Cost Of Living in Putnam, CT

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	Putnam	Connecticut	National
Cost of living	107	118	100
Goods & Services	115	109	100
Groceries	102	102	100
Health care	108	109	100
Housing	103	137	100
Transportation	93	100	100
Utilities	112	130	100

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Cost Of Living Quick Facts

The cost of living in Putnam is 9% lower than the Connecticut average
The cost of living in Putnam is 7% higher than the national average
Putnam housing is 3% 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

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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	$76,361	$6,363	$1,782	$2,291
Renters	$39,519	$3,293	$922	$1,186

To approximate the cost of living and the housing affordability in Putnam, CT, we can look at the percentage of income that is available to be spent on monthly housing, otherwise known as the debt-to-income ratio (DTI). To stay on the safe side, a consumer should not spend more than 28% of his or her gross income on housing-related expenses and costs and not more than 36% of income on all expenses and debts. Homeowners in Putnam have a median income of $76,361. Therefore, the amount that a consumer should spend on housing costs should be no more than $1,782 per month to avoid calamity and poverty. The renters in the city have an income of about $39,519, which would make their monthly maximum allowable rental costs $922.

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	Putnam	National avg.	Difference
Haircut	$31.50	$24.26	29.8%
Beauty Salon	$49.92	$45.56	9.6%
Toothpaste	$3.46	$3.70	6.5%
Shampoo	$1.43	$1.28	11.4%
Movie	$14.37	$12.13	18.4%
Bowling	$22.72	$18.00	26.2%

Groceries

Item	Putnam	National avg.	Difference
Ground Beef	$5.85	$5.84	0.2%
Fried Chicken	$1.43	$1.57	8.9%
Milk	$4.74	$4.67	1.4%
Potatoes	$5.00	$4.93	1.3%
Pizza	$11.59	$12.09	4.1%
Beer	$10.74	$10.41	3.1%

Health Care

Item	Putnam	National avg.	Difference
Optometrist	$104.45	$125.68	16.9%
Doctor	$169.83	$135.78	25.1%
Dentist	$130.28	$113.29	15.0%
Ibuprofen	$11.11	$10.65	4.3%
Lipitor	$369.37	$468.60	21.2%

Housing

Item	Putnam	National avg.	Difference
Home Price	$187,100.00	$184,700.00	1.3%
Avg. Mortgage Payment	$2,379.56	$2,346.69	1.4%
Apartment Rent	$1,020.00	$949.00	7.5%

Transportation

Item	Putnam	National avg.	Difference
Gasoline	$3.38	$3.46	2.5%
Tire Balancing	$48.20	$59.92	19.6%

Utilities

Item	Putnam	National avg.	Difference
All Electricity	$230.62	$193.99	18.9%
Phone	$195.18	$192.25	1.5%

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.
Clayville, RI	81	109	8.7%
North Grosvenor Dale, CT	1,180	103	2.6%
Moosup, CT	3,922	104	4.4%
Wauregan, CT	1,486	105	5.2%
Danielson, CT	3,996	105	5.4%
Putnam, CT	7,138	107	7.0%

Cities with similar population

City	Population	Cost of Living Index	National Avg.
Nappanee, IN	7,138	88	12.3%
Belle Plaine, MN	7,137	103	3.0%
Philadelphia, MS	7,137	82	17.9%
Belle Isle, FL	7,139	119	19.2%
River Park, FL	7,139	93	7.0%
Putnam, CT	7,138	107	7.0%

Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.

Cost of Living in Putnam, CT