Cost of Living in Waterbury, CT

With a cost of living index of 86, Waterbury, CT is a very affordable place to live. Living here is 14% cheaper than the national average and 39% below the Connecticut state average of 125. As a major city with a population of 114,356, Waterbury offers a wide range of housing options, employment opportunities, and urban amenities.

Housing costs are the biggest factor in Waterbury's cost of living. The median monthly rent is $1,180 (11% below the US median of $1,319), and the median home value sits at $185,400 (39% 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 Waterbury is $51,642, which is 31% lower than the national median of $75,149. Residents spend roughly 27% 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.