Connecticut cities and towns often rank highly in rankings of best schools, best spas, best hiking trails and more, but now one city and town has topped a new list of the most expensive places to live.
U.S. News & World Report ranks Hartford as the most expensive city to live in the country, with New Haven coming in fourth.
The city received a higher rating than Los Angeles, New York and New Haven for quality of life, but it received the lowest rating on the list, which means it's expensive.
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“Based on average rents and annual housing costs for homeowners with mortgage payments, these cities require the most wealth to live comfortably,” according to the list.
Connecticut's capital city has a thriving arts and theater scene, beautiful parks and a close-knit community, the paper said. Many immigrants have brought diverse foods and cultures with them, and the city is home to a plethora of new luxury apartment buildings.
But local taxes are also high, due to a high concentration of untaxed real estate, high crime rates, poorly run schools, and (like the rest of Connecticut) some of the highest energy rates in the country.
Hartford also has a high office vacancy rate, and many new apartment buildings are being built downtown to attract residents to the city.
The Connecticut city has a 37% office vacancy rate, lagging building inspections and a homeownership shortage.
The list was compiled using a variety of data weighted according to Americans' priorities, the list said.
“Cities in the rankings are evaluated using data from sources including the U.S. Census Bureau, the FBI, the U.S. Department of Labor and U.S. News' own internal resources…The percentage weighting of each metric follows responses from a February 2024 public survey in which people across the nation voted on what they believe are the most important factors to consider when choosing where to live.”
U.S. News ranks the state 20th in the nation for fiscal instability and lack of opportunity, but it scores highly in education, public safety and health care.
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First published: August 28, 2024, 6:00 AM
