Colorado Cost Of Living Statistics


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Colorado Cost Of Living Statistics 2023: Facts about Cost Of Living in Colorado reflect the current socio-economic condition of the state.

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LLCBuddy editorial team did hours of research, collected all important statistics on Colorado Cost Of Living, and shared those on this page. Our editorial team proofread these to make the data as accurate as possible. We believe you don’t need to check any other resources on the web for the same. You should get everything here only 🙂

Are you planning to start a Colorado LLC business in 2023? Maybe for educational purposes, business research, or personal curiosity, whatever it is – it’s always a good idea to gather more information.

How much of an impact will Colorado Cost Of Living Statistics have on your day-to-day? or the day-to-day of your LLC Business? How much does it matter directly or indirectly? You should get answers to all your questions here.

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Top Colorado Cost Of Living Statistics 2023

☰ Use “CTRL+F” to quickly find statistics. There are total 22 Colorado Cost Of Living Statistics on this page 🙂

Colorado Cost Of Living “Latest” Statistics

  • In Colorado, at-home food costs increased by 10.8%, while the price of meat and other protein increased by 14.3%, and the price of dining out increased by 87%.[1]
  • In 2019 and 2020, the difference between Colorado Springs and Denver’s cost of living was 10% percentage points on average.[2]
  • 88% of the 2,985 Coloradans polled on a survey regarding the rising expenses felt that the issue of the growing cost of living was either very significant or very serious.[1]
  • Groceries are 11% below average in Westminster and 11% over average in Grand Junction compared to the national average.[3]
  • The municipality of Pueblo’s cost of living dropped below the national average in contrast to other parts of Colorado, coming in at 93.4%.[2]
  • According to in 2018, the yearly cost per motorist in Colorado for road repairs and maintenance is $515 statewide. [4][4]
  • The second quarter saw a decrease in the council’s cost of living index for Denver, which was only 4.8% percentage points more than the index for Colorado Springs and 112.6% of the national average.[2]
  • According to the AAA gas-price tracker, Colorado’s average gallon of regular gas cost $4.49 on Fridays.[1]
  • According to Healthsmarket.com, the average monthly cost of medical insurance in Colorado without subsidy is $438.[4]
  • According to official statistics, average hourly wages in Colorado increased by 10% from the previous year, but so did the cost of meat, eating out, fuel, and electricity.[1]
  • Food costs soared by 98% while energy prices increased by 24.7%, mostly due to a spike in the cost of gasoline.[5]
  • Colorado is one of the ten biggest U.S. states, although its cost of living differs considerably from the national average by anywhere between 4% and 14%.[3]

Colorado Cost Of Living “Price” Statistics

  • The Colorado Association of Realtors reports that the median price of a home for sale is now $100,000 higher than it was a year ago.[1]
  • Zillow estimates that the median price of a property in Colorado at the start of 2022 will be $58,634, representing an increase of more than $150,000 over the previous two years.[4]
  • Colorado Springs had a 5.1% increase in new home prices from the first quarter to $438,742, which is roughly twice as fast as the national average.[2]
  • According to the Bureau of Labor Statistics data, prices for goods and services in Colorado have increased to 9.8% since April 2021.[1]

Colorado Cost Of Living “Be” Statistics

  • In December 2021, 40% of Colorado’s energy came from renewable sources which is an increase of 30% in 2020.[3]
  • It is anticipated that between 2010 and 2025, the yearly number of retirees in Colorado would increase by 74%.[6]

Colorado Cost Of Living “Living” Statistics

  • With a 4% increase above the national average, Westminster reflects the majority of Colorado’s cities in terms of living expenses in general.[3]
  • According to the Council for Community and Economic Research, the local cost of living index reached a record of 107.8% of the national average in the second quarter, up a full percentage point from the first quarter.[2]

Colorado Cost Of Living “Go” Statistics

  • The Colorado Association of Realtors reports that the median price of a home for sale is now $100,000 higher than it was a year ago.[1]
  • According to Bureau of Labor Statistics inflation data, prices for goods and services have increased 9.8% since April 2021 in the mountain area, which includes Colorado.[1]

Also Read

  • New Jersey Cost Of Living Statistics
  • New Mexico Cost Of Living Statistics
  • New York Cost Of Living Statistics
  • North Carolina Cost Of Living Statistics
  • North Dakota Cost Of Living Statistics
  • Oklahoma Cost Of Living Statistics
  • Oregon Cost Of Living Statistics
  • Pennsylvania Cost Of Living Statistics
  • Rhode Island Cost Of Living Statistics
  • South Carolina Cost Of Living Statistics
  • Tennessee Cost Of Living Statistics
  • Texas Cost Of Living Statistics
  • Utah Cost Of Living Statistics
  • Vermont Cost Of Living Statistics
  • Virginia Cost Of Living Statistics
  • Washington Cost Of Living Statistics
  • West Virginia Cost Of Living Statistics
  • Wyoming Cost Of Living Statistics
  • District of Columbia Cost Of Living Statistics

How Useful is Colorado Cost of Living

One of the key factors contributing to Colorado’s high cost of living is its housing market. As the population of the state continues to grow, so does the demand for housing. This has led to a surge in home prices, making it increasingly difficult for residents to afford quality housing. Rent prices have also skyrocketed, forcing many individuals and families to dedicate a significant portion of their income to housing costs.

In addition to housing, the cost of everyday goods and services in Colorado can also be steep. Groceries, utilities, and healthcare expenses all tend to be higher in the state compared to national averages. For those on a fixed income or with lower-wage jobs, these costs can quickly add up and create a financial strain.

Despite these challenges, many argue that the high cost of living in Colorado is worth it for the state’s many offerings. With its endless outdoor recreational opportunities, thriving arts and culture scene, and strong job market, Colorado remains an attractive destination for individuals and families looking to build a life in a dynamic and forward-thinking community.

Furthermore, the higher cost of living in Colorado can be seen as a reflection of the state’s economic success. The state consistently ranks among the top in terms of job growth and economic prosperity, which can drive up costs in housing and other sectors. For many residents, the trade-off of paying more to live in a state with a strong economy and ample job opportunities is well worth it in the long run.

Ultimately, the usefulness of Colorado’s cost of living depends on individual circumstances and priorities. For some, the state’s high cost of living may be a major deterrent, especially for those on a tight budget or looking to stretch their dollars. For others, the benefits of living in Colorado – from its natural beauty to its economic opportunities – may outweigh the financial challenges.

In conclusion, while the cost of living in Colorado may present some challenges, it is ultimately a reflection of the state’s desirability and economic success. As the state continues to grow and evolve, it will be important for policymakers to address the affordability concerns of residents while also maintaining the state’s vibrancy and economic prosperity.

Reference

  1. coloradosun – https://coloradosun.com/2022/06/04/colorado-economy-cost-of-living-inflation/
  2. gazette – https://gazette.com/business/colorado-springs-cost-of-living-sets-record-for-second-straight-quarter-cost-advantage-over-denver/article_20fd8106-0a8a-11ec-8193-cf9457046cd0.html
  3. ramseysolutions – https://www.ramseysolutions.com/real-estate/cost-of-living-in-colorado
  4. hashtagcoloradolife – https://hashtagcoloradolife.com/cost-of-living-in-colorado/
  5. bls – https://www.bls.gov/regions/mountain-plains/news-release/consumerpriceindex_denver.htm
  6. seniorliving – https://www.seniorliving.org/colorado/

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