Cost of Living in Coventry Lake, CT

With a cost of living index of 88, Coventry Lake, CT is a very affordable place to live. Living here is 12% cheaper than the national average and 37% below the Connecticut state average of 125. Coventry Lake is a small community of 2,358 residents.

Housing costs are the biggest factor in Coventry Lake's cost of living. The median monthly rent is $1,031 (22% below the US median of $1,319), and the median home value sits at $263,200 (14% below the national median of $304,900). At current prices, the median home costs roughly 3.6x the median household income — a moderately affordable ratio by today's standards.

The median household income in Coventry Lake is $73,846, which is 2% lower than the national median of $75,149. Residents spend roughly 17% of household income on rent. This is a comfortable ratio, well below the 30% threshold that financial experts recommend as a maximum.

Data sources: US Census Bureau (ACS 2023), Zillow Home Values, HUD Fair Market Rents, BEA Regional Price Parities, BLS Average Prices, and NOAA Climate Normals. Updated monthly.