The state of Connecticut is small, but its history back to the beginning of the country dwarfs most other states in the Union. Home to Yale University, Connecticut has one of the highest levels of education per person in the country. With a capital in Hartford, Connecticut is another of the New England states with connection to the sea and maritime activity that spans centuries. The state is often chosen as a summer getaway, especially for folks from the New York City region and further south. That said, the state also offers plenty of winter tourism entertainment as well. The largest city is Bridgeport and many of the region's residents like to live in smaller towns which dot the entire territory.
Though it is relatively small, Connecticut's economic output ranks 23rd in the United States at over $230 billion per year. On a per capita basis, this works out to over $60,000, the fourth best figure in the country. However, this number masks the fact that there is great income disparity in CT, with the upper end of the income bracket earning high wages while the lower end struggles to make ends meet.
By area, Connecticut is the 3rd smallest state in the union. Its population of over 3.5 million, however, ranks 29th. The average home costs around $230,000, which improved about 2% in 2013. This value compares favorably with the other states of New England, though again it masks a great disparity across the state. The five most expensive places to live in CT are Greenwich, New Canaan, Westport, Darien, and Weston, with median home values ranging from $1.3 to over $3.5 million. On the lower end are cities such as Westbury and New Britain, with home values under $150,000.
Next, we'll cover the largest cities in the state. Connecticut has many cities that are roughly the same size, so these rankings tend to shift around frequently.
The largest city in CT, Bridgeport is also part of Greater New York City, reflecting its relative proximity to the big apple - around an hour to an hour and a half away via the Metro North. The largest employers are the St Vincent's Medical Center and Bridgeport Hospital, followed by People's United Bank, which is headquartered in Bridgeport.
Hartford is the state capital, and it is also the former home of the NHL's Hartford Whalers; in fact, you will still find many Connecticuter's sporting Whalers gear even though the team left the city in 1997 and moved to North Carolina. Hartford's economy is defined by the medical industry, including the Hartford Hospital and the Saint Francis Hospital & Medical Center.
New Haven is best known as the home of Yale University, and indeed, Yale and the Yale - New Haven Hospital are the city's two largest employers. It is also part of the New York City Metropolitan Area.
Along with Greenwich, Stamford is well known as the home of many hedge funds. It is also home to four companies in the Fortune 500. Corporations such as WWE, Frontier Communications, and UBS North America call Stamford home.
Waterbury, the "Brass City", is located about an hour and a half from Manhattan and is also part of the New York Metropolitan Area. The city's largest employers are the City of Waterbury and the St. Mary's Hospital.
With its close proximity to New York City, the financial capital of the United States, the citizens of CT have access to branches of many banks. We've included the top local banks, national chains, and credit unions in the state, along with our reviews where applicable. Of course, RateZip.com makes it easy to compare rates across these many financial institutions.
Click here for a comprehensive list.
Click here for a comprehensive list.
For those considering a move to the northern state, RateZip.com can help tremendously with finding good financing options. If you're already a resident of Connecticut, this website can help you compare interest rates on CDs, savings accounts, auto loans, or a mortgage refinance.
According to the FDIC, there are over $18 billion in deposits in CT banks as of 2013. Around $15 billion of these deposits are in interest bearing accounts.