Connecticut State is a popular destination for many due to its wealth of attractions, resources, and businesses. It is home to some of the most iconic companies in the United States, including Yale University, Hartford Insurance Group, Aetna Insurance Company and UCONN Health Center. The cost of living in this state is slightly higher than the national average with two-bedroom apartments costing $1,660 a month compared to the national average of $1,430. Additionally, grocery costs are also more expensive with an index score of 107 versus the US index score of 100. Despite this high cost of living there are several advantages to living in Connecticut such as access to excellent educational opportunities, beautiful natural landscapes and a low crime rate. The major disadvantage of the state includes its cold weather and high cost of living which can discourage those looking to move or visit here.
Connecticut has an unemployment rate of 8.3%. The US average is 6.0%.
Connecticut has seen the job market decrease by 0.0% over the last year. Future job growth over the next ten years is predicted to be 28.3%, which is lower than the US average of 33.5%.
Tax Rates for Connecticut
- The Sales Tax Rate for Connecticut is 6.4%. The US average is 7.3%.
- The Income Tax Rate for Connecticut is 5.5%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for Connecticut
- The average income of a Connecticut resident is $38,480 a year. The US average is $28,555 a year.
- The Median household income of a Connecticut resident is $83,572 a year. The US average is $69,021 a year.