East Lyme, CT is a small town located in New London County. It has a population of 19,159 people according to the 2010 census. The cost of living here is slightly higher than the national average. Rent for a two bedroom apartment averages at $1,710 per month, which is significantly higher than the US average of $1,430. Grocery costs also tend to be higher here with an index rating of 108 compared to 100 in the US on average.
The economy in East Lyme mainly consists of small businesses and family-owned stores. Popular local companies include S&S Sweet Treats cupcake shop, The Bike Shop bike store, and River Valley Farm agricultural service provider. There are also many restaurants here such as Pizzeria Napoli Italian restaurant and East Lyme Pizza Palace pizza joint. These local businesses provide employment opportunities for many residents and contribute to the economic health of the town.
East Lyme has an unemployment rate of 8.0%. The US average is 6.0%.
East Lyme 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 28.1%, which is lower than the US average of 33.5%.
Tax Rates for East Lyme
- The Sales Tax Rate for East Lyme is 6.4%. The US average is 7.3%.
- The Income Tax Rate for East Lyme 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 East Lyme
- The average income of a East Lyme resident is $40,313 a year. The US average is $28,555 a year.
- The Median household income of a East Lyme resident is $98,987 a year. The US average is $69,021 a year.