What is the Cost of Living in Fairfield, CT?

Fairfield, Connecticut, enchants with its quintessential charm, stunning coastlines, and excellent educational facilities. Its proximity to New York City, just an hour by train, adds to its appeal as a premier location. The town vibrates with youthful energy, thanks in part to the presence of two universities. Residents relish in a blend of urban and natural settings— from the five miles of sandy beaches to the vibrant downtown area, complemented by over 170 acres of lush parks.

Fairfield’s amenities are unparalleled, featuring multiple golf courses, a robust recreation department, first-rate dining options, and a plethora of community activities.

The Cost of Living in Fairfield, CT

Living in Fairfield comes with its financial considerations. The Economic Research Institute reports that Fairfield’s cost of living is about 41% higher than the national average, earning it the nickname ‘Gold Coast of Connecticut.’ This higher cost is primarily driven by three factors: housing, utilities, and state taxes.

Whether you’re considering buying a home, renting, or just curious about the overall cost of living in Fairfield, this will provide you with an in-depth look at what you can expect.

1.) Housing Costs

Buying a Home in Fairfield, CT

• Housing costs are a key driver of the overall cost of living in Fairfield. The town offers a diverse array of residential options, ranging from charming historic homes and starter properties to luxurious waterfront estates. As of mid-2024, the median home price in Fairfield stands at approximately $1,168,000, though this figure can vary widely based on the neighborhood. For example, homes in prestigious areas like Greenfield Hill or near the beach typically command much higher prices.
  

  Explore more on the pros and cons of living in Fairfield, CT

  Conversely, other neighborhoods with smaller lots and homes often have prices well below the $1 million mark for those looking to finance a home, it’s essential to consider current mortgage rates, which have seen some fluctuations recently. Even with rates just under 6%, Fairfield’s desirable market often means competitive offers are needed to secure a property, particularly for homes in excellent condition or prime locations.

Renting in Fairfield: What to Expect

• If you’re not ready to buy or prefer the flexibility of renting, Fairfield offers a variety of rental options. The rental market is competitive, with a strong demand for both single-family homes and apartments. The average rent for a two-bedroom apartment in Fairfield is around $3,500 per month, with prices rising for larger homes or units in premium locations, such as downtown or near the beach.Renting in Fairfield offers a fantastic opportunity to enjoy everything the town has to offer while retaining flexibility. However, prospective renters should be prepared for the higher-than-average rental rates characteristic of this desirable community. Fairfield features a broad selection of luxury apartment buildings, providing residents with access to top-tier amenities

2.) Utilities: Electricity Costs

Utility expenses are a significant factor in Fairfield’s overall cost of living. Connecticut consistently ranks among the states with the highest utility costs, having the third highest electricity rates in the nation.

The primary power providers, Eversource and United Illuminating, do not generate their own energy, which contributes to these elevated costs. Additionally, the expense of maintaining and upgrading Connecticut’s electrical grid to withstand both harsh winters and severe summer storms is considerable. Efforts to reduce electricity costs have been a focal point statewide. Those considering a move to Connecticut should be prepared for higher-than-average electricity expenses. For more information related to utilities costs in Connecticut refer to ct.gov.

3.) Taxes: Understanding Connecticut’s Tax Structure

Connecticut’s relatively high taxes are an important consideration when calculating the cost of living in Fairfield. State income tax rates range from 3% to 6.99%, based on your income level. Property taxes are substantial as well, with Fairfield’s mill rate at approximately 27.9 as of 2024. Connecticut also imposes a 6.35% sales tax on most goods and services. While Fairfield does not have a local sales tax, the statewide rate is still crucial for budgeting daily expenses. Additionally, vehicle and personal property taxes vary according to the value of each item, further impacting your budget.

Fairfield, CT, offers an exceptional quality of life, from its top-tier schools to its picturesque settings and vibrant community. However, this comes at a cost. Understanding the expenses associated with housing, renting, utilities, and taxes is crucial for anyone considering making Fairfield their home.

While the cost of living in Fairfield is higher than in many other parts of the country, the benefits of living in this coastal town—proximity to New York City, a strong sense of community, and access to excellent amenities—often outweigh the costs for those who choose to call it home. Whether you’re buying, renting, or just exploring, being informed about the financial landscape will help you make the best decision for your lifestyle and budget.

Are you thinking of making your move to Fairfield, CT? I am here to help! Ranked top 2% of real estate professional, I offer unmatched local market expertise and a personalized, white-glove experience. Let’s start you on your journey to homeownership in Fairfield, CT.

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e: jennifer.lockwood@cbmoves.com