Many millennials have been moving to New Haven in recent years, looking for a way to live a cosmopolitan life and enjoy a vibrant cultural and social scene for a fraction of the cost of a similar lifestyle in Boston or New York City. Millennial migration has transformed the Elm City from a sleepy college town to a burgeoning urban oasis, but how much does it actually cost to live there? To help you set a budget, we’ve put together the cost of living in New Haven.
Cost of Housing
Housing is a major expense for renters and homeowners alike. Renting in New Haven isn’t cheap- in fact, it is one of the worst markets to be a renter with very high demand, low vacancy rates, and soaring prices. At $1504 per month, the average rent in New Haven is second only to infamously expensive markets like New York City and Boston. Buying appears to be a more frugal choice- the average home price is around $270,000 and the median home price is around $225,000.
A house is only as cheap or expensive as your ability to afford it, so let’s take a look at the average income for people living in New Haven. According to the US census bureau, the median household income in New Haven is $61,646, compared to the nation’s median household income of $51,939. In many fields and professions salaries are higher in New Haven in comparison to the national average. However, Connecticut also has generally higher taxes, including a state income tax which naturally adds to the cost of living in New Haven.
Cost of Food
Generally speaking, keeping your belly full in New Haven will cost you about as much as it would in most other places in the country. The average price of groceries is roughly the same as the national average. The cost of eating out is slightly higher, but with a wide variety of restaurants at different price ranges, it needn’t be necessarily expensive. For help on what you may need to stock up on for your new apartment, check out this blog post.
Cost of Utilities
Most utilities are slightly more expensive than the national average, with phone charges being the only exception. The average household’s monthly utilities costs are about $190 according to Numbeo, including water, electricity, heating, garbage and internet.
Cost of Healthcare
Healthcare in Connecticut isn’t cheap- the state has the fourth highest premium costs in the country. A visit to the doctor will cost you an average $126 and a dentist appointment is priced at an average of $111, compared to the national average of $105 and $89 respectively.
Cost of Transportation
Visiting the dentist in New Haven might hurt your wallet, but how much will it cost to get there? Good question. Connecticut made Forbes Magazine’s list of Top 5 Worst States to Own a Car due to high insurance costs, but according to CareerTrends’ thorough survey, transportation costs in New Haven are 3% below the national average. According to Numbeo, A gallon of gasoline costs an average of $2.5 (national average is $2.38) and a monthly public transportation pass is about $50.
The quality of life in New Haven is drawing growing numbers of young families and professionals to New Haven, but as you can see, it comes with a price tag. When planning your move, enlist the help of quality movers in New Haven!