How much does it cost to live in Colorado?
The cost of living in Colorado is relatively affordable compared to other states. The median home price in Colorado is $360,000, and the median rent price is $1,600. The cost of living in Colorado is 8.4% below the national average.
If you’re thinking about moving to Colorado, it’s important to factor in the cost of living. Here’s a breakdown of some common expenses in the state so you can get a better idea of what you’ll be paying for if you make the move.
Housing Costs
The median home price in Colorado is $360,000, and the median rent price is $1,600. If you’re looking to buy a home in the state, you can expect to pay around $2,500 in monthly mortgage payments. For renters, the average monthly rent price in Colorado is $1,600.
Utilities
The average monthly utilities bill in Colorado is $140. This includes costs for electricity, gas, water, and trash service.
Transportation Costs
If you have a car, the average monthly gasoline bill in Colorado is $100. If you don’t have a car or prefer not to use one, public transportation costs around $60 per month.
Food Costs
The average monthly grocery bill for a family of four in Colorado is $800. This includes costs for staples like bread, milk, meat, and produce.
Childcare Costs
If you have young children and need to enroll them in daycare or preschool, you can expect to pay around $1,200 per month for those services.
The cost of living in Colorado is relatively affordable compared to other states. The median home price is $360,000, and the median rent price is $1,600. The cost of living in Colorado is 8.4% below the national average.
When budgeting for your move to Colorado, be sure to factor in common expenses like housing, utilities, transportation, food, and childcare costs. By doing so, you’ll be better prepared financially for your new life in the Centennial State!