Colchester, Connecticut is a small town located in the state of Connecticut with an estimated population of 17,000. It has become a popular place to live due to its strong and vibrant economy that includes several local businesses as well as national companies such as Nutmeg State Financial Credit Union and Travelers Insurance. Additionally, Colchester offers residents many unique features such as hiking trails, a variety of restaurants, and access to Lake Hayward. Rent prices for two bedroom apartments are higher than the US average at $1,710. However, Colchester also has a Grocery Cost Index that is slightly higher than the US average but still affordable at 106 versus 100 in the US.
Colchester has an unemployment rate of 6.8%. The US average is 6.0%.
Colchester has seen the job market increase by 0.3% over the last year. Future job growth over the next ten years is predicted to be 30.3%, which is lower than the US average of 33.5%.
Tax Rates for Colchester
- The Sales Tax Rate for Colchester is 6.4%. The US average is 7.3%.
- The Income Tax Rate for Colchester 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 Colchester
- The average income of a Colchester resident is $38,875 a year. The US average is $28,555 a year.
- The Median household income of a Colchester resident is $104,527 a year. The US average is $69,021 a year.