Moving to New Haven, CT: New Haven was established in 1638 by English Puritans who built New Haven as the nation’s first planned city, according to the area’s rich colonial history. New Haven, Connecticut is a seaport city on Long Island Sound, with the New Haven Harbor protecting it. The 16-acre New Haven Green, which is at the heart of their venture, is a National Historic Landmark. Yale University, which was established in 1701 and is located just across the sound from Long Island, New York, is located in New Haven.
Residents of New Haven appreciate the benefits of living in a thriving university town that attracts innovators, musicians, and academics while also being able to participate in a wide range of outdoor activities such as jogging, biking, birdwatching, fishing, kayaking, boating, swimming, and more.
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Locals take advantage of the foodie scene in addition to celebrating itself as the ‘Cultural Capital of Connecticut’ with its museums, galleries, festivals, concerts, and entertainment venues. Within two blocks of the New Haven Green, there are over 120 eclectic and multicultural restaurants, various Yale campus food trucks and carts, and numerous farmers markets. Since 1895, Louis’ Lunch has been serving fast food and claims to be the inventor of the hamburger. New Haven’s cultural attractions hold it on the list of New England cities to visit, but you should consider the city’s slightly higher cost of living, crime rate, and unemployment rate before deciding to relocate.
New Haven is the second-largest city in Connecticut and the sixth-largest in New England, according to areavibes.com. It has a livability score of 50. The 131,014 residents are 30% White, 32% African American, 30% Latino, 5% Asian, and 3% of other communities.
Income Taxes
Connecticut’s income tax rate varies between 3% and 6.99 percent, based on median household income and how you file.
Property Tax
Connecticut’s residential property tax rate is 2.02 percent. You’ll pay about $3,980 in annual property taxes if you purchase a home here for the Zillow-reported median list price of $199,000, according to Zillow.
Sales Tax
New Haven’s general sales tax is 6.35 percent. This rate is higher than many of its neighbors, including New York, which has a rate of 4.0 percent, and Massachusetts, which has a rate of 6.25 percent.
New Haven’s housing market has been slowly improving each year. According to Zillow data through July 31st, 2019, home prices have risen 4% in the last year and are expected to rise another 1.3 percent in the coming year. The median home value is $172,700, and the median list price is $199,000, with a price per square foot of around $145.
If you want to rent in New Haven, you can expect to pay $1,625 a month on average. Because of the large number of students who live in New Haven, an estimated 72 percent of residents rent their homes, leaving just 28 percent who own. With a median home value of $108,400, the Newhallville neighborhood has the lowest listed median home values, making it the most affordable. Overall, if you’re considering relocating to New Haven, you should act quickly before prices rise again. It’s a buyer’s market right now!
Bestplaces.net uses a cost of living index to calculate an aggregate ranking in relation to the national average in the United States. Housing, groceries, products and services, electricity, transportation, and healthcare are all expenses. Any score above 100 means that a specific cost is higher in this location than the national average index score for any of these categories.
The total cost of living ranking for New Haven, according to Bestplaces.net, is 109.7, which is just marginally higher than the US national average. The highest-ranking categories were services (130), miscellaneous (124.8), and transportation (124.2). Housing, at 86.5 percent, is the only cost that is less than the national average. To put this data into context, the EPI Family Budget Calculator estimates that a family of four in New Haven will need to earn $92,532 per year to live comfortably.
New people will notice a modest yet improving economy and job market in New Haven. US News calculates an aggregate work market index score for a city using data from the US Census Bureau, FBI, and Department of Labor to assess the average wage and 12-month unemployment rate scale. New Haven’s index score is 7.1 out of 10 based on this data, putting it in a better position than similar size metropolitan areas.
Although the unemployment rate is currently 4.1 percent, which is slightly higher than the national average, it has been steadily declining over time. The average salary in New Haven is $55,450, which is marginally higher than the national average.
The social service, distribution industries, education, healthcare, and food service, sustain New Haven’s job market, with Yale University and Yale-New Haven Hospital being the two largest employers. Advanced degree holders will be able to find work at both public and private institutions.
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