Cost of Living in New Canaan, CT
Population 20,704 · Connecticut · Data vintage 2023
(100 = US avg)
Housing prices in New Canaan cluster toward the top of the US distribution — a median of $1.5 million, roughly 5 times the national figure, consistent with markets dominated by nonresident and vacation-home buyers.
Located 6 miles northeast of Stamford, New Canaan falls within that metro's commuting orbit. Median home values run roughly 150% higher than Stamford's $614,000.
Cost Overview
Scale: 100 = US national average. Green < 90, Red > 110.
About the Cost of Living in New Canaan
The median home value in New Canaan is $1,534,100 — 403% above the national median of $305,000. Median rent runs $3,501/month, 166% higher than the national median of $1,314/month. The median household income of $250,001/year is 235% higher than the US median of $74,580. The local unemployment rate is 4.8%, below the national average of 4.8%. Connecticut's top state income tax rate is 7.0% and the combined sales tax is 6.3%. The climate averages highs of 60.6°F and lows of 43.4°F. Overall, New Canaan has a cost of living index of 408 versus the US average of 100, meaning it is 308% more expensive.
🏠 Housing
HUD Fair Market Rents by Bedroom
💰 Estimated Monthly Budget
Estimates based on median data and national averages. Actual costs vary.
🛒 Food & Groceries
National BLS average prices (2023). Local prices may vary.
🚗 Transportation
Commute Mode
⚡ Utilities
📋 Taxes
💼 Income & Employment
🎓 Education
👥 Demographics
🌤 Climate
NOAA 1991–2020 Climate Normals
| Month | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| High °F | 37 | 40 | 48 | 59 | 69 | 78 | 83 | 81 | 74 | 63 | 52 | 42 |
| Low °F | 22 | 24 | 31 | 40 | 50 | 59 | 65 | 64 | 57 | 46 | 36 | 28 |
| Precip" | 3.20 | 2.53 | 4.11 | 4.20 | 3.94 | 4.25 | 4.07 | 4.36 | 4.94 | 4.33 | 3.64 | 4.18 |
Frequently Asked Questions
What is the cost of living in New Canaan, CT?
New Canaan has a cost index of 408 (100 = national average). It is 308% above the national average.
What is average rent in New Canaan, CT?
The median gross rent in New Canaan is $3,501 per month based on 2023 Census data.
What is the average home price in New Canaan?
The median home value in New Canaan is $1,534,100 according to 2023 Census ACS data.
What is the median income in New Canaan?
The median household income in New Canaan is $250,001 per year (2023 ACS 5-year estimates).
What is the sales tax in New Canaan, CT?
The combined state and local sales tax rate in New Canaan is 6.3%. The Connecticut state income tax top rate is 7.0%.
Is New Canaan, CT affordable?
New Canaan is above average in cost of living, with an index of 408 — about 308% higher than the national average.
What is the weather like in New Canaan?
New Canaan has average high temperatures of 60.6°F and average lows of 43.4°F. Annual precipitation is 47.8". Data from NOAA 1991–2020 Climate Normals.
New Canaan at a Glance
- Population
- 20,704
- Median Income
- $250,001
- Home Value
- $1,534,100
- Median Rent
- $3,501/mo
- Unemployment
- 4.8%
- Avg High Temp
- 60.6°F
- Sales Tax
- 6.3%
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