B-
1%
Overall NAT. AVG.
8%
Goods & Services NAT. AVG.
19%
Housing NAT. AVG.
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Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.
The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
Index Waterbury Connecticut National
Cost of living101118100
Goods & Services108109100
Groceries99102100
Health care113109100
Housing81137100
Transportation103100100
Utilities133130100

An Overview of Cost of Living in Waterbury, CT

Knowing the cost of living in Waterbury allows individuals to create a realistic budget. This helps them understand how their income will cover expenses and whether they need to make financial adjustments. The cost of living in any region can fluctuate due to various factors. To assess the cost of living consistently across different areas, a national average of 100 serves as the basis for the cost of living index. The cost of living in Waterbury stands at 101, marking it 1% higher than the national average.

The cost of living in Waterbury aligns closely with the national average when compared to other cities across the nation. Everyday essentials such as groceries, goods and services, health care and utility bills are priced at a level consistent with the average in similar urban areas. Waterbury residents can anticipate that their daily expenses won't be significantly higher than those in an average city, ensuring that the cost of living remains manageable.

What Do Locals Say About the Cost of Living in Waterbury?

Locals have the inside scoop on their city. So, we polled 6 residents in Waterbury to learn how they view the cost of living. We asked how they felt about the cost of living in their area, and if they thought that prices were increasing, decreasing or staying the same. The verdict? 17% find it reasonable with decreasing prices, but 83% think it's quite pricey, with prices that continue to rise.

Is Waterbury Affordable?

Is Waterbury affordable? It's a key consideration when pondering a move, as affordability often shapes your choices. The cost of living index (we discussed it earlier), coupled with housing costs and income levels, serves as the cornerstone for determining a location's affordability. Take Waterbury, for instance, where the median home price falls 28.2% lower than the national average, and monthly rent rates are 3.9% higher than usual. Additionally, median income levels contribute to the equation, with Waterbury flaunting a median household income of $46,329, 16.3% lower than the national norm.

What Factors can Influence the Cost of Living in Waterbury?

Housing: When everyone's vying for homes in popular areas, it drives up property prices and rents, making the overall cost of living surge. On the flip side, in less sought-after locales, where housing demand is low, prices tend to dip, resulting in a more economical cost of living. In Waterbury, the housing index comes in at 18.5% lower than the national average.

Healthcare: Healthcare expenditures and insurance premium rates can vary significantly, contingent upon the particular city or state. Factors such as the accessibility of healthcare facilities, out-of-pocket expenses for doctor's appointments, dental care charges, prescription medication costs, and expenses related to specialized medical care can all have an impact on the overall cost of living. In Waterbury, healthcare costs are 13.3% higher than the national average.

Subsidies: Certain regions may provide government subsidies or assistance initiatives designed to alleviate the cost of living burden on their residents. These programs encompass a wide range of support mechanisms, such as 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 farming subsidies. Areas with fewer subsidy offerings might experience an elevation in their cost of living.

Where is the Data From?

The Waterbury cost of living data you see above is sourced from the C2ER cost of living index, providing a practical and accurate means of comparing living expenses in urban areas. Updated quarterly, this index gathers data from over 300 independent researchers, covering more than 60 goods and services, in 6 different categories. These selections are made meticulously to represent a wide range of consumer expenditure categories. The weightings applied to cost differences are based on government survey data that tracks spending patterns among professional and executive households. It's important to note that while the C2ER index excludes data on sales or income tax rates, AreaVibes factors tax rates into the overall cost of living score for each region.

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Cost Of Living Quick Facts

  • The cost of living in Waterbury is 14% lower than the Connecticut average
  • The cost of living in Waterbury is 1% higher than the national average
  • Waterbury housing is 19% lower than the national average
  • Connecticut general sales tax is 24% higher than the national average
  • Connecticut state income tax is 33% higher than the national average

Most Affordable Places to Live in and Around Waterbury

See all the best places to live around Waterbury

Compare Waterbury, CT Cost of Living

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      Salary Calculator

      This is how much you would need to earn in
      Price difference in compared to
      Cost of living index
      Goods & Services index
      Groceries index
      Health care index
      Housing index
      Transportation index
      Utilities index

      Median Income & Debt-To-Income Ratio

      Median Income Per Year Per Month Max Budget (28% DTI) Max Budget (36% DTI)
      Owners$69,663$5,805$1,625$2,090
      Renters$31,625$2,635$738$949
      A good way to judge both the affordability of the housing and the cost of living in Waterbury is by simply calculating the maximum that should be spent on housing, otherwise known as the debt-to-income ratio (DTI). The plan is to avoid spending more than 28 percent of the gross income on costs that pertain to housing and no more than 36 percent on all expenses and debts. Waterbury has a median income of about $69,663 for people who own homes. Based on that number, a maximum of $1,625 should be spent on expenses related to housing. Renters have a slightly different median income, which is $31,625. Based on this average, renters should spend no more than $738 on all rental costs if they want to maintain a non-impoverished standard of living.

      Connecticut Sales Tax

      State General Sales Tax With Max Surtax
      Connecticut 6.35% 6.35%

      Connecticut Income Tax

      State Income Tax (Low) Income Tax (High)
      Connecticut 3% 6.99%

      Goods & Services

      Item Waterbury National avg. Difference
      Haircut $39.78$24.2664.0%
      Beauty Salon $69.00$45.5651.4%
      Toothpaste $3.86$3.704.2%
      Shampoo $1.47$1.2814.8%
      Movie $15.07$12.1324.2%
      Bowling $24.00$18.0033.3%

      Groceries

      Item Waterbury National avg. Difference
      Ground Beef $6.28$5.847.6%
      Fried Chicken $1.59$1.571.4%
      Milk $4.83$4.673.3%
      Potatoes $5.03$4.932.0%
      Pizza $13.21$12.099.3%
      Beer $10.53$10.411.1%

      Health Care

      Item Waterbury National avg. Difference
      Optometrist $134.70$125.687.2%
      Doctor $162.26$135.7819.5%
      Dentist $136.03$113.2920.1%
      Ibuprofen $11.26$10.655.7%
      Lipitor $375.63$468.6019.8%

      Housing

      Item Waterbury National avg. Difference
      Home Price $132,700.00$184,700.0028.2%
      Avg. Mortgage Payment $3,730.18$2,346.6959.0%
      Apartment Rent $986.00$949.003.9%

      Transportation

      Item Waterbury National avg. Difference
      Gasoline $3.47$3.460.2%
      Tire Balancing $63.33$59.925.7%

      Utilities

      Item Waterbury National avg. Difference
      All Electricity $296.64$193.9952.9%
      Phone $185.16$192.253.7%
      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.

      Nearby cities with low cost of living

      City Population Cost of Living Index National Avg.
      Bantam, CT6061011.0%
      New Britain, CT72,5431033.2%
      Meriden, CT59,5121044.4%
      Terryville, CT5,0191066.0%
      Naugatuck, CT31,2011088.4%
      Waterbury, CT107,8411011.1%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Red Deer, AB107,873n/a 
      Meridian, ID107,78711818.2%
      Lewisville, TX107,74011615.8%
      Hillsboro, OR108,02613232.1%
      Sandy Springs, GA108,18013535.5%
      Waterbury, CT107,8411011.1%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.