By in Country Guides October 14, 2020

The constitution state has the third-largest number of millionaires per capita in the US, and its residents have the highest personal income in all the states. If you want to become a millionaire one day, moving to CT might be your best bet. But first, you need to figure out the cost of living in Connecticut and work your way up from there.

New Haven CT

With the unemployment rate of 3.6% and plenty of job opportunities in finance, insurance, manufacturing, health, and social service sectors landing dream employment will be easy. It is no wonder why career chasers from all around the world opt for moving internationally to this northeast region of the US. To help you learn more about your future home, we answered some of the most frequently asked questions like How much money do you need to live comfortably in CT? What is a good salary in Connecticut? Is Connecticut a good place to live? What is the cheapest city to live in Connecticut?

How Much Does It Cost to Live in Connecticut

The amount of money you need to pay for basic expenses like food, utilities, housing, taxes, and healthcare will dictate the overall cost of living in a certain place. It can depend on your salary and lifestyle, but also the place you call home. According to the cost of living index on the website BestPlaces, CT is a bit pricier than the average US state. Don’t worry, even if you pay more for groceries and utilities, you will save up on healthcare and spend almost the same as an average American on housing.

How Does the Average Cost of Living in Connecticut Compare to the Nearby States

The US is one of the best countries to live in and is also a huge one, which means the expenses will greatly vary depending on the state you choose to put down some roots in. If your heart is set on the East Coast, New England in particular, and you are not sure if CT is the right choice for you, compare it to nearby states before making the final decision. CT is bordered by Massachusetts, New York State, and Rhode Island. Data from BestPlaces shows that staying in CT is overall almost 40% cheaper than being in NY, while compared to Massachusetts, the expenses are 70% lower. Furthermore, if you opt for CT instead of Rhode Island, your expenses will be lower for 12%.

A person using calculator.
Take care of your finances by calculating how much money you actually need.

Is Hartford Expensive to Live in Compared to Other Cities in CT

Even though CT is the third smallest state by area, there are plenty of cities where you can find a new home. One of the first things you should do when moving across the world is to look for accommodation, and if you are on a budget, it helps to compare a few places before making a decision. Put it all down on the paper, and it will be easy to tell if the capital is the most expensive place to stay in:

  • Many people start house-hunting in Hartford, the state capital because it is arguably one of the best places to live abroad with a family. Not only it houses more than a few highly regarded education institutions, but it is a center for medical care and research. If you opt for putting down some roots in Hartford, becoming a homeowner will set you back you somewhere between $95 and $120 for a square foot.
  • If you want to be in the largest city in the CT, know that Bridgeport is famous for its public park system, and it can be an ideal spot for people relocating with pets. Also, this is a highly diverse location perfect for expats from all around the world. That being said, if you are a non-English speaker trying to break the language barrier, know that people will be more than willing to help you get the hang of English as fast as possible. If you opt for renting here, you’ll need around $1,200 for a one-bedroom and $2,125 for a two-bedroom apartment.
  • You can relocate to the first planned city in the US – New Haven and enjoy its parks and rivers. If you are a foodie looking for one of the best vegan cities and the spot with diverse international cuisine, you are in the right place. When renting here, you’ll be expected to pay $1,500 for one-bedroom and $2,025 for two-bedroom apartments, while the prices of one square foot for buying a place can range from $105 to $195.

Where You Can Find the Most Affordable Home

You went over the top three places people opt to relocate to, but if they don’t fit your budget, you might wonder, What is the cheapest city to live in Connecticut? While gathering documents needed to travel abroad and figuring out how to learn a new language, you should find some time to go over the places with the lowest renting and square foot prices. According to data from the website Numbeo, the place with the most affordable rent of $750 on average for a one-bedroom is Torrington.

CityRenting One-bedroom ApartmentRenting Three-bedroom ApartmentBuying House, Price of Sq Ft, City CenterBuying House, Price of Sq Ft, Outskirts
Hartford$950$1,615$120$95
Bridgeport$1,200$2,125$170$110
New Haven$1,500$2,025$195$105
Torrington$750$900$120$115

Source: Numbeo

How Is the Cost of Living in Connecticut Affected by the Prices of Food and Utilities

According to the website Move.org, CT is among the most expensive states when it comes to utilities, right after Hawaii, Alabama, Florida, Georgia, and South Carolina. Residents of CT are expected to pay around $440 a month for their basic bills that include gas, electricity, water, internet, and cable:

  • A water bill will be $70
  • Electricity is around $140
  • Gas is $85 a month
  • Internet with unlimited data is $60
  • The cable bill will be around $85

If you are relocating internationally, these numbers probably don’t mean a lot to you. In order for them to make any sense, you should compare them with the overall average monthly expenses in the country:

  • The monthly water bill in the US is around $70
  • The gas bill is around $70
  • Electricity is approximately $110
  • Internet with unlimited data is $60
  • The cable bill every month is around $85

When you are done with paying bills, you should take into account the food budget every month. The Economic Policy Institute stated that a family of four with two grownups and two children needs around $890 for groceries.

