What is the cost of living in Colorado?
The cost of living in Colorado is 14.4% higher than the US average. According to MIT, the required living wage for a family of four with two working parents in Colorado is $102,689 vs the national average for a family of four with two working parents of $89,744. The median income of a Colorado household is $75,231.
The average home price in Colorado is $369,900, which is higher than the US average home price of $229,800. Median rent in Colorado is $1,335/mo which is higher than the US average rent of $1,096/mo. If you want to adjust homes prices to local incomes, the ratio of home prices to median household income is about 4.9 to 1. That means it takes roughly 4.9 years of a full salary to pay off a house. That compares to the national average of 3.5 to 1.
All in all, Colorado has a high cost of living compared to America as a whole.
People Also Ask About Colorado
Is Colorado a dangerous state?
Yes, Colorado is a dangerous state as it ranks as the #9 most dangerous state in the United States based on our analysis of the latest FBI Crime Data. The violent crime rate in Colorado ranks 20th most dangerous in the United States -- 14.4% worse than US average violent crime rate. The property crime rate in the Centennial State ranks third most dangerous in the United States -- 45.0% worse than US average property crime rate. The latest reporting year from the FBI was 2022.
Is Denver, CO a dangerous city?
Yes, Denver is a dangerous city. Denver ranks as the #6 most dangerous out of 328 major cities over 100,000 people in the United States based on our analysis of the latest FBI Crime Data. Keep in mind that are always safe and dangerous parts of any city, so even though Denver might be considered dangerous you still need to be aware of where you are. For example, Golden Triangle is the safest in Denver, while City Park is considered dangerous by many based on recent crime stats.
Compared to other big cities, the violent crime rate in Denver ranks 32nd highest in America -- 93.27% worse than US average violent crime rate. The property crime rate in the ranks fifth highest in the United States -- 135.57% worse than US average property crime rate. Note the latest reporting year from the FBI was 2022 and that no city in America is "dangerous". Despite the uptick in murders, it's nothing like you'd see in Tijuana or Caracas where the murder rate is 2x any American city.
What county in Colorado has the lowest cost of living?
The county in Colorado with the lowest cost of living is Ouray County. The average living wage in Ouray County is $101,386 according to MIT data. Ouray County has the lowest cost of living because it has relatively less expensive childcare and housing costs compared to Colorado as a whole. Childcare costs $21,167 a year in Ouray County for two children compared to the Colorado average of $21,623. Housing costs, defined as a blend of the average rent and average mortgage payment, are $16,308 per year in Ouray County compared to $16,996 on average in Colorado.
What is the cheapest housing market in Colorado?
The cheapest housing market in Colorado is Federal Heights. The average home value in Federal Heights is $71,700, the lowest in the state. The average home value in Colorado is $369,900, almost 5.2 times higher than Federal Heights.
