Colorado is one of the most desirable places in the U.S. to live. 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. If youve ever visited, you understand. Most people who have been to Colorado end up wanting to live here at some point in time. So, what factors should you consider? The cost of living in CO, where you should live, what type of lifestyle you want, and how much you want to spend are all great things to factor into your decision. Heres what you need to know about making the move to CO.
The Cost of Living in CO: Comparisons Between Cities
Its important to know which city youd like to aim for when considering a move to Colorado. The cost of living in CO can vary. Though it is generally above the national average in most categories, that doesnt mean it is unaffordable. Here are a couple of cities to consider when researching the cost of living in CO. According to market research, if 100 is the National Average:
|Cost of Living Indexes||Colorado as a Whole||Winter Park||Colorado Springs||Denver||Breckenridge||Boulder||Vail|
*Research from Sperlings Youll find that housing is the largest differential in the chart, with Vail being the most expensive and Colorado Springs being the least expensive. While this chart doesnt tell the whole story, (for example, certain cities may be more expensive because they are in more desirable locations) it paints a pretty clear picture that where you live in Colorado matters.
Learn More About the Cost of Living in Colorado
Whether 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 Salary
Several 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 transportation and housing costs are 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, as Colorado was named the Second Least Expensive State for Energy by WalletHub in 2018. SmartAsset.com has also determined that Colorado property taxes are some of the lowest in the country. Additionally, Colorado is a flat-tax state, meaning that it has a fixed income tax of 4.63%, regardless of income.
Where to Invest
Once 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. Grand County is representative of the most attractive lifestyles Colorado has to offer: excellent skiing, breathtaking natural beauty, and charming mountain towns filled with plenty of things to do are all within your reach here. Each community provides lively, active lifestyles with their proximity to the mountains, resorts, outdoor activities, and sports. At the same time, Winter Park is the second most affordable major mountain town on our list, and several of the surrounding towns are even more affordable. Additionally, the population of Winter Park is far less at just over 1,000, versus the hundreds of thousands in some of the other cities. That means you wont have to deal with as much crowding, as population density is also much lower. When you buy property in Grand County, youll be a 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 (128.3 overall cost of living)
- Fraser (112.4 overall cost of living)
- Tabernash (151.9 overall cost of living)
- Granby (107.2 overall cost of living)
- Grand Lake (125.6 overall cost of living)
- Hot Sulphur Springs (103.6 overall cost of living)
- Parshall (115.9 overall cost of living)
- Kremmling (104.6 overall cost of living)
A Clearer Perspective for Prospective Colorado Homebuyers
With this information in hand, prospective new Coloradans can make a more precise home-buying decision when it comes to lifestyle choices. If youre in need of more information, Real Estate of Winter Park is here to help! Check out our analysis of the market and see for yourself the profound advantage of living in Grand County. Be sure to also read about buying a home in Colorado or buying an investment property here. And, when it comes time for you to buy, you can trust us to guide you to the perfect new home for you and yours. Dont hesitate to contact us today to get the ball rolling!