How Much Does a Family of 3 Need to Live on in Colorado
If you lot have kept upwards with the Colorado Springs housing market over the past year, you have likely noticed dramatic price increases for single-family homes and increased competition between buyers. How has the cost of living in Colorado Springs Co been afflicted? Colorado Springs houses are selling for 15% more they were this time concluding twelvemonth, according to an article in 5280. And CPR reports that the median abode value in August was $450,000—up from $432,000 just 3 months before. Add that Colorado Springs nada codes 80916 and 80911 have been named the hottest nix codes in the country for the past ii years, and yous may be thinking—tin can I afford to purchase a habitation in Colorado Springs? But is Colorado Springs actually that expensive? Certainly non compared to Denver where the median home price sits at $535,000. In this article, we'll break down the toll of living in Colorado Springs compared to the remainder of the land. And, peradventure more importantly, cost vs. value of Colorado Springs living. Colorado is certainly not the cheapest country to settle downwardly in, but few of united states cull our dwelling or community based on price alone. We want to alive in an area that aligns with our hobbies and lifestyle, where nosotros can build community, AND that fits our budget and financial goals. Colorado Springs ranks on several lists of the best places to live in the U.Southward., including ranking #2 on Cinch Home Services data analysis on "virtually desirable places to alive." This is no surprise to about of us. What's not to beloved about peachy weather, depression crime, and a killer view of Pikes Acme from almost anywhere in the metropolis? A major depict for people moving to Colorado is the beautiful scenery and an active lifestyle. El Paso Canton, where Colorado Springs is located, boasts over 8,000 acres of parks and open spaces with 130 miles of hiking and biking trails. If you venture a fleck outside of city limits, Colorado has much to offer in terms of country parks, national parks, and national forests. A few local favorites include Eleven Mile Country Park, Mueller State Park, Rocky Mountain National Park, and San Juan National Forest. Hiking 14ers is also a bit of a state sport. In addition to existence nestled at the base of Pikes Pinnacle (Colorado's well-nigh famous 14er), Colorado Springs is inside a two-hour bulldoze of several other impressive peaks. Parks and trails offer plenty of free and low-toll activities for Colorado Springs residents, including camping ground, fishing, kayaking, and more. Depending on your choice of activity, you may accept to invest in equipment, merely after the up-front costs are taken care of, you can relish years of entertainment for free. Due in large role to an abundance of outdoor activities, Colorado Springs is ranked every bit the 44th healthiest city in the Us on Niche.com. Colorado Springs is habitation to the Olympic Training Center and Olympic museum but besides features a rich local history and budding nightlife. You can bank check out our article on Colorado Springs museums to explore the Springs' varied offering of exhibits on science, art, and local history. Colorado Springs also features a number of concert venues, including the Black Sheep, World Arena, and the Pikes Height Center, where you tin can bask performances from modest indie bands and earth-class musicians. Craft cocktail bars, quality local restaurants, and craft breweries also go on to pop upwards around the city, concentrated primarily in the downtown region, only spreading to the n and e regions of the city. Though yous may not feel the need to venture out of the Springs often, residents enjoy exploring nearby cities like Denver, Fort Collins, and Bedrock. Take hold of an off-Broadway show at Denver'south Buell Theater or visit the Colorado location of the legendary bar, Death & Co. Many locals even choose to alive in the Springs and commute to Denver due to its shut proximity. Cost of living refers to how much of an individual'due south income volition get toward basic necessities like food, housing, childcare, transportation, article of clothing, etc. Y'all tin likewise retrieve of cost of living as how far your dollar will stretch in a given region. Near cost of living indexes prepare a base cost of living represented past 100. This base of operations cost could be equivalent to the toll of living in a specific metropolis, like Chicago or Detroit, or could be an average of several metro areas. An index score of 85, for example, would indicate that the urban center is 15% cheaper to alive in than the base city. Several organizations, like ACCRA COLI and the Economical Policy Institute, conduct economic inquiry to compile cost of living indexes based on the national average. (You can read about ACCRA COLI's methodology here.) In ACCRA COLI'due south report, New York City has the highest cost of living for whatsoever U.S. urban area at 239.3, and Kalamazoo, MI has