Wide-open spaces with breathtaking nature and outstanding opportunities for outdoor recreation can be found in Colorado, as can bustling cities complete with craft beer and entertainment options. In fact, we had a difficult time doing so.
Learn as much as you can about Colorado cost of living before you start packing your belongings and getting ready to move there. The cost of transportation, groceries, and rent can vary greatly depending on where in Colorado you choose to make your home due to the state’s large size.
Find out everything you need to know about the cost of living in Colorado before you start your search for your ideal rental property in this amazing state.
Is the cost of living cheap in Colorado?
The cost of living in Colorado is very costly. The average cost of living in Colorado for an individual to live in Colorado is $2500 per month and for a family of four is around $5500 per month.
Is Colorado expensive to live in?
Colorado is very expensive to live in. The cost of living in Colorado is 120.5 which is 20.5% higher than the national average of 100.
Cost of Living in Colorado
Colorado has something to offer everyone. Because there are so many wonderful cities in Colorado, it was quite challenging for us to choose the best places to live in Colorado. The cost of living in Colorado is $2500 per month, which is 2 times higher than the average cost of living across the United States.
Both in terms of cost of living and quality of life, Colorado was ranked as the 12th best state in the United States. After taking into account taxes, the typical employee in Colorado brings home $4450 per month, which is sufficient to cover their costs of living for 2.1 months.
1. Groceries Prices in Colorado
The cost of groceries varies widely across the state of Colorado. When looking at the state as a whole, the numbers are about the same as the national average, but prices vary widely.
To give just one example, grocery prices in Grand Junction are about 9% higher than the national average, while those in Westminster are about 9% lower. In general, food costs in Colorado are 5% lower than the national average.
How much does food cost in Colorado?
The average cost of food for an individual in Colorado is $360 per month and for a family of four is $1500 per month.
How much does a loaf of bread cost in Colorado?
A loaf of fresh white bread of 1lb in Colorado costs $3.50.
2. Price of Utilities in Colorado
When it comes to utility prices, Colorado falls right in the middle of the pack. According to the data provided by Energy Star, the national average monthly expenditure for a family of four is approximately $180.
But in Colorado, that number rises to approximately $250. Electricity, natural gas, water, sewer, trash, recycling, internet, and cable TV, as well as a number of other public and private services, are all accounted for in the total cost.
How much is an electric bill in Colorado?
The average electric bill for residential customers in Colorado is $180 per month.
How much do utilities cost in Colorado?
The cost of utilities in Colorado for a 1-bedroom apartment averages $180 per month. The utility indices include electricity, heating, garbage, cooling, and water.
3. Cost For Healthcare in Colorado
Even though most people in Colorado try to live healthy lives, they can’t change their monthly healthcare costs. The Federal government sets the rates for health care, and each year, medical premiums go up. At the moment, the average monthly cost of health insurance for a person in Colorado is $383.
As with any national health care plan, the averages will change depending on how much you pay in premiums and whether you get insurance for yourself or your whole family.
How much does Obamacare cost in Colorado?
The cost of the Obamacare plans average ranges from $273 to $482. The plan value might vary depending on the organization, city you live in, and type of plan.
What is the average cost of health per month in Colorado?
The average cost of healthcare insurance per month in Colorado is $383 per person per month.
How much is health insurance for a family of 4 in Colorado?
The cost of health insurance for a family of 4 in Colorado averages between $1100 – $1200 per month.
4. Colorado Home Prices
The real estate and housing market in Colorado is 34% more expensive than the national average, which is one reason why the cost of living there is so high. The average price of a home in Colorado for a buyer is $591,189, but the average price can range from $488,515 to $851,740 depending on where you live.
This means that the average mortgage payment is between $1,700 and $3,487 per month. Rent is also high in Colorado. Most people pay around $1,360 a month for a one-bedroom apartment and $2,501 a month for a house. In the most expensive places, a one-bedroom apartment could cost you up to $2,100 a month.
Are house prices dropping in Colorado?
The median house prices in Colorado have increased statewide by 15% from last year. This is the reason why existing and new houses are taking longer to get sold.
How is the housing market right now in Colorado?
Right now the housing market in Colorado is increasing and over the past 7 years, it has risen nearly 75% with a profit of 60% according to FHFA.
How much are home prices up in Colorado?
The median housing price in Colorado in 2022 is $585,000 and will further increase by 7.5% next year and become $695,000.
5. Education Cost in Colorado
In comparison to the national average of $12,383, the cost of education in Colorado is $10,243 per student. There are 19 students in each classroom, 432 pupils for every librarian, and 295 youngsters for every guidance counselor.
