Torrington, CT is an attractive city for those looking for a more affordable place to live. According to the data provided, a two-bedroom rental in Torrington costs $1,080 per month, while across the US it costs $1,430 on average. Moreover, the Grocery Cost Index in Torrington is 104 versus the national average of 100. This makes living in Torrington much more economical than other places in the US.
The town offers numerous opportunities for employment as well; some companies located here include The Residence at South Farms, NUANCES Interior Design Studio, McCue Mortgage Company LLC and All Points Logistics. With its low rents and cost of groceries combined with plentiful employment opportunities, Torrington has become an increasingly popular destination for those seeking a better quality of life but being mindful of their budget.
Torrington has an unemployment rate of 10.0%. The US average is 6.0%.
Torrington has seen the job market decrease by -1.2% over the last year. Future job growth over the next ten years is predicted to be 17.4%, which is lower than the US average of 33.5%.
Tax Rates for Torrington
- The Sales Tax Rate for Torrington is 6.4%. The US average is 7.3%.
- The Income Tax Rate for Torrington 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 Torrington
- The average income of a Torrington resident is $28,368 a year. The US average is $28,555 a year.
- The Median household income of a Torrington resident is $63,135 a year. The US average is $69,021 a year.