F
58%
Overall NAT. AVG.
13%
Goods & Services NAT. AVG.
165%
Housing NAT. AVG.
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Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.
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 Stamford Connecticut National
Cost of living158118100
Goods & Services113109100
Groceries105102100
Health care110109100
Housing265137100
Transportation102100100
Utilities131130100

An Overview of Cost of Living in Stamford, CT

The cost of living in Stamford affects the quality of life one can afford in this new location. It allows people to assess whether they can maintain their preferred lifestyle, including housing, leisure activities and dining options. Your total monthly expenditures can varry depending on the area, as well as many other factors. The cost of living in Stamford is 158, which is 58% higher than the national average. Knowledge of the cost of living can help individuals make informed decisions about retirement savings, investments, and financial goals.

If you prioritize affordability when seeking a new place to live, Stamford may not be your ideal choice, as it ranks among the most expensive locations in the entire United States. A very small amount of areas exhibit a cost of living at least 20% higher than the national average, and unfortunately, Stamford falls into this category, which may not align with your preferences for a budget-friendly living environment.

When it comes to the cost of living in Stamford, housing costs are a real heavyweight, often hogging a significant chunk of your earnings. Sadly, in this area, housing expenses for both buying and renting were 164.6% more expensive compared to your average city. That means you'll be shelling out more for homes, rents, mortgage rates and insurance.

Recurring goods and services expenses like haircuts, toothpaste, gym memberships and movie nights are a big part of your spending and make up 33% of the cost of living index. In Stamford, these items will cost you 12.9% more than what most folks pay, making it a bit more expensive to live here.

What Do Locals Say About the Cost of Living in Stamford?

The real experts on a city are its residents. That's why we reached out to 6 locals to get their views on the cost of living in Stamford. We surveyed the residents and asked them if they felt like prices were affordable or out of reach. The results were as follows. 33% found it budget-friendly with decreasing prices, while 67% said it's simply not affordable as prices have continued to rise.

Is Stamford Affordable?

Is Stamford an affordable place to live? That's a valid question to ask when you're thinking about moving to a new city. After all, how much it costs to live somewhere can be a huge factor in your decision. Affordability can be broken down into 3 common categories. The cost of living index (we talked about it earlier), housing expenses and income levels all play a big role in figuring out if a place is affordable. For instance, in Stamford, the median home price is 193.2% higher than what most folks pay across the country, and monthly rent prices are 97.8% higher than the usual rates. Income levels in Stamford come in at $96,885, which is 75.1% higher than the national average.

What Factors can Influence the Cost of Living in Stamford?

Subsidies: Certain cities or states may implement government subsidies or assistance programs with the goal of alleviating the cost of living pressures on their residents. These programs encompass a broad spectrum of support mechanisms, including Medicare, Medicaid, housing subsidies, low-income home energy assistance programs, school lunch programs, supplemental nutrition assistance programs, student loans, electric vehicle tax credits, affordable care act subsidies and farming subsidies. Areas offering fewer subsidies may experience a rise in their cost of living.

Taxes: Regions that impose higher taxes, including sales and income taxes, can contribute to an increased cost of living. Higher taxes for everyday necessities such as clothing, utilities and food inevitably leads to higher expenditures. Additionally, a higher income tax rate can also play a role in elevating the overall cost of living. In Stamford, the prevailing sales tax rate starts at 6.35%, and income tax rates kick off at 3%.

Housing: A sought-after location with high housing demand often leads to increased property values and rental rates, which can significantly inflate the overall cost of living. Conversely, areas with low housing demand, particularly in less desirable locales, tend to experience the opposite effect, causing prices to drop and contributing to a more affordable cost of living. In Stamford, the housing index stands at 164.6% higher than the national average.

Where is the Data From?

The Stamford cost of living data displayed above is derived from the C2ER cost of living index to provide a useful and reasonably accurate measure of living cost differences in urban areas. Published on a quarterly basis, it compiles data from more than 300 independent researchers, encompassing over 60 goods and services. These items have been meticulously selected to represent various consumer expenditure categories, in 6 categories. Weightings assigned to cost differentials draw from government survey data tracking spending patterns among professional and executive households. While the C2ER index excludes data on sales or income tax rates, AreaVibes incorporates tax rates into the overall cost of living score for each region.

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Cost Of Living Quick Facts

  • The cost of living in Stamford is 34% higher than the Connecticut average
  • The cost of living in Stamford is 58% higher than the national average
  • Stamford housing is 165% 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

Most Affordable Places to Live in and Around Stamford

See all the best places to live around Stamford

Compare Stamford, CT Cost of Living

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      Salary Calculator

      This is how much you would need to earn in
      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$134,589$11,216$3,140$4,038
      Renters$64,697$5,391$1,509$1,941
      A good indicator of the general affordability of housing in Stamford, CT, is the percentage of monthly income that should be spent on housing expenses, otherwise known as the debt-to-income ratio (DTI). Generally speaking, no more than 28 percent of your total gross income should be spent on your housing expenses and not more than 36 percent of your gross income on total expenses, including debts. In Stamford, the median monthly income is $134,589 for those who own their own homes. Under the standard rule, that income level would allow for $3,140 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $64,697, per the median income in the area. That would allow for renters to spend up to $1,509 on monthly rental expenses.

      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 Stamford National avg. Difference
      Haircut $32.33$24.2633.3%
      Beauty Salon $48.56$45.566.6%
      Toothpaste $3.66$3.701.1%
      Shampoo $1.50$1.2817.4%
      Movie $13.76$12.1313.4%
      Bowling $19.63$18.009.0%

      Groceries

      Item Stamford National avg. Difference
      Ground Beef $6.34$5.848.6%
      Fried Chicken $1.61$1.572.4%
      Milk $4.73$4.671.2%
      Potatoes $5.03$4.931.9%
      Pizza $10.07$12.0916.7%
      Beer $10.62$10.412.0%

      Health Care

      Item Stamford National avg. Difference
      Optometrist $140.10$125.6811.5%
      Doctor $143.23$135.785.5%
      Dentist $123.00$113.298.6%
      Ibuprofen $11.00$10.653.3%
      Lipitor $401.34$468.6014.4%

      Housing

      Item Stamford National avg. Difference
      Home Price $541,600.00$184,700.00193.2%
      Avg. Mortgage Payment $1,857.27$2,346.6920.9%
      Apartment Rent $1,877.00$949.0097.8%

      Transportation

      Item Stamford National avg. Difference
      Gasoline $3.33$3.463.7%
      Tire Balancing $57.68$59.923.7%

      Utilities

      Item Stamford National avg. Difference
      All Electricity $281.67$193.9945.2%
      Phone $185.16$192.253.7%
      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.
      Cannondale, CT44011212.4%
      Greenville CDP (Greene County), NY6041066.1%
      Hartsdale, NY3,20513332.7%
      Mount Vernon, NY67,62313737.4%
      Mount Kisco, NY10,94914140.7%
      Stamford, CT130,05715858.1%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Kent, WA130,03813636.4%
      New Haven, CT130,38111211.5%
      Concord, CA129,22716767.3%
      Round Rock, TX128,8121088.1%
      Elizabeth, NJ128,48411919.0%
      Stamford, CT130,05715858.1%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.