Cost of Living in New london, CT

Housing

The housing market plays a significant role in determining the cost of living in New london, CT.

• Housing Index: 120.0 / 100
• Median Home Price is: $258000
• Average Rent (2 BR Apartment): $1800 per month
• Average Rent (2 BR House): $1900 per month

Considering a move to New london, CT? With a housing index of 120.0, the market leans toward affordability relative to national averages, but rental prices hint at rising demand. The average rent for a 2-bedroom apartment stands at 1800 and for a house at 1900, indicating a competitive rental landscape. The median home price of 258000 shows potential for investment, appealing to homebuyers looking for equity growth. Be mindful of neighborhood specifics that can impact both rent and appreciation rates.

Utilities

The cost of utilities such as electricity, natural gas, and other services can significantly impact the overall cost of living in New london, CT.

• Electricity Price: 26 USD (median by state)
• Natural Gas Price: $None USD per Thousand Cubic Feet (median by state)
• Other Utilities (water, garbage, etc.): $200 per month

Living in New london, CT could entail higher utility costs. Electricity costs sit at 26, while natural gas is priced at None per Thousand Cubic Feet—both aligning with state medians. Expect to budget about 200 monthly for other services like water and garbage. These utility expenses are vital considerations as they directly influence monthly living costs. Comparing these rates to other cities may help ascertain if Bethlehem is a financially viable option for your relocation.

Cost of Living Index

The cost of living index is a widely used metric to determine the relative affordability of cities and towns.

• Index score: 110.4

Median Income

The median income is an important factor to consider when evaluating the affordability of a city or town.

• Median Income: $56237

Educational and Social Amenities

Access to quality education, healthcare, and social services can significantly impact the overall quality of life in a city or town.

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Summary

When considering a move to New london, CT, consider the following factors:

• Taxes: State income, property, and local income taxes can significantly impact your take-home pay.
• Job opportunities: The availability of jobs in your field can affect your quality of life.
• Cost of living: Housing costs, utilities, transportation, and other expenses should be considered when evaluating the affordability of a city or town.