost of living index

An overview of the general cost of living index for Shelton, CT is displayed above for your reference. Residents in Shelton, CT enjoy a cost of living index of 129. This index is 7% higher than the Connecticut average, and 29% higher than the national average. The following categories are used when determining the cost of living index for any given city: health care (5%), transportation (9%), utilities (10%), groceries (13%), housing (30%), and goods/services (33%). Clearly, housing and goods/services make up the majority of the formula for calculating the cost of living index. Because of this, the general cost of living for any given area can be estimated by looking at the cost of everyday goods in that area. For those living in Shelton, CT, the average cost of goods and services is 1% higher than it is in Connecticut, and it is 21% higher than the national average.

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Salary Calculator

The salary calculator is used in order to provide a comparison of your current salary in Shelton, CT to another city of your choice. The calculator will inform you of what your salary needs to be in any specific city in order for you to maintain your living standard based on what the city’s cost of living is. As an example, if you are seeking to move to a city that has a higher cost of living compared to Shelton, CT, you would have to earn a higher income to maintain a standard of living that is similar. To get started with the Shelton, CT salary calculator, input the new city’s name and then move the slider to indicate your current income. The salary calculator will now process the numbers and show you whether you need to earn more or less in the chosen city. A comprehensive breakdown of the cost of living will also be shown.

Median Income & Debt-To-Income Ratio

If you want to find a good determining factor for the cost of living and the general affordability of housing in Shelton, CT, all you must look at 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 Shelton, CT, the median monthly income is $95,353 for those who own their own homes. Under the standard rule, that income level would allow for $2,225 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $46,544, per the median income in the area. That would allow for renters to spend up to $1,086 on monthly rental expenses.

Connecticut Sales Tax

Connecticut Income Tax

When considering the overall cost of living expenses in Shelton, 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 Shelton, CT cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for 2017.