Cost of Living in Old Lyme

Old Lyme, is a small town located in New London County, known for its picturesque landscapes, historic charm, and coastal living. The cost of living in Old Lyme is generally higher than the national average, primarily due to the real estate market and the town's desirable location. Housing prices in Old Lyme can vary significantly based on proximity to the water, the size of the property, and the condition of the home. As of my knowledge cutoff in early 2023, the median home value in Old Lyme for a 3-bedroom home is approximately $400,000 to $500,000, while a 4-bedroom home may range from $500,000 to $600,000 or more, depending on the factors mentioned above.

Apartment rentals in Old Lyme are less common than home rentals, but for those available, a 1-bedroom apartment might cost around $1,200 to $1,500 per month, while a 2-bedroom apartment could range from $1,500 to $2,000 per month. Apartment purchases are not as prevalent in Old Lyme as in larger cities, but condos and similar properties might be available, with prices depending on the location, amenities, and size of the unit.

When it comes to dining out, Old Lyme offers a variety of restaurants ranging from casual eateries to upscale dining experiences. A meal at a mid-range restaurant can cost between $15 to $30 per person, while a three-course meal at an upscale restaurant might be $50 to $70 per person or more. Utilities, including electricity, heating, cooling, water, and garbage, for a standard 85m² apartment, can cost around $200 to $300 per month, depending on usage and the time of year.

Private school tuition in Old Lyme can be quite costly, as is the case with many areas in Connecticut. For preschool, tuition can range from $10,000 to $20,000 per year. Elementary and middle schools can cost between $15,000 to $30,000 per year, and private high schools can range from $20,000 to $40,000 per year or more, depending on the institution's reputation and the programs offered.