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Naval Submarine Base New London

Cost of Living

New London Sub Base serves an active duty population of about 7,500 personnel accompanied by 12,000 family members. The base also is the host to Naval Reserve Units, an Army detachment, and a host of Department of Defense, civilian personnel, and contractors; In addition, the United States Coast Guard Academy is located across the Thames River on the west bank, in New London.

New London has a 2024 population of 27,731. New London is currently growing at a rate of +0.12% annually and its population has increased by +0.46%.

The median age in New London is 32.8 years, 30.9 years for males, and 35.8 years for females.

The average household income in New London is $68,124 with a poverty rate of 24.32%.

The median rental costs have increased by 33% in 2023. The average rent for an apartment in New London is $1,603 (696 per sq. ft.). 

The median home value in New London is $258,828, State is $286,700

Groton, Ct. has a 2024 population of 38,686. Groton, Ct. is currently declining at a rate of -0.03% annually, and its population has decreased by -0.13%  

The median age in Groton, is 37.7 years, 36.8 years for males, and 38.9 years for females.

The average household income in Groton is $77,062 with a poverty rate of 15.32%.

The median rental costs have increased by 15% in 2023. The average rent for an apartment in Groton is $1,333 (284 per sq. ft.).

The median home value in Groton is $250,100, State is $286,700 

The cost-of-living adjustment (COLA) will begin in January of 2024.  LINK: https://www.ssa.gov/cola/ 

Cost of Living Indexes

Overall Index: Homeowner, No Child care, Taxes Not Considered

COST OF LIVING Groton New London Connecticut United States

Overall

106.8

106.8

111.8

100

Grocery

105.7

103.9

106.6

100

Health

112.3

112.3

118.6

100

Housing

105.1

74

109.2

100

Utilities

112.7

114

118.5

100

 

 

 

 

 

An amount below 100 means Connecticut is cheaper than the US average. A cost of living index above 100 means Connecticut, Connecticut is more expensive. Connecticut's cost of living is 111.8 above the national Average.

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