How much does public school cost in Colorado?
Public schools in colorado charge nearly $12,000 per public school student every year.
How much does college cost for 4 years in Colorado?
The tuition fees for four years in colleges of Colorado average $350,000, i.e. around $85,000 per annum including additional costs.
Is the public school in Colorado free?
Public schools in Colorado are free of cost for all children and are managed by school districts. These schools are funded by the local or state government.
How much does Colorado university cost?
The average tuition fees of Colorado’s universities cost around $12,728 per year for in-state students and $30,452 per year for out-state students.
6. Colorado Tax Rates
All people who live in Colorado have to pay state taxes. Income, sales, and property taxes are the most common ones. Colorado is a flat-tax state, which means that the tax rate is the same for everyone, no matter how much or how little they make. The base rate of sales tax is 2.9%, but many cities add their own tax on top of that.
When all of the cities in Colorado are added together, the highest sales tax rate will be 8.30%. But in a few small mountain towns, the local sales tax can be higher than 10%. Lastly, the average property tax rate in the state is about 0.49%, which is one of the lowest in the country.
What are the income taxes in Colorado?
For the 2022 tax year, a flat income tax rate of 4.55% is imposed on the taxable income of an individual.
What is the sales tax in Colorado?
Colorado sales tax rate for the year 2022 is 2.9%. This tax rate is based on the local municipalities which might go up to about 11.2%.
What are the property taxes in Colorado?
The property tax rate in Colorado is 0.49% which is the third lowest rate in the nation. The state’s property tax rate is also less than the national average i.e. 1.07%.
7. Cost Of Colorado Public Transportation
Residents in Colorado who own a car can expect to pay the most, with the average monthly cost being $657. This includes the price of gas, repairs, maintenance, and express tolls. Between big cities like Denver, Boulder, Fort Collins, and Colorado Springs, you can take a bus, train, or light rail.
The average monthly cost of transportation is between $114 and $200. Residents should look into the CollegePass, FlexPass, and EcoPass, as well as other RTD programs, for even more discounts.
How much is a bus pass in Colorado?
The daily pass with unlimited rides for a day in the buses of Colorado is $3.75.
How much does public transportation cost per month in Colorado?
The 31-day bus pass for a one-way trip to Colorado is $63.
8. Average Cost For Energy & Fuels in Colorado
In Colorado, people who use electricity spend about $161 per month on average. The average cost of electricity in Colorado is 15 cents per kilowatt-hour (kWh). This means that the average person using electricity in Colorado uses 1,091 kWh per month and 13,092 kWh per year.
Residents of Colorado will spend about 2.69 percent of their income on gas in 2022. This study says that the median monthly income is $4,440, so this amount is equal to $119.43 per month.
What is the current gas price in Colorado?
The current average gas prices in Colorado are:
What is the average heating bill in Colorado?
The average heating bill in Colorado in 2022 is $175.
9. Miscellaneous Things in Colorado
Of course, you’ll still have to pay for a lot of other things you need every day, like clothes, meals out, entertainment, and personal care. Depending on where you live in the state, these other costs can also vary.
On the high end, you have Denver, where the costs of other things are about 7% higher than the national average.
|Gym Membership, 1 month||$45.1|
|Cinema Ticket, 1 person||$11.9|
|Daycare or Preschool, 1 month||$1140|
|International Primary School, 1 year||$14550|
10. Cost Of Living in Colorado At A Glance
|COST OF LIVING||Colorado||United States|
|Median home cost||$594,500||$291,700|
Colorado Cost Of Living FAQs
What is the cheapest rent in Colorado?
Brighton has the cheapest rent in Colorado of about $1300 for a 1-bedroom flat.
What is the minimum wage in Colorado?
The minimum tipped wage in Colorado for 2022 is $12.56 per hour. This will increase by 8.68% to 13.65% per hour in the next year.
What factors are included in estimating your cost of living in Colorado?
What is the cost of living in Colorado depends on the following factors which include:
- Food prices
- Entertainment costs
- Utility costs
- Housing and rental expenses
- Transportation expenses
Don’t let these numbers make you think twice about renting in this beautiful state. If you look all over the state, you can find prices that fit any budget. For example, the average rent for a one-bedroom apartment in Denver is about $1,750 per month, while the average rent for a one-bedroom apartment is only a little more than $950 per month.
You can visit Colorado at any time, but particular times are better than others. Most of what you want to do when you get there will determine the best time to visit Colorado for you. If you are thinking about Relocating to Colorado then you must check this out!