In recent years, Colorado has become an increasingly popular place to relocate. With a gorgeous landscape, a booming economy, and a nearly endless list of exciting things to do, its not hard to imagine why so many people are interested in moving to the Centennial State. Before considering to make the move yourself, you should read our guide to learn more about the cost of living in Colorado. While researching the cost of living in Colorado, you should also consider reviewing our tips on buying a house in Colorado. Before making such an important decision, its important to understand local rules and regulations. Our blog on where to live in Colorado can help clarify which areas are right for you and your family.
Learn More About the Cost of Living in ColoradoWhether youre interested in purchasing property in Colorado for a permanent home or as a vacation property, its important to have a full understanding of the cost of living in Colorado. Since 2011, the prices of homes have steadily increased, demonstrating the accelerating value of property in the area. Along with increased property costs comes increased rental value, so if you plan on purchasing a vacation home, it would be beneficial to consider renting out the home for an additional source of income.
Rental Prices, Utilities, and Average SalaryA number of factors are used to calculate the average cost of living in Colorado, including median salaries, the price of groceries, and healthcare cost amongst others. Though healthcare expenses appear to be about 2% higher than the national average, according to ChooseColorado.com, the typical household income is 13% above the US average. While you might be bringing in more money, you also would be paying less in utilities. Named the Second Least Expensive State for Energy by WalletHub in 2016, Colorado ranks 7% below the national average for utilities. Though many of these factors fall below the rest of the country, the state is about 12% more expensive than the entire US. However, the cost of living in Colorado vs. California is still 5% cheaper on a national average. SmartAsset.com has also determined that Colorado property taxes are some of the lowest in the country.
Where to InvestOnce youve decided to invest in a Colorado property, youll want to make sure you choose the best location. While Denver is one of the most popular areas, the city is expensive, so purchasing a home in one of the surrounding mountain towns is a great option. When you buy property in Grand County, youll be little more than an hour from Denver and right near some of the states best skiing, snowmobiling, and hiking. The following towns are included in the beautiful region of Grand County:
- Winter Park
- Grand Lake
- Hot Sulphur Springs