Watertown cost of living index

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 113, which is 6% lower than the Connecticut average and 13% 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 21% higher than the rest of the country.

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Salary Calculator

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

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

Connecticut Income Tax

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

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 Watertown, CT cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for 2017.