Are you thinking of living in Wolcott, Connecticut and you're looking for someone to give you the bottom line of what it's really going to cost you? In this episode of CT Life, I’m going to break down the cost of living right here in Wolcott. We’ll explore everything from the cost of housing to taxes so you know exactly what to expect.
I work with people who move in, out of, and around Wolcott all the time—and the cost of living is one of the top questions I get asked. So if you were wondering about the cost of living here, I’m going to give you some bottom-line numbers. You'll probably also learn a few things about some of our local costs as well. If you're not familiar with Connecticut and the area in general, you'll definitely appreciate this.
First, let's talk about the obvious and my favorite: the cost of housing. One of the first things you're going to need to decide is if it’s better to buy or rent here. If you're buying, what kind of house do you need? Are you looking for a condo, a single-family home, or a multifamily? The price of housing varies depending on your answer to these questions.
If you have any specific questions, we can send you more detailed information. To get started, here are some general pointers. The average three-bedroom single-family house in Wolcott is roughly $338,000. For this price, you can expect seven rooms, three bedrooms, two bathrooms, and an average of 42 days on market. The house should have 1,746 square feet.
A two-bedroom in the area would run roughly $246,000. For this price, you could expect 1,200 square feet, five rooms, two bathrooms, and 61 days on market. The average two-bedroom condo here in Wolcott runs roughly $216,000. For this price, you can expect 1,498 square feet, five rooms, two bathrooms, and 43 days on market.
Lastly, the average rental here in Wolcott is rather expensive at $1,698. Property taxes in the area vary, but the current mill rate is a very affordable 33.14.
Now that you have an idea of the cost of living in terms of housing, let's go over some other costs of living right here in Wolcott. In Connecticut, you have to pay state income tax—and it’s relatively high compared to some of the states in the US.
The annual state income tax rate here is 3% on the first $10,000. Then, it goes to 5% on all taxable income from $10,000 to $50,000. After that, it jumps to 5.5% from $50,000 to $100,000. Finally, it goes to 6% on all your income from $100,000 to $200,000.
Gas And Property Taxes
Gas here in Connecticut is currently averaging about $3.75 a gallon. You will definitely need a car in Wolcott. It’s also good to know that while Connecticut in general is one of the most expensive gas prices in the country consistently, Wolcott does have some large gas stations to help get the price down. These are typically cheaper than the smaller gas stations.
We do have some other costs most people don't expect here. This includes things like an annual property tax on your car. We also have sales tax on goods and, if you sell a house in Connecticut, you have to pay conveyance tax.
Affordable Living In Wolcott
I hope this video gave you some insight into the cost of living here in Wolcott, Connecticut. If you have any additional questions about Wolcott or Connecticut in general, don't hesitate to reach out and ask. We help people all the time move around and relocate here, and we’d be happy to help you, too.
If you want to receive more videos focused on everything Wolcott and Connecticut in general, make sure you subscribe to my channel so you never miss an episode of CT Life. Be sure to leave a comment below about what you thought and where you'd like to see us cover next!