Farmers Market.
Utilities and food prices can greatly affect your overall costs.

How Does Transportation Affect the Connecticut Cost of Living

When you figure out how to move to another county, you will need to learn how to get around locally. If you picked CT as your next destination, know that transportation is a complex system relying mostly on trains and highways. Using public transportation means you can get from one location to another via buses and trains and a one-way ticket for a local transport costs $1.75, while if you want to get a monthly pass you’ll need $45.

If you decide to drive around and put a large network of highways and roads into good use, know that you can get regular gasoline for $2.18 a gallon, the premium for $2.75, and diesel for $2.69. However, those that want to save up should take advantage of 2,400 hours of sunshine a year and take up biking.

Car in traffic.
Use a calculator to figure out how much money you need for transportation.

What Is the Average Income in CT

When you are figuring out how to live abroad, the first thing you should consider is finding employment. Adjusting to a new country will be so much easier when you don’t have to constantly worry about your finances.

Those looking for employment in finance, real estate, and insurance are in luck because these are ranked as the largest CT industries by GDP. Also, the health and social service sector is the largest in terms of the number of people employed, with a workforce of 342,600 residents. With companies like Bank of America, GE Capital, Collins Aerospace, and Electric Boat, landing a dream job will be easy. That’s why those working in CT should know that the average household income is $109,700, according to the US Census Bureau, while income per capita is $43,060.

What Is a Good Salary in Connecticut

You’ll be relocating to one of the friendliest countries in the world, however that information probably won’t affect your anxieties about living overseas. If you want to feel calm, you should, right after starting the process of acquiring a work visa, figure out what good salaries are in a place you choose for yourself.

Those relocating to CT should go over all the expenses, and it will be easy to tell how much you should earn to be financially comfortable. Keep in mind that this is the state that requires the minimum wage to increase in a five year period since the signing of Public Act 19-4. This means that the minimum wages will reach $15 in June 2023. According to the Economic Policy Institute, a family of two adults and two kids needs to have combined earnings of $109,500 a year or around $9,125 a month.

A wallet full of money.
Figure out how much you have to earn, and you won't have problems saving up.

What Are the Costs of Moving Internationally to CT

How would you know it’s time to relocate overseas? Are you moving abroad alone in pursuit of your dreams? Or maybe you are moving for love so that you can be near your partner? No matter what your reasons are, moving overseas is not something you should do alone.

Hiring an overseas moving company can make the whole process easier and less stressful. With the right professionals, you won’t have to learn how to pack for the move, because most movers will offer you packing services. A reputable international moving company will also offer you shipping overseas service for all of your belongings. Furthermore, if you want to drive in CT, you should schedule overseas vehicle shipping. While professionals are handling your ride, you won’t have to worry about learning how international car shipping works. You can use your free time to create a moving overseas checklist that will ensure your relocation’s success.

While you are creating a budget, make sure you calculate the cost of hiring an overseas shipping company. Since companies form their quotes individually, you won’t know the final estimate until you contact the chosen one. However, LCL or less than container load move can be somewhere between $1,400 and $3,500 depending on the volume of the belongings and the type of delivery you choose. Also, if you opt for FCL or full container load move, you’ll be expected to pay somewhere between $4,500 and $8,500.

Movers loading a truck.
Moving overseas will be easier if you hire professional international movers.

Is Connecticut a Good Place to Live

Packing up your entire life and relocating is not an easy decision to make, however, if you are going to a better place with more educational, entertainment, and employment opportunities, it will be worth the trouble.

Relocating to Connecticut will put you in a place where you can achieve everything you ever dreamed of, it is a state where landing a dream job is not impossible and where you never run out of entertainment options. Also, you’ll be just a short ride away from Massachusetts and NY, so whenever you need a change of pace, you can just hop in a car and have a road trip. This is an excellent spot, no matter if you are a young professional, outdoor enthusiast, foodie, or a parent, so don’t hesitate to relocate, it surely will be worth it.