Connecticut ranks 48th out of the 50 states based on its total area, but it remains among the most densely populated states. Connecticut is highly industrial and service-oriented and its income per capita is among the highest in the United States. With abundant beauty, well-educated residents, great food and drinks, and rich cultural history, you’ll find that many factors influence the cost of living in Connecticut.
What influences the cost of living in Connecticut?
Many factors impact 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 approximately 17% lower than 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 each month to live comfortably. In a county such as 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 rank higher than the national average. The Consumer Price Index (CPI) of this state is 268, translating to about 9.30% higher than the average CPI of the United States, which stands at 245.
Although moving into this state is not a cheap endeavor, Connecticut has the third-largest income per capita in the United States. According to PayScale, the average salary of residents here is $72,000 per year, translating to $19.54 per hour. The amount is greater by $12,000 when compared to the annual average wage in other states. Although the cost of living is high, it adequately matches the income, education, and health care costs.
How expensive is an apartment in Connecticut?
Different environments characterize Connecticut, and renters looking for a city lifestyle or a rural setting can find features that appeal to them.
Along with California, Connecticut is also home to multimillion-dollar apartments. In Stamford, Connecticut, Hillandale estate is considered the most expensive neighborhood in which to live. Renters of a two-bedroom apartment here would spend an average of $1,295 per month. The price may seem expensive for younger renters, but it may 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 because many new housing development construction is underway in the region. However, the task requires patience and research to find a suitable apartment for your lifestyle. First, you can start by searching for the cheapest places to rent in Connecticut. Some of the neighborhoods where the cost of living is low include Willimantic, Winsted, Stafford Springs, Torrington, Rockville, Norwich, and Meriden.
To help you determine the approximate amount you’d pay in rent, check the mill rate for a town of your choice before settling for an apartment in the area. Use the following tips when searching 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 plenty of facilities and amenities near the CBD than in remote areas of the state.
- Gather references: Many landlords depend on your credit score to determine whether to rent you an apartment unit. If you are a first-time renter, ask your employer to vouch for your responsibility and job performance. They should demonstrate to your prospective landlord that you have a steady paycheck and can pay rent.
- Check out the interior decor: A fully furnished apartment with detailed interior decorations attracts a premium price in Connecticut. The cost of installing the furniture and other add-ons usually passes on to the renter. You’ll spend less money for an apartment with fewer decorations or no furniture than a fully furnished apartment.
- Consider your moving time: Many people search for places to live during the summer months than during the cold season. Therefore, try to find an apartment to rent during February through March or October through December when fewer people are moving. Rent prices and lease 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 rent costs. That way, you can divide up the cost of amenities and pay less for your housing and utilities.
What is 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 1-bedroom apartment and $950 for one in Hartford. Meanwhile, New Haven tops them all at $1,561 for a 1-bedroom.
Cheap apartments are often studios or one-bedrooms with smaller rooms. Small spaces further save you money on rental costs because they are easy to maintain and carry lower utility costs. The downside to smaller apartments is that you’ll have fewer amenities and may have little storage space in the unit.
Remember, some landlords may also factor in rental deposits, the lease period, the fee for pets, and rental application fees. Make sure to ask the appropriate questions of your future landlord before you decide to move into a new apartment.
When searching for a suitable apartment to rent in Connecticut, consider your lifestyle preferences, income, and the cost of living in Connecticut when deciding to rent a property.
Ready to start your search? Find thousands of apartments and homes for rent on Zumper across all of Connecticut.
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