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Connecticut is home to Gillette Castle State Park in East Haddam and Yale University in New Haven, but did you know that the Constitution State is also home to some of the most affordable places in the country?
The experts say that the cost of living is on the rise, so HomeSnacks thought it would be a great idea to give Connecticuters one of the best life hacks: we compiled a list of the most affordable places to live in Connecticut for 2020.
How did we determine the most affordable places to live in Connecticut for 2020? We consulted the latest US Census data and cost of living statistics.
Do we think it's a coincidence that several of our top best places to raise a family in Connecticut are also on our most affordable list? Absolutely not. Kids are expensive! So the more money you save on your cost of living, the more money you will have to enjoy the fun 'kid' things to do and see in Connecticut. Like, visiting Pleasure Beach in Bridgeport or taking the ConnDot from Middletown to New Haven.
Don't get it twisted, folks; just because a place is affordable, doesn't mean that you aren't going to have to do your part. In order to afford to live in many of Connecticut's affordable places you're going to have to have a job. And you're in luck. The unemployment rate in most of our top ten places is below the national average. Want to know more? We suggest that you head to a Woodstock winery, find a shady spot, and read on.
What's the cheapest place to live in connecticut according to the most recent census data? There can be only one most affordable place in Connecticut for 2020, and that would be Torrington.
So, if you care about home values and affordability, take a look at the list below to see where your Connecticut dollar will go the furthest. And if you don't find your favorite there, head to the bottom.
And if you already knew these places were cheap, check out some more reading about Connecticut and the cheapest places in the country:
The 10 Cheapest Places To Live In Connecticut For 2020
Torrington is the largest city in Litchfield County, Connecticut and the Litchfield Hills region. It is also the core city of the largest micropolitan area in the United States. The city population was 36,383 according to the 2010 census.
The median income in Torrington comes in at $63,576 and the median home value is $155,700 for 2020.
Naugatuck is a consolidated borough and town in New Haven County, Connecticut, United States. The town spans both sides of the Naugatuck River just south of Waterbury, and includes the communities of Union City on the east side of the river, which has its own post office, Straitsville on the southeast, and Millville on the west. As of the 2010 census, Naugatuck had a population of 31,862.
The median income in Naugatuck comes in at $70,512 and the median home value is $182,300 for 2020.
The median income in Bristol comes in at $66,829 and the median home value is $195,900 for 2020.
Meriden is a city in New Haven County, Connecticut, United States, located halfway between the regional cities of New Haven and Hartford. In 2010, the population of the city was 60,868.
The median income in Meriden comes in at $57,886 and the median home value is $172,200 for 2020.
Norwich, known as 'The Rose of New England', is a city in New London County, Connecticut, United States. The population was 40,493 at the 2010 United States Census. Three rivers, the Yantic, the Shetucket, and the Quinebaug, flow into the city and form its harbor, from which the Thames River flows south to Long Island Sound.
The median income in Norwich comes in at $55,391 and the median home value is $162,900 for 2020.
Waterbury is a city in the U.S. state of Connecticut on the Naugatuck River, 33 miles southwest of Hartford and 77 miles northeast of New York City. Waterbury is in New Haven County, Connecticut. As of the 2010 census, Waterbury had a population of 110,366, making it the 10th largest city in the New York Metropolitan Area, 9th largest city in New England and the 5th largest city in Connecticut.
The median income in Waterbury comes in at $41,617 and the median home value is $128,800 for 2020.
New Britain is a city in Hartford County, Connecticut, United States. It is located approximately 9 miles southwest of Hartford. According to 2010 Census, the population of the city is 73,206.
The median income in New Britain comes in at $45,258 and the median home value is $159,300 for 2020.
Middletown is a city located in Middlesex County, Connecticut, along the Connecticut River, in the central part of the state, 16 miles south of Hartford. In 1650, it was incorporated as a town under its original Indian name, Mattabeseck. It received its present name in 1653. Middletown was included within Hartford County upon its creation on May 10, 1666. In 1784, the central settlement was incorporated as a city distinct from the town. Both were included within newly formed Middlesex County in May 1785. In 1923, the City of Middletown was consolidated with the Town, making the city limits of the city quite extensive.
The median income in Middletown comes in at $67,651 and the median home value is $227,000 for 2020.
West Haven is a city in New Haven County, Connecticut, United States. At the 2010 census, the population of the city was 55,564.
The median income in West Haven comes in at $58,112 and the median home value is $194,400 for 2020.
Milford is a Coterminous municipality within Coastal Connecticut and New Haven County, Connecticut, between Bridgeport, Connecticut and New Haven, Connecticut. The population was 51,271 at the 2010 census. The city includes the borough of Woodmont and the village of Devon. Milford is part of the New York-Newark, NY-NJ-CT-PA Combined Statistical Area. It is the headquarters of the mega business Subway
The median income in Milford comes in at $89,583 and the median home value is $306,100 for 2020.
How We Determined The Most Affordable Places To Live In The Constitution State For 2020
The two most important things to think about when it comes to being able to afford if you can live comes down to:
- How much do money do I make?
- How much do I have spend to live there?
You need to understand your costs in the context of how much money you make.
For example, if the median household earns $100,000 and spends $40,000 on housing it's actually cheaper to live there than a place with a median income of $50,000 and housing costs of $21,000. You might spend more on housing, but you have more money overall to play with.
With that example in mind, we derived several statistics from the latest Census American Community Survey 2014-2018 around incomes and costs. They are:
- Median Home Price / Median Income (lower is better)
- Median Income / Median Rent (Higher is better)
- Median Home Price
We added simply median home price because high home prices generally correlate with higher expenses for all costs related to homes (heating, electricity, etc).
You can then compare these metrics in each of the places in Connecticut to figure out which is the least expensive.
What you are left with is a "Cost of Living Index" by taking the average rank of each of these metrics for each city.
So we used that cost of living index in order to rank all of the 21 places in Connecticut that have more than 9,000 people.
The place with the lowest cost of living in Connecticut according to the data is Torrington. You can download the data here.
There You Have It Mr. Or Mrs. Connecticut Cheapskate
If you're looking at the cost of living numbers in Connecticut, this is an accurate list of the most affordable places to live in Connecticut for 2020.
Here's a look at the most expensive cities in Connecticut according to the data:
- New Haven
For more Connecticut reading, check out:
- Richest Cities In Connecticut
- Best Places To Retire In Connecticut
- Best Places To Raise A Family In Connecticut
Where Are The Most Affordable Places To Live In Connecticut?