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

How Useful is Colorado Cost of Living

The cost of living in Colorado is broadly influenced by factors like housing, transportation, groceries, utilities, healthcare, and other miscellaneous expenses. It is important to note that the cost of living in Colorado can be higher or lower depending on the city or town where you choose to reside. For instance, Denver, the state’s capital and largest city, is known to have a higher cost of living compared to other areas like Boulder or Colorado Springs.

One of the notable factors that contribute to the cost of living in Colorado is housing. The real estate market in Colorado has been experiencing significant growth in recent years, leading to an increase in property prices and rental rates. This can make it challenging for individuals and families to find affordable housing options, especially in metropolitan areas like Denver or Fort Collins.

Transportation is another aspect that should be considered when evaluating the cost of living in Colorado. The state is known for its vast landscapes and scenic drives, but owning a car or using public transportation can be costly for some residents. Depending on where you live and work, commuting expenses like gas, maintenance, insurance, and parking fees can add up quickly and impact your overall budget.

Groceries and utilities are essential expenses that can also vary based on your location in Colorado. Prices for food and essential items may be higher in urban areas compared to rural communities. Additionally, utilities like electricity, water, heating, and cooling costs can fluctuate based on the season and your household’s energy usage.

Healthcare costs are another significant factor to consider when assessing the cost of living in Colorado. While the state has a reputation for excellent medical facilities and providers, healthcare expenses can be a burden for individuals and families without adequate insurance coverage. High deductibles, out-of-pocket costs, and prescription medications can quickly add up and put pressure on your finances.

In conclusion, the cost of living in Colorado is a complex and multifaceted issue that should be carefully evaluated before making any decisions about where to live. It is crucial to consider all the factors that influence your overall expenses and budget, such as housing, transportation, groceries, utilities, healthcare, and other miscellaneous costs. By understanding the cost of living in Colorado, you can make informed choices that align with your personal financial goals and priorities.

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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