Cost Of Living in Watertown, CT

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D-

10%

Overall NAT. AVG.

8%

Goods & Services NAT. AVG.

10%

Housing NAT. AVG.

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	Watertown	Connecticut	National
Cost of living	110	118	100
Goods & Services	108	109	100
Groceries	99	102	100
Health care	113	109	100
Housing	110	137	100
Transportation	103	100	100
Utilities	133	130	100

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Cost Of Living Quick Facts

The cost of living in Watertown is 7% lower than the Connecticut average
The cost of living in Watertown is 10% higher than the national average
Watertown housing is 10% higher than the national average
Connecticut general sales tax is 24% higher than the national average
Connecticut state income tax is 16% higher than the national average

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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	$72,667	$6,056	$1,695	$2,180
Renters	$30,991	$2,583	$723	$930

A good indicator of the general affordability of housing in Watertown, CT, 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 Watertown, the median monthly income is $72,667 for those who own their own homes. Under the standard rule, that income level would allow for $1,695 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $30,991, per the median income in the area. That would allow for renters to spend up to $723 on monthly rental expenses.

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	Watertown	National avg.	Difference
Haircut	$39.78	$24.26	64.0%
Beauty Salon	$69.00	$45.56	51.4%
Toothpaste	$3.86	$3.70	4.2%
Shampoo	$1.47	$1.28	14.8%
Movie	$15.07	$12.13	24.2%
Bowling	$24.00	$18.00	33.3%

Groceries

Item	Watertown	National avg.	Difference
Ground Beef	$6.28	$5.84	7.6%
Fried Chicken	$1.59	$1.57	1.4%
Milk	$4.83	$4.67	3.3%
Potatoes	$5.03	$4.93	2.0%
Pizza	$13.21	$12.09	9.3%
Beer	$10.53	$10.41	1.1%

Health Care

Item	Watertown	National avg.	Difference
Optometrist	$134.70	$125.68	7.2%
Doctor	$162.26	$135.78	19.5%
Dentist	$136.03	$113.29	20.1%
Ibuprofen	$11.26	$10.65	5.7%
Lipitor	$375.63	$468.60	19.8%

Housing

Item	Watertown	National avg.	Difference
Home Price	$215,500.00	$184,700.00	16.7%
Avg. Mortgage Payment	$3,730.18	$2,346.69	59.0%
Apartment Rent	$908.00	$949.00	4.3%

Transportation

Item	Watertown	National avg.	Difference
Gasoline	$3.47	$3.46	0.2%
Tire Balancing	$63.33	$59.92	5.7%

Utilities

Item	Watertown	National avg.	Difference
All Electricity	$296.64	$193.99	52.9%
Phone	$185.16	$192.25	3.7%

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.
Waterbury, CT	107,841	101	1.1%
Bantam, CT	606	101	1.0%
Torrington, CT	34,259	102	1.5%
Terryville, CT	5,019	106	6.0%
Naugatuck, CT	31,201	108	8.4%
Watertown, CT	3,620	110	9.8%

Cities with similar population

City	Population	Cost of Living Index	National Avg.
Dover Base Housing, DE	3,620	124	23.8%
Golden Beach, MD	3,620	127	26.9%
Pine Level, AL	3,621	91	9.3%
Lake Isabella, CA	3,621	99	0.8%
Berwyn, PA	3,621	146	45.5%
Watertown, CT	3,620	110	9.8%