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Everyone wants a home that mixes affordability with comfort and Connecticut does this very well. Families love the Constitution State's beaches, midlands, and mountains as tourists before moving here and calling it home.
But before you decide to relocate, you have to do some research into the exact cost of living around the state -- and that's how we're going to help you.
These are the places in Connecticut that cost a pretty penny -- the most expensive cities in the state.
After we saved up for months and could finally afford it, we landed on this list of the ten most expensive cities in Connecticut for 2021.
So where is the most expensive place to live in Connecticut? That would be Stamford.
the 2015-2019 American Community Survey for the 21 places in Connecticut with more than 9,000 people.
What's the most expensive place to live in Connecticut? Well, HomeSnacks crunched the numbers and discovered that Stamford is the most expensive place to live in Connecticut.
So hopefully Torrington (the cheapest place to live in Connecticut) can show these guys how to live on a budget in the coming years. Read on for how these places had costs rise faster than inflation.
And if you already knew these places were expensive, check out some more reading about Connecticut and the most expensive cities in the country:
The 10 Most Expensive Places To Live In Connecticut For 2021
The median income in Stamford comes in at $93,059 and the median home value is $532,700 for 2021.
The median income in Norwalk comes in at $85,769 and the median home value is $435,800 for 2021.
The median income in New Haven comes in at $42,222 and the median home value is $199,000 for 2021.
The median income in Danbury comes in at $73,297 and the median home value is $299,600 for 2021.
The median income in Ansonia comes in at $54,901 and the median home value is $214,200 for 2021.
The median income in Hartford comes in at $36,278 and the median home value is $165,300 for 2021.
The median income in Groton comes in at $52,859 and the median home value is $221,800 for 2021.
The median income in Bridgeport comes in at $46,662 and the median home value is $174,700 for 2021.
The median income in New London comes in at $46,298 and the median home value is $181,900 for 2021.
The median income in Derby comes in at $56,357 and the median home value is $206,300 for 2021.
How We Determined The Most Expensive Places To Live In The Constitution State For 2021
The two most important things to think about when it comes to being able to afford if you can live comes down to:
- How much do money do I make?
- How much do I have spend to live there?
You need to understand your costs in the context of how much money you make.
For example, if the median household earns $100,000 and spends $40,000 on housing it's actually cheaper to live there than a place with a median income of $50,000 and housing costs of $21,000. You might spend more on housing, but you have more money overall to play with.
With that example in mind, we derived several statistics from the latest Census American Community Survey 2015-2019 around incomes and costs. They are:
- Median Home Price / Median Income (lower is better)
- Median Income / Median Rent (Higher is better)
- Median Home Price
We added simply median home price because high home prices generally correlate with higher expenses for all costs related to homes (heating, electricity, etc).
You can then compare these metrics in each of the places in Connecticut to figure out which is the most expensive.
What you are left with is a "Cost of Living Index" by taking the average rank of each of these metrics for each city.
So we used that cost of living index in order to rank all of the 21 places in Connecticut that have more than 9,000 people.
The place with the highest cost of living in Connecticut according to the data is Stamford. You can download the data here.
Taking A Chunk Out Of Your Paycheck In Connecticut For 2021
Well there you have it, the places in Connecticut that have the highest cost of living, with Stamford ranking as the most expensive city in the Constitution State.
Here's a look at the most affordable cities in Connecticut according to the data:
For more Connecticut reading, check out:
- Best Places To Live In Connecticut
- Cheapest Places To Live In Connecticut
- Most Dangerous Cities In Connecticut
- Best Places To Raise A Family In Connecticut
- Safest Places In Connecticut
- Worst Places To Live In Connecticut
Detailed List Of The Most Expensive Cities In Connecticut