Are you thinking of moving to Prospect, Connecticut, and want to know how much it costs to live there? In this episode of CT Life, I’m going to break down the cost of living in the great town of Prospect. We’ll look at the bottom line numbers of everything from housing costs to gas prices so you know exactly what to expect.
The Cost Of Housing
The first cost of living to consider when moving to Prospect, Connecticut is housing. To figure out how much you’ll spend, you need to decide if you’re going to rent or buy. If you’re going to buy, the average cost of a three-bedroom, two-bathroom house in the last 12 months was $320,000. For this price, you could expect 1,715 square feet. The average days on market were approximately 50.
For a two-bedroom, one-bath here in Prospect, expect to pay about $160,000. For this money, you can expect 1,021 square feet with an average of 70 days on the market. If you're looking to rent, it could be very hard to find a house for rent because there are no apartments. Every once in a while, though, you will find a single-family house ranging from $1,600 to $2,600 a month. Again, it is very rare.
Taxes And Transportation
Another cost to consider in Prospect is property taxes. These vary greatly depending on the style and age of your house. For example, a recent $320,000 house I sold had an assessed value of $180,000. This meant the property taxes were $5,905.
The annual state income tax here in Connecticut is 3% up to the first $10,000 you make. So if you earn between $10,000 and $50,000, it's 5%. From $50,000 to $100,000 it's going to be 5.5%. And then if you earn between $100,000 to $200,000, you are paying 6%.
Transportation is another expense you’ll have. Gas here in Connecticut averages about $2.95 a gallon at the time of this video. Connecticut is typically always towards the top in the United States in gas prices. It is expensive to have a car here in Connecticut and drive where you need to go.
Local Stores
Another thing you need to know about the cost of living in Prospect is that we only have one grocery store. It's a smaller market called LaBonne’s, and all the longtime Prospect residents still refer to it as Oliver Supermarket—which was one of the longest continually run businesses in all of Prospect.
Prices at LaBonne’s tend to be a little bit higher, even though they have an awesome selection of fresh produce and fresh meats. There are, however, big box stores like Stop & Shop and Costco nearby. You’ll find them ocated in neighboring towns within 15 minutes away.
Enjoy Life In Prospect, CT
I hope this gave you some insight into the cost of living here in Prospect. If you still have questions, please do not hesitate to reach out to me. I can help you with any of your needs when it comes to the costs related to buying and selling here in Connecticut.
Don’t forget to also subscribe to my channel so you never miss an episode of CT Life, my show that brings you the latest happenings and reviews of what's going on here in Connecticut. Stay tuned to see what I feature next!