D
12%
Overall NAT. AVG.
8%
Goods & Services NAT. AVG.
16%
Housing NAT. AVG.
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Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.
The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
Index New Haven Connecticut National
Cost of living112118100
Goods & Services108109100
Groceries99102100
Health care113109100
Housing116137100
Transportation103100100
Utilities133130100

An Overview of Cost of Living in New Haven, CT

Getting a feel for the cost of living in New Haven is essential for anyone planning to relocate, as it empowers them to make informed financial decisions, secure a comfortable lifestyle and maintain financial stability in their new environment. The cost of living in New Haven is 112, which is 12% higher than the national average. Relocating individuals may need to adjust their savings and investment strategies based on the cost of living in the new location. It influences decisions about retirement planning, investments and financial goals.

Is New Haven Affordable?

Is New Haven an affordable place to live? That's a valid question to ask when you're thinking about moving to a new city. After all, how much it costs to live somewhere can be a huge factor in your decision. Affordability can be broken down into 3 common categories. The cost of living index (we talked about it earlier), housing expenses and income levels all play a big role in figuring out if a place is affordable. For instance, in New Haven, the median home price is 11% higher than what most folks pay across the country, and monthly rent prices are 28.5% higher than the usual rates. Income levels in New Haven come in at $44,507, which is 19.5% lower than the national average.

What Factors can Influence the Cost of Living in New Haven?

Groceries: Grocery prices have seen substantial hikes in the last 2-3 years, with some markets witnessing food cost increases of over 20% during this period. Conversely, certain markets have experienced only moderate upticks. These variations in food expenses can have a substantial impact on the overall cost of living in any locality. In New Haven, the groceries index is 1% lower than the national average.

Healthcare: Healthcare costs and insurance premiums can fluctuate greatly based on the city or state. Access to healthcare facilities, out-of-pocket expenses for doctor\’s visits, dentist costs, medication costs and specialized care costs can all impact the cost of living. In New Haven, the healthcare costs are 13.3% higher than the national average.

Urbanization: Larger, urban centers, known for their wealth of amenities and strong employment prospects, often exhibit an elevated cost of living, primarily attributable to the heightened demand for services and residential relocation. Consequently, this scenario leads to elevated home prices and higher rental rates. In contrast, sparsely populated rural areas or regions characterized by diminished demand typically provide a more limited array of amenities and experience slower job market growth, resulting in a more affordable cost of living.

Where is the Data From?

The cost of living data in New Haven displayed above is sourced from the C2ER cost of living index, which serves as a practical tool for comparing living expenses across urban areas. Published on a quarterly basis, this index aggregates data from over 300 independent researchers, encompassing more than 60 goods and services, in 6 different categories. The weightings assigned to cost differences rely on government survey data that tracks the spending habits of professional and executive households. It's worth noting that the C2ER index excludes data on sales or income tax rates, while AreaVibes integrates tax rates into the overall cost of living evaluation for each region.

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Cost Of Living Quick Facts

  • The cost of living in New Haven is 5% lower than the Connecticut average
  • The cost of living in New Haven is 12% higher than the national average
  • New Haven housing is 16% higher than the national average
  • Connecticut general sales tax is 24% higher than the national average
  • Connecticut state income tax is 16% higher than the national average

Most Affordable Places to Live in and Around New Haven

See all the best places to live around New Haven

Compare New Haven, CT Cost of Living

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      Salary Calculator

      This is how much you would need to earn in
      Price difference in compared to
      Cost of living index
      Goods & Services index
      Groceries index
      Health care index
      Housing index
      Transportation index
      Utilities index

      Median Income & Debt-To-Income Ratio

      Median Income Per Year Per Month Max Budget (28% DTI) Max Budget (36% DTI)
      Owners$86,034$7,170$2,007$2,581
      Renters$35,100$2,925$819$1,053
      The affordability of the housing market in New Haven, CT as well as the overall cost of living can be predicted by what percent of the monthly income is spent on housing related costs. This is konwn as the debt-to-income ratio (DTI). The overall rule of thumb is that no more than 28% of your gross income should be spent on the overall costs related to housing and no more than 36% of gross income on all expenses and debts. Among New Haven homeowners, the median income is $86,034. This indicates that a monthly maximum of $2,007 should be spent by homeowners on all housing related costs. Renters have a median income of $35,100. This indicates that renters would have a maximum of $819 for their rent related monthly costs.

      Connecticut Sales Tax

      State General Sales Tax With Max Surtax
      Connecticut 6.35% 6.35%

      Connecticut Income Tax

      State Income Tax (Low) Income Tax (High)
      Connecticut 3% 6.99%

      Goods & Services

      Item New Haven National avg. Difference
      Haircut $39.78$24.2664.0%
      Beauty Salon $69.00$45.5651.4%
      Toothpaste $3.86$3.704.2%
      Shampoo $1.47$1.2814.8%
      Movie $15.07$12.1324.2%
      Bowling $24.00$18.0033.3%

      Groceries

      Item New Haven National avg. Difference
      Ground Beef $6.28$5.847.6%
      Fried Chicken $1.59$1.571.4%
      Milk $4.83$4.673.3%
      Potatoes $5.03$4.932.0%
      Pizza $13.21$12.099.3%
      Beer $10.53$10.411.1%

      Health Care

      Item New Haven National avg. Difference
      Optometrist $134.70$125.687.2%
      Doctor $162.26$135.7819.5%
      Dentist $136.03$113.2920.1%
      Ibuprofen $11.26$10.655.7%
      Lipitor $375.63$468.6019.8%

      Housing

      Item New Haven National avg. Difference
      Home Price $205,100.00$184,700.0011.0%
      Avg. Mortgage Payment $3,730.18$2,346.6959.0%
      Apartment Rent $1,219.00$949.0028.5%

      Transportation

      Item New Haven National avg. Difference
      Gasoline $3.47$3.460.2%
      Tire Balancing $63.33$59.925.7%

      Utilities

      Item New Haven National avg. Difference
      All Electricity $296.64$193.9952.9%
      Phone $185.16$192.253.7%
      Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

      Nearby cities with low cost of living

      City Population Cost of Living Index National Avg.
      Naugatuck, CT31,2011088.4%
      Bridgeport, CT145,0141098.9%
      Derby, CT12,4201109.7%
      West Haven, CT54,66611010.1%
      Ansonia, CT18,70911212.0%
      New Haven, CT130,38111211.5%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Stamford, CT130,05715858.1%
      Kent, WA130,03813636.4%
      Concord, CA129,22716767.3%
      Round Rock, TX128,8121088.1%
      Langley, BC132,088n/a 
      New Haven, CT130,38111211.5%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.