New London, CT is a beautiful coastal city located in southeastern Connecticut. It is home to a diverse community of people and has a rich history dating back to the 1600s. One question that often comes up when discussing New London is whether or not it is considered a wealthy city.
What is wealth?
Before we can answer the question of whether or not New London is rich, we need to define what we mean by “wealth.” Wealth can be measured in many different ways, including income, assets, and overall economic prosperity. However, it’s important to keep in mind that wealth can mean different things to different people.
Income
When it comes to income, New London does have some disparities. According to recent data from the U.S. Census Bureau, the median household income in New London was $44,407 in 2019. This is lower than the median household income for Connecticut as a whole, which was $78,833 during the same period.
However, it’s important to note that median income doesn’t tell the whole story. There are many factors that can impact individual and household incomes, such as education level and job opportunities. Additionally, there are some areas within New London where incomes are higher than others.
Assets
Another way to measure wealth is by looking at assets such as property values and investments. According to Zillow.com, the median home value in New London was $161,500 as of June 2021. This is lower than the median home value for Connecticut as a whole ($296,100), but there are still many homes within New London that are worth significantly more than this amount.
In terms of investments and other assets held by individuals and businesses within the city limits of New London, information is harder to come by. However, there are certainly businesses and individuals who hold significant amounts of wealth within the city.
Economic Prosperity
Finally, we can look at overall economic prosperity as a measure of wealth. New London has a diverse economy with many different industries represented, including healthcare, education, and tourism. There are also several large employers within the city limits, such as Lawrence + Memorial Hospital and Electric Boat.
However, like many cities across the country, New London has faced economic challenges in recent years. The closure of the Pfizer pharmaceutical plant in 2009 was a significant blow to the local economy, and the COVID-19 pandemic has had an impact on many businesses in the area.
Conclusion
So, is New London CT rich? The answer to that question depends on how you define wealth.
While there are certainly disparities in income within the city limits and some economic challenges to overcome, there are also many businesses and individuals who hold significant assets within New London. Additionally, the city’s diverse economy and rich history make it a valuable place to live and work.
Regardless of how you define wealth or whether or not you consider New London to be a wealthy city, one thing is clear: there is much to appreciate about this beautiful coastal community.