Key Economic Benchmarks
Median Household Income
$59,098$4,925 per month · U.S. Census Bureau ACS 5-YearFair market rent & 30% rule in New London, CT
Official HUD Fair Market Rents evaluated against local household income benchmarks.
2026 HUD Fair Market Rent Schedule: New London, CT
Official FY2026 HUD Fair Market Rents for Norwich-New London-Willimantic, CT MSA. Under the federal 30% housing affordability standard, housing costs are sustainable when they consume 30% or less of gross household income.
| Unit Size | Monthly Rent | Annual Rent | 30% Rule Min. Income | % of Median Income |
|---|---|---|---|---|
| Studio / Efficiency | $1,287 | $15,444 | $51,480 | 26.1% |
| 1-Bedroom Apartment | $1,496 | $17,952 | $59,840 | 30.4% |
| 2-Bedroom ApartmentBenchmark | $1,866 | $22,392 | $74,640 | 37.9% |
| 3-Bedroom Home | $2,406 | $28,872 | $96,240 | 48.9% |
| 4-Bedroom Home | $2,988 | $35,856 | $119,520 | 60.7% |
50/30/20 Living Budget in New London, CT
Based on the local median household income of $59,098/year ($4,925/month), here is how a balanced budget allocates expenses:
Take-Home Pay & Tax Explorer in Connecticut
Explore net income after federal income tax, FICA, and Connecticut state income tax based on the local median baseline.
Related Regional & Financial Profiles
Compare earnings and living costs across Connecticut with official federal datasets:
Frequently Asked Questions About Living in New London, CT
What is the median household income in New London, CT?
According to the latest U.S. Census Bureau ACS 5-Year survey, the median household income in New London, CT is $59,098 per year (approximately $4,925 per month).
What is the average rent in New London, CT?
According to HUD Fair Market Rent (FMR) benchmarks for 2026, standard monthly rents in New London, CT are $1,287 for a studio, $1,496 for 1 bedroom, $1,866 for 2 bedrooms, $2,406 for 3 bedrooms, and $2,988 for 4 bedrooms.
How does the cost of living in New London, CT compare to the national average?
Based on the Bureau of Economic Analysis (BEA) Regional Price Parity index, the general price level in New London, CT is 100.4 (0.4% higher than the U.S. national baseline of 100.0).
How much do you need to earn to comfortably afford rent in New London, CT?
Under the standard 30% housing affordability standard, renting a median 2-bedroom home ($1,866/month) in New London, CT requires a minimum gross household income of $74,640 per year ($6,220 per month).
What is a balanced 50/30/20 monthly budget in New London, CT?
For a typical household earning the median income of $59,098/year ($4,925/month) in New London, CT, a balanced 50/30/20 budget allocates $2,462/month to essential needs (rent, utilities, groceries), $1,477/month to discretionary spending, and $985/month to savings and debt repayment.
What are typical electricity and utility costs in New London, CT?
Residential electricity rates in Connecticut average 24.3¢ per kWh according to the U.S. Energy Information Administration (EIA). For an average home using 900 kWh per month, the estimated electric bill is approximately $219 per month.