Colorado, which is home to the magnificent Rocky Mountains in the United States, is one of the fastest-growing states in the country. Sources such as U.S. News states that the Centennial State grew at a 1.19 percent annual rate over the previous year, making it the eighth fastest-growing state in the country.
It’s easy to see why so many people are moving to Colorado, with its spectacular ski slopes, strong job market, and scenic surroundings. So, how much does living in Colorado’s winter wonderland cost? The cost of living in Colorado, like any other state, varies depending on the city. In many of Colorado’s most popular cities, however, the overall cost of living is slightly higher than the national average. Most Popular Colorado cities we are focusing on includes Aurora, Boulder’ Castle Rock, Colorado Springs, Denver, Fort Collins, Lakewood, and Louisville.
Colorado has a relatively average “flat” tax rate of 4.63 percent when it comes to state income taxes. Colorado’s tax rate is in the middle of the spectrum, with many states in the US having higher rates and others having lower rates. Colorado residents also earn more than the rest of the country on average. Colorado households have a median annual income of $71,953, according to Data USA, which is higher than the national median annual income of $61,937.
Colorado isn’t the cheapest place to live in terms of real estate. According to Business Insider, the state’s median home price is $397,820, making it the sixth most expensive state to buy a home.
However, keep in mind that the amount of bang you get for your buck varies by city. For example, home prices in major cities like Boulder and Denver, as well as resort towns like Vail, tend to be higher. Homebuyers in second-tier cities, such as Colorado Springs, should be able to find a perfectly affordable home. We’ve gathered cost of living data (from AreaVibes and Realtor.com) for 10 of Colorado’s most popular cities for a more in-depth look at the state’s cost of living.
Cost of Living in Colorado, United States
|The Average||Cost of||Living in||Colorado and||Index|
|City||Price of Home||House Rentals||Household Income||Index|
|Colorado Springs||$375,000||$1,650 a month||$56,227||105|
|Aurora||$380,000||$1,810 a month||$55,303||105|
|Boulder||$819,000||$2,040 a month||$60,569||142|
|Castle Rock||$480,670||$2,450 a month||$93,153||121|
|Denver||$494,500||$2,150 a month||$56,258||114|
|Fort Collins||$438,000||$1,890 a month||$57,831||109|
|Lakewood||$439,450||$1,750 a month||$58,227||112|
|Louisville||$695,000||$2,290 a month||$94,304||130|
|Pueblo||$205,000||$1,350 a month||$35,770||88|
Expenses not calculated
Other factors not included in these calculations are travel and entertainment costs. We all know how Coloradans love to ski and snowboard and contributions for retirement.
In addition, this does not take into consideration any payments for car loans or other debts aside from owning a home. This is obviously not a complete list of what it costs to live in Colorado but this covers the basics. It gives you an educated idea of what you can expect to pay on average when living in this beautiful state.