Cost of Living in New London, CT

With a cost of living index of 94, New London, CT is slightly more affordable than average. Living here is 6% cheaper than the national average and 31% below the Connecticut state average of 125. With a population of 27,199, New London is a mid-sized community that balances access to services with a more manageable cost of living compared to larger metros.

Housing costs are the biggest factor in New London's cost of living. The median monthly rent is $1,303 (1% below the US median of $1,319), and the median home value sits at $234,800 (23% below the national median of $304,900). At current prices, the median home costs roughly 3.9x the median household income — a moderately affordable ratio by today's standards.

The median household income in New London is $60,123, which is 20% lower than the national median of $75,149. Residents spend roughly 26% of household income on rent. This is near the 30% threshold that financial experts generally consider the upper limit of affordability. Lower incomes here are balanced by the significantly lower cost of living, stretching each dollar further.

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.