Quick facts: New london, CT

Quick Facts

114.2
Cost of Living
above US average
27,980
Population
19.44
Crime Rate per 1000
below US average
$56,237
Median Income
below US average
$349,900
Median House Price
above US average
$1809.4
Average Rent
above US average
12%
Poverty Rate
above US average
3.6%
Unemployment Rate
below US average

πŸ’΅ Affordability Calculator

Based on the 28/36 rule: housing costs should not exceed 28% of your gross income. Compared against local median income of $56,237.

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Income Needed to Buy

βœ— Stretch
$110k/year
Based on $349,900 median home price
Assumes 30-year mortgage at 7% with 20% down payment
⚠️ Requires $110k vs median $56,237
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Income Needed to Rent

⚠ Stretch
$78k/year
Based on $1809.4/month average rent
Annual income where rent = 28% of gross
⚠️ Requires $78k vs median $56,237
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for New london, CT

New London, Connecticut, is a vibrant coastal city located on the southeastern shore of the state along Long Island Sound. Known for its rich maritime history, New London is home to the U.S. Coast Guard Academy and the Nautilus Submarine Museum. The city boasts a diverse community, with a blend of cultural influences reflected in its local cuisine, festivals, and events. New London's waterfront offers scenic views and recreational opportunities, with popular spots like Ocean Beach Park, which features a sandy beach, picnic areas, and a boardwalk. The historic downtown area is filled with shops, art galleries, and restaurants, contributing to a lively atmosphere. The city also hosts various events throughout the year, including the Sailfest, an annual maritime festival that attracts visitors with its fireworks, live music, and maritime-themed activities. Public transportation and a nearby Amtrak station enhance connectivity to larger cities like New Haven and New York City. Overall, New London combines historical charm with modern amenities, making it a notable destination for residents and visitors alike.

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