The average cost of living in Colorado is $2,432.43 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 mountain 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!
University of Northern Colorado (Oct 2021)
Methodology
The main data collection source for this article is Numbeo for the city of Denver and trusted city-related websites, including RTD Denver and Colorado Dept. of Revenue. The costs presented are estimates and pertain to an individual living alone on a monthly basis.
Cost of Living in Colorado – 2024
Housing costs in Colorado
Colorado has more than 2.5 million housing units, so the state offers plenty of options. For the beauty that Colorado offers, the housing costs are relatively fair. Learn more below.
Cost of rent in Colorado
|
Area/Neighborhood |
1-bed apartment |
3-bed apartment |
|
Denver (Outside of Center) |
$1,645.50 |
$2,964.00 |
Cost of buying a property in Colorado
|
Area/Neighborhood |
Average home price |
|
Colorado |
$562,400 |
Utility costs in Colorado: Internet, electricity and water
Whether you’re a homeowner or renting, managing utility expenses is a necessary part of living in Colorado. The state’s heating costs have recently peaked in 2023 as most households use gas. Given the cold winters, it’s crucial to budget effectively to ensure your home stays comfortably warm during the chilly months.
|
Utilities |
Cost |
|
Basic (Electricity, Heating, Cooling, Water, Garbage) for 915 sq ft Apartment |
$183.72 |
|
Internet (60 Mbps or More, Unlimited Data, Cable/ADSL) |
$77.34 |
|
Total |
$261.06 |
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Grocery costs in Colorado
Colorado is known for its health-conscious population, with many residents following various dietary preferences, including vegan and gluten-free diets. Fortunately, when it comes to grocery shopping, Colorado offers affordability. Everyday essentials like eggs, milk, and bread are priced comparably to the national average, ensuring that residents can maintain their dietary choices without breaking the bank.
|
Grocery items in Colorado |
Cost |
|
Milk (regular), (1 gallon) |
$3.99 |
|
Loaf of Fresh White Bread (1 lb) |
$3.70 |
|
Rice (white) (1 lb) |
$2.55 |
|
Eggs (regular) (12) |
$5.50 |
|
Local Cheese (1 lb) |
$6.10 |
|
Chicken Filets (1 lb) |
$6.14 |
|
Beef Round (1 lb) |
$7.59 |
|
Apples (1 lb) |
$2.36 |
|
Banana (1 lb) |
$0.71 |
|
Oranges (1 lb) |
$2.26 |
|
Tomato (1 lb) |
$2.28 |
|
Potato (1 lb) |
$1.24 |
|
Onion (1 lb) |
$1.29 |
|
Lettuce (1 head) |
$1.96 |
|
Bottle of Wine (Mid-Range) |
$16.49 |
|
Domestic Beer (0.5 liter bottle) |
$1.81 |
|
Imported Beer (12 oz small bottle) |
$3.31 |
Public transit 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.
|
Type of fare |
Rate |
|
Single ticket |
$3.00 |
|
10-Ride Ticket Book |
$28.00 |
|
Weekly pass |
$47.00 |
|
Monthly pass |
$114.00 |
Entertainment costs in Colorado
Colorado offers its residents a wealth of outdoor activities such as skiing, snowboarding, and hiking. Also, the state offers plenty of activities for active retirees. According to Numbeo.com data, the entertainment costs in Colorado are as follows.
|
Entertainment in Colorado |
Cost |
|
Mid-range restaurant meal |
$37.50 |
|
Taxi 1h |
$26.25 |
|
1 cinema ticket |
$14.00 |
|
Total |
$77.75 |
Sales tax in Colorado
Colorado’s sales tax is set by the state at 2.9%.
Colorado Dept. of Revenue (Sept 2023)
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.
|
Type of healthcare |
Cost |
|
Employer-sponsored health insurance |
$123.58 |
|
Non-employer-sponsored health insurance (average cheapest) |
$174.33 |
|
Gym |
$57.00 |
Numbeo (Sept 2023) & EHealthInsurance (Sept 2023)
Conclusion
Moving to Colorado is not so challenging because the cost of living in Colorado is quite affordable. And, if rightly budgeted, you can live in Colorado in no time. If you’re moving to Colorado, first, calculate the average cost of living in Colorado, as mentioned in the table below:
|
Category |
Monthly cost |
|
1 bed apt rent outside city center |
$1,645.50 |
|
Groceries Numbeo’s grocery list ($69.28 multiplied by 4) |
$277.12 |
|
Utilities Electricity, heating, cooling, water, garbage |
$183.72 |
|
Internet with 60 Mbps |
$77.34 |
|
Transit pass |
$114.00 |
|
Entertainment Meal, taxi, movie |
$77.75 |
|
Gym membership |
$57.00 |
|
Total |
$2,432.43 |
