Connecticut ranks 48th out of 50 states based on total area, but it remains among the most densely populated states. Connecticut is highly industrial and service-oriented, and has some of the highest per capita income in the United States. With abundant beauty, well-educated residents, great food and drink, and a rich cultural history, you’ll find that there are many factors that influence the cost of living in Connecticut.
What influences the cost of living in Connecticut?
Many factors affect the cost of living in Connecticut, including transportation, housing, utilities, and health care. According to the Economic Policy Institute (EPI), the cost of living in Stamford, one of the most expensive cities in Connecticut, is about 17% lower than in Manhattan, New York. For example, a family of two adults with two children would have to spend up to $ 118,551 per year or $ 9,879 per month to live comfortably. In a county like Hartford, the EPI quotes $ 87,464 per year or $ 7,289 per month for the same family unit.
The cost of health care, groceries, transportation and utilities is higher than the national average. The state’s Consumer Price Index (CPI) is 268, about 9.30% higher than the average US CPI of 245.
While moving to this state isn’t a cheap business, Connecticut has the third-largest per capita income in the United States. According to PayScale, the average salary for residents here is $ 72,000 per year, or $ 19.54 an hour. The amount is $ 12,000 higher than the average annual salary in other states. Although the cost of living is high, it matches well with the costs of income, education and health care.
How much does an apartment cost in Connecticut?
Different environments characterize Connecticut, and renters looking for an urban or rural lifestyle may find features that appeal to them.
Along with California, Connecticut is also home to multi-million dollar apartments. In Stamford, Connecticut, the Hillandale Estate is considered the most expensive neighborhood in which to live. Renters of a two-bedroom apartment would spend an average of $ 1,295 per month. The price may seem expensive to young renters, but it can be a fair rental cost for professionals with established careers.
How Do I Find Cheap Apartments in Connecticut?
You can find a cheap apartment in Connecticut as there is a lot of new housing construction going on in the area. However, the task requires patience and research to find an apartment that suits your lifestyle. First, you can start by researching the cheapest places to rent in Connecticut. Some of the neighborhoods with low cost of living include Willimantic, Winsted, Stafford Springs, Torrington, Rockville, Norwich and Meriden.
To help you determine the approximate amount you will pay in rent, check the rate per million in the city of your choice before you move into an apartment in the area. Use the following tips when looking for a cheap apartment to rent in this state:
- Consider the location: The closer a rental property is to a central business district (CBD), the higher the cost. The reason for this high cost is the availability of many facilities and amenities near the CBD than in remote areas of the state.
- Gather the references: Many landlords depend on your credit score to determine whether they should rent an apartment to you. If you are hiring for the first time, ask your employer to vouch for your responsibilities and job performance. They must demonstrate to your future landlord that you have a regular salary and that you can pay rent.
- Discover the interior decoration: A fully furnished apartment with detailed interior decorations draws a hefty price tag in Connecticut. The cost of installing furniture and other accessories is usually passed on to the tenant. You will spend less money on an apartment with less decorations or without furniture than a fully furnished apartment.
- Consider your moving time: Many people are looking for places to live during the summer months rather than the cold season. Therefore, try to find an apartment to rent from February to March or October to December when fewer people are moving. Rental prices and rental fees tend to be lower during these months.
- Rent a room instead: Renting a room can be cheaper than renting an apartment. You can rent an apartment with a roommate and share the rental costs. This way, you can split the cost of the equipment and pay less for your accommodation and utilities.
What’s the cheapest rent in Connecticut?
The cities of Bridgeport, Hartford and New Haven are considered the cheapest places to live. The average rent in Bridgeport is $ 1,100 for a one-bedroom apartment and $ 950 for one in Hartford. Meanwhile, New Haven tops them all at $ 1,561 for a bedroom.
Inexpensive apartments are often studios or one bedroom with smaller rooms. Small spaces also save you money on rental costs as they are easy to maintain and result in lower utility costs. The downside to small apartments is that you will have less amenities and you will have little storage space in the unit.
Keep in mind that some owners may also consider rental deposits, rental period, pet fees, and rental application fees. Be sure to ask the appropriate questions of your future landlord before deciding to move into a new apartment.
When looking for a suitable Connecticut apartment to rent, consider your lifestyle preferences, income, and the cost of living in Connecticut when deciding to rent a property.
Ready to start your research? Find thousands of apartments and homes for rent on Zumper across Connecticut.