New London, CT

Below Avg · 87

Connecticut · Population 27,199 · Updated March 2026

$1,303
Median Rent / Month
$60,123
Median Income
$234,800
Median Home Value
$1,364
Owner Costs / Month

Affordability

How far your income goes in New London

26.0%
Rent-to-Income Ratio
Moderate
Rent takes 25-35% of median income — moderate affordability.

Tax Burden in Connecticut

State-level tax rates that affect your costs

6.99%
Income Tax (Top Rate)
6.35%
Sales Tax
2.15%
Property Tax Rate

Estimated Annual Costs

$15,636
Annual Rent
$4,203
State Income Tax
$5,048
Property Tax (est.)

Cost of Living Overview

New London offers a below-average cost of living, giving residents more purchasing power compared to many US cities. With a cost index of 87 (where 100 equals the national median), New London residents can expect to pay median rent of $1,303/month while earning a median household income of $60,123/year.

The median home value in New London, CT is $234,800, with typical monthly owner costs around $1,364 including mortgage, insurance, and taxes. With a rent-to-income ratio of 26.0%, New London falls within the generally affordable range, though it's approaching the 30% burden threshold.

Connecticut has a moderate income tax rate of 6.99%. Combined with a 6.35% sales tax rate and 2.15% effective property tax rate, the overall tax environment is a factor in the total cost of living in New London.

Frequently Asked Questions

Common questions about living costs in New London

What is the cost of living in New London, CT?
The cost of living index in New London, CT is 87 (US average = 100). Median monthly rent is $1,303, median household income is $60,123/year, and the median home value is $234,800.
Is New London, CT affordable?
Yes, New London is more affordable than the national average with a cost index of 87. The rent-to-income ratio is 26.0%—below the 30%% threshold considered affordable by HUD.
What is the average rent in New London, CT?
The median gross rent in New London, CT is $1,303 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $15,636.
What is the median household income in New London?
The median household income in New London, CT is $60,123 per year. This compares to the national median of approximately $80,000.
What are the taxes like in Connecticut?
Connecticut has a top income tax rate of 6.99%, a sales tax of 6.35%, and an effective property tax rate of 2.15%.