Part of the reason why the cost of living in Colorado is so high is because of the state’s real estate and housing market, which is 34% more expensive than the national average. Breaking this down into categorized expenses gives a better picture of how you will spend your money to live in this mountainous state. For a single person living in Colorado, the average monthly cost is $2,061, meanwhile, a family of four should expect to spend an average of $4,703 each month. The Overall Cost of Living in ColoradoĬolorado is an expensive state, which may be surprising to a lot of people. Photo: Katie WheelerĪlthough averages will fluctuate based on where you’re living in the state, the most important expenses to take into consideration are real estate (buying and renting), utilities, food budget, transportation, healthcare, and state taxes. Colorado flags hanging in Downtown Denver. According to Colorado’s Office of Economic Development and International Trade, the state’s overall cost of living is 12% higher than the national average and is increasing yearly.
Especially, since Colorado’s high quality of life comes with a hefty price. There are, however, some newcomers who would prefer a quieter life in the state’s mountain towns and Eastern Plains.įor those who are hoping to become future residents, being aware of the cost of living can help you plan your move. As thousands more flock to Colorado’s Rocky Mountains and the Front Range, the state’s 1.85% annual growth rate has remained steady.ĭrawn to this Western state because of the outdoor and healthy living lifestyles, the most popular places to live are cities situated along the Front Range. Colorado is one of the fastest-growing states in the US with the population increasing to 5.8 million residents between 20 (14.8%).
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