New London, CT is a great place to live with its flourishing economy and high quality of life. Local companies such as Electric Boat Corporation, Foxwoods Resort Casino, and United Parcel Service make it easy for people to find work in the area. The cost of living is also quite reasonable compared to other cities. For example, the average 2 bedroom rent in New London is about $1,390 compared to the US average of $1,430 and groceries are 4% cheaper than the national average. All these factors combined make New London an attractive destination for those looking for a new home or simply a change of pace.
New London has an unemployment rate of 13.2%. The US average is 6.0%.
New London has seen the job market increase by 0.2% over the last year. Future job growth over the next ten years is predicted to be 28.9%, which is lower than the US average of 33.5%.
Tax Rates for New London
- The Sales Tax Rate for New London is 6.4%. The US average is 7.3%.
- The Income Tax Rate for New London 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 New London
- The average income of a New London resident is $21,754 a year. The US average is $28,555 a year.
- The Median household income of a New London resident is $50,819 a year. The US average is $69,021 a year.