Connecticut’s cost of living continues to exceed national average

According to the Cost-of-Living Index (COLI) published by the Council for Community and Economic Research, Connecticut ranks as one of the most expensive states to live in compared to the national average.

Connecticut’s cost-of-living index is 121.6, which is significantly higher than the national average of 100. This means the cost of living in Connecticut is about 21.6 percent higher than the national average.

Factors contributing to this ranking include housing costs, transportation expenses, healthcare expenditures, and other essentials.

One of the significant contributors to the high cost of living in Connecticut is housing. The state has some of the highest housing costs in the country, with housing prices well above the national average. Housing costs in the state are nearly 35 percent higher than the national average, according to the study.

Renters are also facing significant challenges as rent prices remain steep, especially in urban centers and desirable neighborhoods.

Sean Ghio, policy director for Partnership for Strong Communities, wrote in support of a bill that would prohibit any rental agreement from providing a tenant with less than sixty days’ notice of a rent increase.

“Right now in Connecticut, there is no law that requires landlords to inform their tenants of a rent increase in advance. Requiring a 60 day notice for tenants is an important step in allowing for more autonomy in the rental market. With additional notice, tenants can decide if a rent increase is feasible for their household budget and make necessary steps to ensure their safety and stability.”

Consistent with Zillow’s Observed Rent Index (ZORI), which tracks changes in asking rental prices in metropolitan areas throughout the country, the percentage change in Connecticut’s median rent rose 8.5% ($149) from 2023 to 2024.

Along with this, it was also found that Hartford had the fourth-largest percentage increase in asking rent price out of all the metro areas listed on ZORI, with the city seeing a 6.4 percent increase, which accounts for a change of around $1,680 in 2023 to around $1,788 in 2024.

Inflation has slowed down from its 2022 highs but has remained stubbornly over 2 percent with the latest CPI showing inflation at 3.5 percent, according to the latest report from the U.S. Bureau of economic analysis.

In addition to housing costs, Connecticut’s food prices are 6.4 percent above the national average, making it increasingly difficult for Connecticut residents to purchase affordable food.

Attorney General William Tong announced an investigation this past Thursday into potential price gouging practices by Connecticut grocery stores.

“We’re here today to announce the state of Connecticut is conducting an inquiry into grocery and food prices at our state supermarkets, with a focus on trying to determine whether or not food prices and grocery prices on everyday groceries are reasonably, excessively, and unlawfully high,” said Tong.

Republican leaders in the House and Senate countered that the investigation is based on a “flimsy study to gaslight frustrated residents by trying to shift blame away from the Biden administration’s failures to get inflation under control,” and a “transparent PR stunt,” according to statements released by House Republican Leader Vincent Candelora, R-North Branford, Senate Republican Leader Stephen Harding, R-Brookfield, and Sen. Heather Somers, R-Mystic.

Among the most expensive states to live in, Connecticut ranks 13 ^th . Hawaii, Washington D.C., and Massachusetts are the states with the highest cost-of-living with Hawaii’s cost-of-living almost twice the national average.

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