Colorado - How Much Does It Cost to Live in Colorado?

How Much Does It Cost to Live in Colorado?

What is the average cost of living in Colorado ? 

 

The average cost of living in Colorado is $3,133.49 per month

For many people, Colorado has become one of the most desirable places to reside. The beautiful views of the city and hospitable culture of Colorado have tempted many new residents. As a result, Colorado is growing at a rapid pace. Between 2010 and 2020, the state’s population grew 14.8% to 5.8 million residents.This makes the square state the 7th fastest growing state in the country. 

In this article, we have covered everything you need to know before moving to Colorado. The mixture of pleasant weather, beautiful views, better employment, and friendly people is the primary reason for migration. Read on to find out everything you need to know about the cost of living in Colorado!

(*North American, Complete Colorado & Hashtag Colorado Life)

Cost of living in Colorado - 2022

Housing cost in Colorado

Colorado has more than 2.4 million housing units, so the state offers plenty of options. But the housing cost in Colorado is relatively high. According to Zillow, the median price for a home in Colorado at the beginning of 2022 was $589,634 (an increase of more than $150,000 in the past two years). And prices are expected to continue rising in the next few years.

Below is the list of the rental prices of some famous cities in Colorado:

CITY

STUDIO

1 BEDROOM

2 BEDROOM

3 BEDROOM

4 BEDROOM

DENVER

$1,489

$1,730

$2,302

$2,760

$2,967

COLORADO SPRINGS

$1,075

$1,197

$1,475

$2,122

$2,441

FORT COLLINS

$1,045

$1,212

$1,449

$2,122

$2,375

BOULDER

$1,147

$1,625

$2,047

$2,850

$3,705

GREELEY

$815

$1,166

$1,285

$1,489

$2,247

Below is the list of the housing costs to buy an apartment in some famous cities in Colorado:

APARTMENT

PRICE PER SQUARE METER

Price per Square Feet to Buy Apartment in City Center

$500.38

Price per Square Feet to Buy Apartment Outside of Center

$304.49

 

CITY

MEDIAN COST 

Denver

$569,007

Colorado Springs

$440,499

Fort Collins

$507,628

Boulder

$708,602

Greeley

$473,711

Since Colorado is a vast state, the home prices may vary greatly depending on the location.

What is the average rent cost for a 1-bedroom apartment in Colorado?

The median rent for a 1-bedroom apartment in the city is $1,943.00 per month.

Utility cost in Colorado: Internet, electricity & water

Whether you own a house or pay the rent, you must cover the utility cost. The utility cost in Colorado is higher than in the rest of the United States. And since it gets bone chilling in Colorado, one needs to have enough budget to keep the heat pumping in the winter. 

The average basic utility package that includes heating, electricity, water, and garbage in some famous cities of Colorado is as follows:

UTILITIES

COST PER MONTH IN DIFFERENT CITIES IN COLORADO

 

DENVER

COLORADO SPRINGS

FORT COLLINS

BOULDER

GREELEY

Basic (Electricity, Heating, Cooling, Water, Garbage) for 915 sq ft Apartment

$141.68

$171.66

$142.70

$158.79

$190.00

Internet (60 Mbps or More, Unlimited Data, Cable/ADSL)

$71.00

$75.00

$59.97

$65.27

$67.69

(*Numbeo)

What is the average cost of utilities in Colorado?

 

The average cost of utilities (Internet, electricity & water) in Colorado is $335.00 per month.

Grocery cost in Colorado

Colorado is a very healthy state, with many of us eating restricted diets ranging from vegan to gluten-free. The grocery cost in Colorado is relatively affordable. The prices of everyday food products such as eggs, milk, and bread are similar to what you find in the rest of the United States.

According to Numbeo.com data, the average grocery cost in some famous cities of Colorado is as follows:

GROCERY

COST PER MONTH in DIFFERENT CITIES OF COLORADO

 

DENVER

COLORADO SPRINGS

FORT COLLINS

BOULDER

GREELEY

Milk (regular), (1 gallon)

$3.80

$3.27

$3.47

$3.65

$2.79

Loaf of Fresh White Bread (1 lb)

$3.52

$2.79

$2.82

$3.93

$2.75

Rice (white), (1 lb)

$2.28

$1.70

$2.42

$1.68

$1.12

Eggs (regular) (12)

$3.00

$4.00

$2.79

$5.23

$3.40

Local Cheese (1 lb) 

$5.37

$4.99

$6.83

$7.75

$4.00

Chicken Filets (1 lb)

$6.49

$4.50

$6.00

$12.60

$7.00

Beef Round (1 lb) (or Equivalent Back Leg Red Meat)

$7.01

$5.87

$9.00

$9.33

$4.83

Apples (1 lb)

$2.50

$2.69

$3.05

$2.09

$2.83

Banana (1 lb)

$0.72

$0.84

$0.72

$1.02

$0.71

Oranges (1 lb)

$1.91

$2.05

$1.82

$2.25

$2.75

Tomato (1 lb)

$2.06

$2.08

$1.50

$1.04

$1.75

Potato (1 lb)

$1.08

$1.06

$1.17

$0.91

$1.85

Onion (1 lb)

$1.17

$1.31

$1.08

$1.01

$1.45

Lettuce (1 head)

$1.73

$1.91

$2.33

$2.36

$1.50

Water (1.5-liter bottle)

$2.04

$2.26

$2.43

$2.55

$1.34

Bottle of Wine (Mid-Range)

$16.00

$14.00

$14.00

$15.00

$13.50

Domestic Beer (0.5-liter bottle)

$2.75

$4.09

$4.36

$4.57

$1.43

Imported Beer (12 oz small bottle)

$3.17

$3.73

$4.00

$1.91

$1.82

Average Grocery Cost Per Person Per Month in Colorado

$332

However, the food costs may vary depending on your area.

