Stamford/Norwalk Area Ranks As Third Most Expensive Place To Live In U.S.

FAIRFIELD COUNTY, Conn. -- Both the Danbury and Stamford/Norwalk metropolitan areas are ranked among the most expensive places to live in the United States, according to Business Insider.

The Stamford/Norwalk area was ranked the third most expensive in the U.S.
Photo Credit: *Higgins Group Real Estate*

Joe Jenkins

02/18/2015 12:35 p.m.

The cost of living index created by StartClass took into account several factors when calculating the cost of living, including:

Housing
Taxes
Health care
Child care
Transportation
Other necessities such as food, etc.

All factors were graded and based on an index with a score of 100 being average; meaning an index of 110 would indicate that cost of living in a given area is 10 percent higher than the national average.

The Stamford/Norwalk Metropolitan Area was ranked No. 3 overall with an index of 152, well above the state average of 127. The study cited the high income in the area, with nearly 25 percent of households making $150,000 or more a year.

The Danbury Metropolitan Area was ranked No. 11 in the nation, with an index of 140. The study cited the city's lower-than-average unemployment rate and higher-than-average median household income and median family income.

Neighboring Westchester County, N.Y., was ranked fifth with an index of 149, while Metro New York City was ranked eighth with an index of 144.

The most expensive place to live is Nassau and Suffolk Counties in Long Island, which are 55 percent more expensive than the national average, according to the list.

Click here to view the complete rankings.

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