Did the Cost of Living in New Canaan, CT increase in 2023? New Canaan, CT area prices were up 1.7% from a year ago. The largest increases were found in Transportation, Food, and Housing.
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About New Canaan, Connecticut According to the United States Census Bureau, the town has a total area of 22.5 square miles (58 km2), of which 22.1 square miles (57 km2) is land and....More
The federal minimum wage is $7.25 per hour while Connecticut's state law sets the minimum wage rate at $14 per hour in 2023. Demands for a living wage that is fair to workers have resulted in numerous location-based changes to minimum wage levels. View future changes in the minimum wage in your location by visiting
Minimum Wage Values in New Canaan, CT
Based on this cost of living comparison, you can see:
If you move from Chicago IL, Dallas, TX, or Miami, FL, the percent increase of your cost of living could be 22.8%, 37.8%, and 24.8%. Looks like this move could have a negative net change in disposable income, so please think carefully!
If you move from New York, NY, San Francisco, CA, or Washington, DC, the percent reduction of your cost of living could be -43.50%, -23%, and -20.10%, that's good news to you that you could be looking at a positive net change in disposable income.
About New Canaan, CT
According to the United States Census Bureau, the town has a total area of 22.5 square miles (58 km2), of which 22.1 square miles (57 km2) is land and 0.3 square miles (0.78 km2), or 1.56%, is water. New Canaan is the only municipality on the Connecticut Panhandle that does not border the coast. Such proximity to New York City proved worthy of its own connection to the New Haven Railroad, being the only town to do so. New Canaan station and Talmadge Hill station are both on the New Canaan Branch of the New Haven Line, and transfer is possible in Stamford south to Manhattan. Many New Canaan...
Source: Wikipedia (as of 04/11/2019). Read more from Wikipedia
Comments about the Cost of Living in New Canaan, CT
Buying a home and the cost of living
If you want to buy a home in the beautiful state of Connecticut, you will find that it is one of the highest residential home markets in the country. Purchasing a home can be a lengthy and complex process. Besides the down payment, which is usually 15-20% of the selling price, there will be closing costs. If you own a home in your former location the sale of that home needs to be completed as well. Once you have purchased and moved into your new home, there will be utility and maintenance costs as well as property taxes and home insurance that will contribute to your cost of living. The advantages of living in Connecticut are many, but the high cost of buying a home is not one of them. (2023-05-01salary.com)
Healthcare access and affordability and your cost of living
Connecticut is ranked number 5 out of all states in overall healthcare access and affordability.
Healthcare costs make up a significant part of the cost of living. The ability to afford healthcare as well as the ability to access care are key indicators of how much you will be paying for this important resource if you move to another state. Affordability is generally measured by the rates set for insurance coverage in a state, as well as the out-of-pocket expenses that need to be paid by you when receiving the care. If rates or out-of-pocket expenses are high, your cost of living will increase. Access to healthcare is how easy or difficult it may be to receive the care. Access is measured by identifying barriers that might prevent the delivery of care such as the inability to obtain insurance coverage, having to travel long distances to health care centers and lack of sufficient facilities and/or healthcare professionals. The timeliness of care, how fast you can get to see a healthcare provider, is another important measure.
Cost of Living Frequently Asked Questions
What is a Cost of Living index and how is it used?
In the simplest terms, a Cost of Living index is the estimated amount that represents the cost of the basic necessities required for an individual to live. A cost of living or COL estimate may typically include estimates for housing, food, energy, medical care, transportation, taxes, and other necessities. A COL index may be used to measure what the cost difference would be for a person living in a certain location compared to another location. This cost of living comparison helps individuals make decisions about where they would like to live and what they can afford based on the costs in that location. A cost of living comparison can provide guidance about how an increase or decrease in these basic living expenses impacts necessary spending for an individual or a family.
What factors are included in estimating your cost of living?
The Salary.com cost of living calculator estimate is based on data related to five general categories: housing, food, healthcare, transportation, and energy. These are the universally recognized core components of any cost of living estimate and represent those expenses that apply to everyone. Obviously, there may be other factors that could contribute to your particular cost of living situation and not everyone has the same spending habits. For example, education and/or childcare costs might not apply to everyone, but for those who have those expenses, they could be significant and should be considered when you evaluate your cost of living comparison.
The Salary.com cost of living calculator is unique in that it also incorporates current salary data for thousands of jobs specific to a chosen home or work location to provide a more refined estimate of the cost of living variations. You can see how your job and your salary will be impacted by a change of location. If you live in one location but work in another, the cost of living calculator will make those adjustments to provide an accurate estimate of the change in COL. The Salary.com cost of living calculator helps you to make cost of living comparisons cost comparisons easily and quickly.