Cost of Living in Essex Village, CT

With a cost of living index of 159, Essex Village, CT is one of the most expensive cities in the United States. Living here is 59% more expensive than the national average and 34% above the Connecticut state average of 125. Essex Village is a small community of 2,722 residents.

Housing costs are the biggest factor in Essex Village's cost of living. The median monthly rent is $2,071 (57% above the US median of $1,319), and the median home value sits at $744,100 (144% above the national median of $304,900). At current prices, the median home costs roughly 6.7x the median household income — a challenging ratio that puts homeownership out of reach for many residents.

The median household income in Essex Village is $110,469, which is 47% higher than the national median of $75,149. Residents spend roughly 22% of household income on rent. This is a comfortable ratio, well below the 30% threshold that financial experts recommend as a maximum. While incomes are above average, they do not fully offset the higher cost of living.

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.