HARTFORD, Conn. — A new report from the Connecticut Business and Industry Association (CBIA) shows our state faces uphill battles when it comes to affordability.
Researchers looked at several factors including electric rates, housing costs, and transportation options, and CBIA shows in the report that the state would need to improve on those factors to stay competitive. These also include child care and the cost to run a business; right now Connecticut ranks pretty low across the board compared to most states.
The Association reports Connecticut is the ninth most expensive state in the nation when it comes to a general cost of living. It shows the average cost of living is around $47,000 a year for a single-person household. Forbes reports the average salary in Connecticut is around $73,000 per person. This leaves a $26,000 gap in disposable income for someone living on their own. When compared to Hawaii, the state with the lowest amount of disposable income at $9,000, Connecticut residents on average have more money left for other things.
As for housing, the Constitution State ranks 10th most expensive (including Washington D.C. in the survey data) when looking at the percentage of households that are cost-burdened while paying for a place to rent or own. The report shows 35% of people are struggling with monthly rent or mortgage costs, not including utility bills.
Representative Antonio Felipe (D - Bridgeport) told FOX61 that housing solutions are coming to fruition, saying, “We are developing housing that fits the needs of all residents can create more access for others. We cannot cap rent, or force homeowners to sell properties for less than their value, but these programs/policies and others can incentivize similar means of stability and affordability.”
However, the electric costs data is the most shocking part of the report. It shows electric prices have gone up at least 54% since 2013, as compared to the national average of 26% in that same time frame.
Connecticut's Republican leaders responded to this report, saying, “This roadmap to make our state more competitive is much appreciated. The opportunities to grow this economy are many. Many of these common sense recommendations would ease permitting and regulatory burdens and not cost overburdened taxpayers a penny to implement.”
Both sides of the political aisle told FOX61 they agree the cost of living doesn’t match the average wages, making the cost of living difficult for many residents across the state. They said the next legislative session will bring a lot of necessary proposals to help people save money.
Brooke Griffin is a reporter for FOX61 News. She can be reached at bgriffin@fox61.com. Follow her on Facebook, X, and Instagram.
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