(*Numbeo & Sofi)

What is the average cost of groceries for 1 person in Colorado?

 

The average cost of groceries for 1 person in Colorado is  $332.00 per month.

Public transport in Colorado

Public transport in Colorado is widely available. For example, Colorado’s Regional Transportation District (RTD) offers bus, rail, and light rail services to Denver, Boulder, and nearby cities. Also, the gas prices in Colorado City are pretty affordable

According to Numbeo.com, the average price of gas in Colorado starts at $4.90 for regular and goes up to $5.53 for premium gasoline.

Below is the list of public transport cost comparisons between some famous cities in Colorado:

TRANSPORTATION

COST PER MONTH IN DIFFERENT CITIES IN COLORADO

 

DENVER

COLORADO SPRINGS

FORT COLLINS

BOULDER

GREELEY

MetroCards costs (single ride)

$3.00

$1.62

$2.50

$2.50

$3.50

MetroCards Cost (Per Month)

$114.00

$36.00

$25.00

$145.00

$45.00

Taxi Start (Normal Tariff)

$2.50

$3.67

$3.50

$2.50

$7.50

Taxi 1 mile (Normal Tariff)

$2.25

$2.75

$2.25

$2.250

$4.00

Volkswagen Golf 1.4 90 K.W. Trendline (Or Equivalent New Car)

$28,000.00

22,000.00

$30,999.50

$35,750.00

$24,000.00

Toyota Corolla Sedan 1.6l 97kW Comfort (Or Equivalent New Car)

$23,384.83

$22,875.00

$22,741.00

$23,283.00

$22,200.00

Gasoline (1 Gallon)

$4.57

$4,65

$4.47

$4.61

$4.47

(*Numbeo & Grand Valley Transit)

What is the cost of a MetroCard for 1 person in Colorado?

The MetroCard monthly pass price in Colorado is $45.00 in 2022.

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Entertainment costs in Colorado

Colorado offers its residents a wealth of outdoor activities such as skiing and snowboarding. Also, the states offer plenty of activities for active retirees. According to Numbeo.com data, the entertainment costs in Colorado are as follows.

ENTERTAINMENT

COSTS IN DIFFERENT CITIES IN COLORADO

 

DENVER

COLORADO SPRINGS

FORT COLLINS

BOULDER

GREELEY

Meal, Inexpensive Restaurant

$18.00

$20.00

$11.00

$20.00

$16.00

Taxi 1-hour Waiting (Normal Tariff)

$26.25

$20.00

$11.00

$25.00

$9.00

Cinema, International Release, 1 Seat

$14.00

$12.00

$10.00

$15.00

$11.50

 (*Numbeo  & Taxi Calculator)

What is the average cost of entertainment in Colorado?

 

The average cost of entertainment in Colorado is $51 per month. 

Healthcare costs in Colorado

Healthcare is an essential expense. Therefore, we always include healthcare costs in our budget when moving to any place. The healthcare cost in Colorado is affordable; however, the prices vary among the wide selection of health plans. 

The healthcare costs in Colorado are as follows:

HEALTHCARE

COST

Employer-Sponsored Healthcare for one person per month

$737.88

Employer-Sponsored Healthcare for a family of four per month

$1,355.06

Non-Employer-Sponsored Healthcare for one person

$369 

Non-Employer-Sponsored Healthcare Couple with at least one child

$1,300

Fitness Club, Monthly Fee for 1 Adult

$69.76


(*Numbeo, eHealth, RMHP.org & DHR Colorado)

What is the average cost of a gym membership in Colorado? 

 

The average cost of a gym membership in Colorado is $69.76 per month. 

Sales tax in Colorado

No matter what state we live in, we all follow the same format regarding income taxes. Colorado has a flat income tax of 4.55%, according to the Tax Foundation’s State Individual Income Tax Rates and Brackets for 2021 

(*Sofi)

Conclusion

Moving to Colorado is not so challenging because the cost of living in Colorado is affordable. And, if rightly budgeted, you can live in Colorado in no time. First, calculate the average cost of living in Colorado, as mentioned in the table below:

Average monthly cost of living in Colorado

Illustrations-Mes changements d’adresse (1)

Category

Description

Cost

Housing

Average rent price for a 1 bedroom apartment (Manhattan) + Employer-Sponsored Healthcare for one person + Average utilities cost

$1,489 + $737.88 + $264

Transportation

Metro Pass (1 month)

$45.00

Food

Regular grocery basket for one person

$66.60

Internet

Internet (60 MPs or More, Unlimited Data, Cable/ADSL)

$71.00

Entertainment (for 1 time only)

Meal Inexpensive restaurant + Cinema, International Release, 1 Seat + Taxi 1-hour Waiting

$18.00 + $26.25 + $14.00

Health and Fitness

Fitness Club, Monthly Fee for 1 Adult

$69.76

Average Grocery Cost

Per Month, Per Person

$332.00

Total

Sum

$3,133.49

Note: The cost mentioned above may vary; for instance, if you live with someone, your cost will be considerably low. Also, if you have a family, you will need to add the cost of each family member. The price may also vary depending upon the area you select to live in.

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