Cost Of Living in New Milford, CT

The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
Index	New Milford	Connecticut	National
Cost of living	117	118	100
Goods & Services	108	109	100
Groceries	99	102	100
Health care	113	109	100
Housing	134	137	100
Transportation	103	100	100
Utilities	133	130	100

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Cost Of Living Quick Facts

The cost of living in New Milford is 1% lower than the Connecticut average
The cost of living in New Milford is 17% higher than the national average
New Milford housing is 34% higher than the national average
Connecticut general sales tax is 24% higher than the national average
Connecticut state income tax is 16% higher than the national average

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Price difference in compared to

Cost of living index
Goods & Services index
Groceries index
Health care index
Housing index
Transportation index
Utilities index

Median Income & Debt-To-Income Ratio

Median Income	Per Year	Per Month	Max Budget (28% DTI)	Max Budget (36% DTI)
Owners	$85,980	$7,165	$2,006	$2,580
Renters	$44,013	$3,668	$1,027	$1,321

A good way to judge both the affordability of the housing and the cost of living in New Milford is by simply calculating the maximum that should be spent on housing, otherwise known as the debt-to-income ratio (DTI). The plan is to avoid spending more than 28 percent of the gross income on costs that pertain to housing and no more than 36 percent on all expenses and debts. New Milford has a median income of about $85,980 for people who own homes. Based on that number, a maximum of $2,006 should be spent on expenses related to housing. Renters have a slightly different median income, which is $44,013. Based on this average, renters should spend no more than $1,027 on all rental costs if they want to maintain a non-impoverished standard of living.

Connecticut Sales Tax

State	General Sales Tax	With Max Surtax
Connecticut	6.35%	6.35%

Connecticut Income Tax

State	Income Tax (Low)	Income Tax (High)
Connecticut	3%	6.99%

Goods & Services

Item	New Milford	National avg.	Difference
Haircut	$39.78	$24.26	64.0%
Beauty Salon	$69.00	$45.56	51.4%
Toothpaste	$3.86	$3.70	4.2%
Shampoo	$1.47	$1.28	14.8%
Movie	$15.07	$12.13	24.2%
Bowling	$24.00	$18.00	33.3%

Groceries

Item	New Milford	National avg.	Difference
Ground Beef	$6.28	$5.84	7.6%
Fried Chicken	$1.59	$1.57	1.4%
Milk	$4.83	$4.67	3.3%
Potatoes	$5.03	$4.93	2.0%
Pizza	$13.21	$12.09	9.3%
Beer	$10.53	$10.41	1.1%

Health Care

Item	New Milford	National avg.	Difference
Optometrist	$134.70	$125.68	7.2%
Doctor	$162.26	$135.78	19.5%
Dentist	$136.03	$113.29	20.1%
Ibuprofen	$11.26	$10.65	5.7%
Lipitor	$375.63	$468.60	19.8%

Housing

Item	New Milford	National avg.	Difference
Home Price	$259,500.00	$184,700.00	40.5%
Avg. Mortgage Payment	$3,730.18	$2,346.69	59.0%
Apartment Rent	$1,143.00	$949.00	20.4%

Transportation

Item	New Milford	National avg.	Difference
Gasoline	$3.47	$3.46	0.2%
Tire Balancing	$63.33	$59.92	5.7%

Utilities

Item	New Milford	National avg.	Difference
All Electricity	$296.64	$193.99	52.9%
Phone	$185.16	$192.25	3.7%

Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

Nearby cities with low cost of living

City	Population	Cost of Living Index	National Avg.
Watchtower, NY	2,092	112	12.4%
Bantam, CT	606	101	1.0%
Torrington, CT	34,259	102	1.5%
Dover Plains, NY	1,051	104	4.0%
Copake Hamlet, NY	161	106	6.1%
New Milford, CT	6,749	117	17.0%

Cities with similar population

City	Population	Cost of Living Index	National Avg.
Kingston, MA	6,750	136	36.0%
Roeland Park, KS	6,747	99	1.0%
Marble Falls, TX	6,746	100	0.4%
Fort Myers Shores, FL	6,745	101	1.4%
Darnestown, MD	6,754	193	93.3%
New Milford, CT	6,749	117	17.0%

Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.

Cost of Living in New Milford, CT