Cost Of Living In New Haven, CT (Taxes, Housing & More)

Located on the Long Island Sound, New Haven is a coastal town with a rich history dating back to the 1600s. Just two hours outside of New York City, New Haven is considered part of the New York Metropolitan Area.

The cost of living index in New Haven is 102.2, making it just slightly more expensive than the average U.S. city. The median household income of New Haven residents is $42,222, with a median rent of $1,762, and a median home cost of $216,747.

New Haven is home to Yale University, which is the city’s largest taxpayer and employer. The university supports the local economy and brings in people from all over the world. Over 12,000 students are enrolled at Yale University, and the academic staff reaches almost 5,000 people.

We’ve compiled this article to help you figure out what you can expect to pay in New Haven for basic costs of living, including housing, utilities, transportation, taxes, education, entertainment, and more.

Related Guide: The Safest Neighborhoods In New Haven, CT

Typically, your home is your biggest cost no matter what city you live in. The median price of a home in New Haven is $216,747, and according to Zillow, home values have risen 15.6% over the past year, which is considered exceptional growth.

The median rent in New Haven is approximately $1,762 per month, which is significantly higher than the national average rent price of $1,078 per month and the Connecticut median gross rent of $1,177. With New Haven being a college town, that could contribute to the high average rent as there is a large demand for rental properties in the area. If you are looking for more affordable options, refer to The 10 Cheapest Places To Live In Connecticut.

The average rent in New Haven is $1,762, and in 2020 the area experienced an annual increase of 2% in rental prices. The average rent price in the city center for a 1-bedroom apartment is $1,932.60, which varies from rental prices outside of the city center where the average rent for a 1-bedroom apartment of similar size is $1,647.82.

Newhallville, Fair Haven, and West Rock are the most affordable neighborhoods to rent in with the monthly average rent ranging from $950 to $1,050 per month. The most expensive neighborhoods are Downtown New Haven, Hill, and Dwight with average rent prices ranging from $1,885-$1995.

New Haven is home to the Ivy-league college Yale University. Yale is a private school that is consistently ranked among the most prestigious colleges in the world. The University of New Haven, Albert Magnus College, Gateway Community College, and Southern Connecticut State University are also located in the city.

Tuition at Yale University is $47,600 per year, Albertus Magnus College tuition is $29,650 per year, Gateway Community College tuition is $4,032 per year, Southern Connecticut State University is $9,600 per year, and the University of New Haven tuition is $35,650 per year.

Just over a two-hour trip away from New York City, take the MetroNorth to Grand Central Station from New Haven for $17.75 during off-peak hours and $23.50 during peak transit hours. The Amtrak Hartford Line starts in New Haven and ends in Springfield, Massachusetts.

The CT Transit bus line supporting New Haven offers a two-hour pass for $1.75, or an all-day pass for $3.50. The Yale University Shuttle provides free transportation to students, faculty, and staff with stops at the University, the East Rock neighborhood, and train stations.

Yale University boasts many activities for New Haven residents to enjoy, from the Yale University Art Gallery with an original Van Gogh, to the Yale Center for British Art that holds the largest collection of British art outside of the UK.

New Haven is also home to the Leitner Family Observatory and Planetarium and the Yale Peabody Museum of Natural History for those interested in science. The city offers many cultural institutions for students and the public to enjoy.

The city is a coastal town with a balance of urban and natural landscapes. Stop by Lighthouse Point Park located in New Haven Harbor to view a historic lighthouse that rises above the ocean that was in use from 1847 to 1877. East Rock Park lines the Mill River with opportunities to canoe and to enjoy the lush greenery of Connecticut.

A fitness club membership for one adult costs around $48.75 per month, and the average movie ticket costs $13 per person. Some businesses offer student discounts with a valid ID.

Related Questions

Is New Haven Safe?

New Haven has a high crime rate compared to towns of similar sizes throughout the United States. Your chances of becoming a victim of a violent crime are 1 in 111, which is more than five times the rate throughout the state of Connecticut, which is 1 in 545. Property crime is also almost triple in New Haven compared to the Connecticut average.

Is New Haven Prone to Natural Disasters?

Since New Haven is a coastal city, there is a chance of flooding that comes with the proximity to the water when major storms pass through the area. Blizzards and tornados have also occurred in New Haven.

What is the typical salary in New Haven?

The average net monthly salary after tax in New Haven is $3,572.94, and the minimum wage salary is $12 per hour. The median household income of New Haven residents is $42,222, which is much lower than the national average of $68,703 reported in 2019. The low median household income in New Haven could be attributed to the large number of students in the city.

New Haven is home to a diverse community of people from all over the world. While average rental prices are significantly higher than both the Connecticut average and the national average due to rental demand by college students, the median home price is lower than the national average, allowing affordable prices for home buyers.

The cost of living index is very close to the national average, making New Haven a relatively affordable place to live in comparison to other cities. The incredible cultural institutions, beautiful landscapes, Yale University, and the proximity to New York City cause many people to move to New Haven.