Cost of Living in Waterford, CT

With a cost of living index of 104, Waterford, CT is somewhat more expensive than average. Living here is 4% more expensive than the national average and 21% below the Connecticut state average of 125. Waterford is a small community of 3,496 residents.

Housing costs are the biggest factor in Waterford's cost of living. The median monthly rent is $1,618 (23% above the US median of $1,319), and the median home value sits at $245,600 (19% below the national median of $304,900). At current prices, the median home costs roughly 3.2x the median household income — a moderately affordable ratio by today's standards.

The median household income in Waterford is $75,968, which is 1% higher 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.

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.