What is the Real Cost of Living in Fairfield?

What is the Real Cost of Living in Fairfield?

In Fairfield, CT, a university atmosphere's youthful vigor mingles with nature's serenity. Just a stone's throw away, residents have top-tier access to five miles of sun-kissed beach. But the beauty doesn't end at the shoreline. The town proudly boasts a staggering 170 acres of verdant parks.

Fairfield's blend of nature, academia, and contemporary living paints a picturesque setting for the young and the young-at-heart.

The vibrant downtown is peppered with sleek condos, offering both urban convenience and a touch of modern luxury. The promise of waterfront living becomes a reality for many as waves lap gently at the shores of their homes. If the countryside beckons, a slice of country living is also available. You'll also find quiet residential streets around town where homes sit majestically on generous lots, offering space and tranquility.

Is Fairfield, CT, expensive to live in?

Delving into the financial side of making Fairfield your home, it's evident that the town carries a premium price tag. According to data from BestPlaces.net, the cost of living in Fairfield is 54% higher than the national average. Fairfield stands out even compared to Connecticut, known for its upscale communities and high living standards. The state's overall cost of living is 11% higher than the nation's.

One of the primary factors contributing to this elevated cost is housing. Homes in Fairfield come at a premium, with housing costs 221% above the national average. While this might be a tad intimidating, many residents will attest that Fairfield's unique charm, amenities, and quality of life justify the expense.

Family expenses in Fairfield, CT

Transitioning to life in Fairfield, CT, particularly for families, we'll look at data from LivingWage.Mit.edu. For an adult supporting two children in this picturesque town, a livable annual salary is estimated at $108,120.

On average, families in Fairfield can expect childcare expenses for two children to be around $24,512 annually. Additionally, annual taxes average about $21,275 for a family with two children. These figures help families make informed decisions as they contemplate making Fairfield their haven.

Comparing Fairfield to other cities

Fairfield's unique charm and allure come at a certain price, but how does it stack up against neighboring cities in Connecticut? In Stamford, CT, another popular choice among Connecticut's cities, residents contend with a cost of living 40% above the national average. Housing, often a crucial factor for many when choosing a place to call home, is a substantial 90% above the national average in Stamford. When viewed in this context, Fairfield's positioning becomes clearer. Each city offers its blend of benefits and challenges, and potential residents weigh these factors based on personal priorities and lifestyle aspirations.

Home purchase prices in Fairfield, CT

A dive into statistics from Rocket Homes reveals intriguing insights about the town's housing market. The median home sold price is $785,928, about $365 per square foot. This figure has witnessed an upward swing, with the median sold price rising by 5.8% compared to the previous year.

A clear testament to Fairfield's desirability is reflected in the fact that a staggering 65% of homes sold went for more than the asking price. This trend underscores the competitive nature of the housing market in this picturesque town and emphasizes its continued appeal to prospective homeowners.

The rental landscape in Fairfield, CT

Renting in Fairfield, CT, has its own set of financial nuances. According to data from Rent.com, those looking to lease a two-bedroom apartment in Fairfield can expect to pay around $2,050 on average. Interestingly, the current rental market reflects a considerable shift from the past year, with average rents plunging by 42%. For some perspective, nearby Stamford sees average rents at $3,948, marking a decrease of 4% from the previous year. On the other hand, in Bridgeport, renters are looking at an average of $1,200, with no notable year-over-year change.

While these figures might appeal to those considering Fairfield as their next rental destination, it's crucial to remember a broader financial picture. Renting, while offering flexibility, doesn't contribute to personal wealth like owning a home does. For real estate investors, Fairfield's rental trends and housing market signal opportunities for short-term gains and long-term wealth accumulation. Prospective residents should weigh the potential of an appreciating asset against the immediacy of rental costs, especially when considering their financial future.

Utility costs in Connecticut

Data sourced from CT.gov provides a clear snapshot. On average, Connecticut residents shell out about $166 monthly for electricity. Natural gas, another primary utility, comes in at an average monthly cost of $39. But the story takes a notable turn regarding heating — crucial for those chilly Connecticut winters.

The average monthly expenditure for heating oil is $76. What's more, 40% of homes in the state rely on heating oil as their primary heating source. Connecticut ranks among the states with the highest heating costs in the nation.

Transit costs in Fairfield, CT

Whether commuting for work, heading to one of Fairfield's pristine beaches, or embarking on a leisurely weekend drive, transportation costs form a pivotal part of daily expenditures. Say you commute full-time to New York City. Via the Metro-North Railroad, you can secure a monthly pass for $46.50. Trains from Fairfield to Grand Central leave regularly — about five trains per hour — and the trip takes about an hour and a half.

Finding your home with the best

Ready to find your dream home for sale in Fairfield, CT? The Leslie Clarke Team is prepared to guide you. Recognized within the top half of the top 1% of real estate professionals nationwide, Leslie and Jeannette bring over two decades of industry experience. With an eye for detail and a deep understanding of the market, this team provides a clear and comprehensive assessment of real estate opportunities. Trust their expertise and let The Leslie Clarke Team pave the way to your new Fairfield home.

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