Connecticut is one of the wealthiest and most expensive states in the country, with the highest per-capita income in the U.S. but also a heavy tax burden and some of the highest property taxes nationally (2.15% effective rate, 3rd highest). The state’s economy is driven by financial services (insurance capital of the world — Hartford), defense (Electric Boat/General Dynamics), healthcare, and proximity to New York City. Fairfield County in southwestern CT has NYC-commuter incomes above $130,000, but even moderate-income households face a combined tax load (income + property) that exceeds 34% of gross income. Eastern Connecticut and smaller cities like New Haven, Waterbury, and New London offer more affordable housing, though job markets are more limited.
Connecticut at a Glance
Metric
Value
National Rank
Population (2024)
3.6 million
29th
Median household income
$90,213
6th
Median home price
$385,000
Above average
Cost of living index
122
8th highest
State income tax
3-6.99%
Above average
Sales tax
6.35%
Average
Property tax (effective rate)
2.15%
3rd highest
Income in Connecticut
City/Metro Area
Median Household Income
Cost of Living Index
Greenwich/Stamford
$135,000
155
Fairfield
$120,000
140
Danbury
$92,400
128
Hartford
$78,200
108
New Haven
$52,800
112
Bridgeport
$48,400
118
Waterbury
$46,200
102
Norwich/New London
$68,500
108
Housing in Connecticut
City/Area
Median Home Price
Median Rent (2BR)
Price-to-Income
Greenwich
$1,850,000
$3,500
13.7
Stamford
$680,000
$2,800
6.8
Fairfield
$630,000
$2,400
5.3
Hartford (suburbs)
$320,000
$1,550
4.1
New Haven
$280,000
$1,500
5.3
Waterbury
$215,000
$1,200
4.7
Norwich
$265,000
$1,300
3.9
State Average
$385,000
$1,650
4.3
Taxes in Connecticut
Income Tax Brackets
Taxable Income (Single)
Tax Rate
$0 – $10,000
3.0%
$10,001 – $50,000
5.0%
$50,001 – $100,000
5.5%
$100,001 – $200,000
6.0%
$200,001 – $250,000
6.5%
$250,001 – $500,000
6.9%
Over $500,000
6.99%
Total Tax Burden (HIGH)
Gross Income
Federal
CT Income Tax
FICA
Property Tax ($385K)
Total Rate
$75,000
$8,115
$3,478
$5,738
$8,278
34.1%
$100,000
$13,615
$4,978
$7,650
$8,278
34.5%
$150,000
$25,915
$7,978
$10,878
$8,278
35.4%
Connecticut’s 2.15% effective property tax rate is the 3rd highest in the US — on a $385K home, that’s $8,278/year.
WealthVieu researches and writes data-driven personal finance guides using primary sources including the IRS, Bureau of Labor Statistics, Federal Reserve, and Census Bureau.
The content on Wealthvieu is for informational purposes only and should not be considered financial, tax, or investment advice. Consult a qualified professional before making financial decisions. Full disclaimer · Editorial policy
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