Understand the cost of living in Colorado including housing, taxes, insurance, and everyday expenses. Compare Colorado costs to the national average.
Colorado has a cost of living index of 105, where 100 represents the national average. This means living in Colorado is 105 percent of the national average cost. The median household income in Colorado is $82,250, which should be weighed against local expenses.
Housing is typically the largest expense for Colorado residents. The median home price is $525,000, with property taxes averaging 0.49% and home insurance at $2,600 per year. Renters also face costs influenced by the state's overall cost of living index of 105.
Colorado residents pay a top income tax rate of 4.4%, a sales tax of 2.9%, and property taxes of 0.49%. These tax rates play a major role in the overall cost of living and your household budget.
Auto insurance in Colorado averages $2,100 per year, which is a significant ongoing expense. Combined with fuel, maintenance, and commuting costs, transportation can account for a notable portion of the Colorado household budget.
With a cost of living index of 105, Colorado ranks among states that are 105 percent of the national average. The median income of $82,250 and median home price of $525,000 provide useful benchmarks for comparison. Use CalcHubb's cost of living calculator to compare Colorado with any other state.
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