Watertown, CT Cost Of Living

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Watertown cost of living index

In the event that the cost of living data was unavailable for this city, estimates based upon nearby cities were used. Each cost of living index is based on a national average of 100. If the amount is below 100, it is lower than the national average. If the amount is above 100, it is higher than the national average.
Index	Watertown	Connecticut	National
Cost of living index	119	124	100
Index	Watertown	Connecticut	National
Goods & Services index	125	123	100
Groceries index	109	108	100
Health care index	113	112	100
Housing index	115	137	100
Transportation index	110	114	100
Utilities index	142	129	100

The above illustration supplies generalized information for the Watertown, CT cost of living index. Compared to other cities in Connecticut and cities across the country, the cost of living index in Watertown, CT is 119, which is 4% lower than the Connecticut average and 19% higher than that for the entire country. The index is comprised of the following criteria: cost of retail goods and services (33%), groceries (13%), health care (5%), housing (30%), cost of public/private transportation (9%) and utilities (10%). Everyday goods and services, along with housing account for 63 percent of the total cost of living index. Goods and services that are a necessity regardless of location provide an accurate general sense of the cost of living in one city versus another. As seen above, the cost of retail goods and services in Watertown, CT are 1% higher than the average for Connecticut and 25% higher than the rest of the country.

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Did you know?

The cost of living in Watertown is 4% lower than the Connecticut average.
The cost of living in Watertown is 19% higher than the national average.
The cost of housing in Watertown is 15% higher than the national average.
Connecticut general sales tax is 25% higher than the national average.
Connecticut state income tax is 35% higher than the national average.

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Salary Calculator

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Cost of living index
Goods & Services index
Groceries index
Health care index
Housing index
Transportation index
Utilities index

Use the salary calculator to compare your current income in Watertown, CT to any other city in the country. The calculator will tell you how much income you would need to make in a particular city to live at the same level based on the cost of living in each city. For example, if the cost of living in the city you are looking to move to is higher than that of Watertown, CT, then you would need to earn a higher salary in order to enjoy the same standard of living. To use the Watertown, CT salary calculator, enter the name of the new city, then move the slider to your current salary level. The salary calculator will do the rest and let you know if your salary would need to increase or decrease for the new city. You will also see a complete overview of the cost of living.

Median Income & Debt-To-Income Ratio

Median Income	Per Year	Per Month	Max Budget (28% DTI)	Max Budget (36% DTI)
Owners	$95,625	$7,969	$2,231	$2,869
Renters	$41,540	$3,462	$969	$1,246

If you want to find a good determining factor for the cost of living and the general affordability of housing in Watertown, 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 Watertown, CT, the median monthly income is $95,625 for those who own their own homes. Under the standard rule, that income level would allow for $2,231 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $41,540, per the median income in the area. That would allow for renters to spend up to $969 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%

When assessing the complete cost of living in Watertown, CT, the Connecticut income tax and the Connecticut sales tax percentages should unquestionably be taken into consideration. Sales taxes aren't just levies imposed onto sold goods, but they also include taxes that are charged when services are provided for a fee. The rates are different from state to state and can run has high as 7 percent. Some states have no sales tax at all. The Connecticut maximum surtax is 6.35%, and the Connecticut sales tax is 6.35%. By contrast, income tax is an unfortunate obligation that is charged by the government against earnings. Just like sales taxes, the rates for income taxes differ from state to state. They also decrease or increase according to the individual's tax bracket. Tax rates can run as high as 9 percent, with a minimum of zero. Income tax rates range from 3% to 6.99% in Connecticut.

Goods & Services

Item	Watertown	National avg.	Difference
Haircut	$27.40	$17.49	56.7%
Beauty Salon	$53.80	$38.17	40.9%
Toothpaste	$1.75	$2.32	24.6%
Shampoo	$0.97	$1.01	4.1%
Movie	$12.70	$10.72	18.4%
Bowling	$19.20	$13.86	38.5%

Groceries

Item	Watertown	National avg.	Difference
Ground Beef	$3.99	$3.90	2.3%
Fried Chicken	$1.68	$1.40	20.4%
Milk	$2.51	$1.96	27.9%
Potatoes	$3.99	$3.18	25.4%
Pizza	$9.39	$10.39	9.7%
Beer	$9.99	$9.23	8.2%

Health Care

Item	Watertown	National avg.	Difference
Optometrist	$114.60	$106.34	7.8%
Doctor	$131.60	$115.25	14.2%
Dentist	$116.80	$98.38	18.7%
Ibuprofen	$9.09	$9.26	1.8%
Lipitor	$521.84	$466.47	11.9%

Housing

Item	Watertown	National avg.	Difference
Home Price	$232,500.00	$184,700.00	25.9%
Avg. Mortgage Payment	$1,408.65	$1,273.32	10.6%
Apartment Rent	$837.00	$949.00	11.8%

Transportation

Item	Watertown	National avg.	Difference
Gasoline	$2.84	$2.59	9.6%
Tire Balancing	$55.94	$48.90	14.4%

Utilities

Item	Watertown	National avg.	Difference
All Electricity	$299.32	$167.60	78.6%
Phone	$174.02	$163.42	6.5%

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, State	Population	Cost of Living Index	National Avg.
Waterbury, CT	109,211	108	8%
Torrington, CT	35,227	108	8%
Thomaston, CT	1,803	110	10%
Naugatuck, CT	31,625	114	14%
Bristol, CT	60,437	111	11%
Watertown, CT	3,351	119	19%

Cities with similar population

City, State	Population	Cost of Living Index	National Avg.
Treasure Lake, PA	3,351	97	-3%
Lebanon, VA	3,351	88	-12%
Dover Base Housing, DE	3,352	120	20%
Barron, WI	3,349	87	-13%
Islandia, NY	3,349	138	38%
Watertown, CT	3,351	119	19%

Source: The Watertown, CT cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for 2019.

Watertown, CT Cost of Living