the everyman at 76.5. Colorado Springs scores 109.1 on the Cost of Living alphabetize, pregnant that information technology is slightly to a higher place average, but nevertheless significantly lower than other major Colorado cities. (Denver has a cost of living index of 114.7). Before addressing the basic cost of living, let'southward hash out the average income in Colorado Springs. According to Census.gov, the boilerplate median household income for Colorado Springs in 2019 was around $65,000. This is slightly beneath the national median of $67,500, which tin make it difficult for some Springs' households to make a living wage. If y'all know your gross income, Smart Asset offers a Colorado paycheck calculator that can judge your have-habitation monthly income afterward taxes. When used in conjunction with EPI'southward family budget reckoner, the paycheck reckoner volition requite you a fairly accurate flick of how much you lot would need to make to maintain your desired standard of living in Colorado Springs. The Springs is home to a number of tech companies and government contracting entities. An boilerplate salary in one of these industries is typically well above the median, so exist certain to factor in your prior work experience and typically salaries in your field when estimating your income. At present let's break downwards the cost of living categories. Housing costs are going to exist your largest cost of living expenditure in any region of the country, and Colorado Springs is no exception. Colorado Springs has a score of 117.3 on the housing category of the cost of living index but has lower rates in the other categories, including utilities that bring downward the overall boilerplate. While the median domicile sales price in Colorado Springs is higher than the national median sales toll, it is at the lower end within the Land of Colorado. Colorado Springs is located in El Paso County which ranks in the lower end for the State of Colorado. Pitkin, County takes the number ane spot with a whopping $5,250,000 median sales price. Every bit discussed in the introduction, the Springs housing market is booming. The median cost for a single-family unit home sits at around $450,000, and it's rare to find a listing under $250,000. That existence said, Colorado Springs is still 1 of the virtually affordable urban areas in Colorado. According to the Colorado Association of Realtors, the statewide median is $525,000 with Denver and Boulder topping the charts for highest home prices. Colorado Springs tin can also take higher than average rates for homeowners insurance due to the hazard of hail damage in the summertime, which can outcome in the demand to supplant damaged roofs and/or windows. Colorado Springs Utilities is predicting an increase in the price of utilities for the month of November, estimating that the average household will spend nearly $290 for electricity, gas, and water for the month of November, which is however well below the national average of $370 per calendar month. These numbers will fluctuate based on individual usage and season. If your home is equipped with ac, you will probable spend more on electricity during the summer months, besides as h2o for your 1000. Gas rates will increase in the winter due to the toll of heating your dwelling house. Both Colorado Springs Utilities and Mountain View Electric Clan offer rebates for home improvements that increase energy efficiency, however. And there are utility assistance programs available for lower-income families. Depending on the neighborhood that you lot choose to live in, y'all may also owe HOA or metro fees to assist maintain community services and infrastructure. Increases in the price of rentals is keeping pace with the price of purchasing a home. Apartment List estimates that the toll of renting an apartment in Colorado Springs has increased xv% over the last year. With a studio or one-bedroom flat averaging around $1550 a month, they suggest that yous should be making $56,000 a year or higher to rent an apartment. A written report by Statista in March of 2021, puts the national average cost for renting an apartment at $1100, so in this category at to the lowest degree, Colorado Springs does not stack upwardly very favorably. Townhomes and apartment complexes are continuing to leap upwardly around town, however, then hopefully, we will begin to see some more affordable rental options in the near future. Unmarried-family rental homes are naturally going to have higher monthly hire. Patch.com suggests that a fair monthly rate for a two-bedroom home in Colorado Springs ranges between $1,700 and $1,800. Numbeo estimates that Colorado Springs families should programme about $350 per calendar month in food per person, which is, once more, slightly higher than the national boilerplate. Food prices may run slightly loftier, but y'all will not need to worry well-nigh food deserts in Colorado Springs. Colorado has a big agricultural community that supplies beef, fruit, and vegetables in plentiful quantities to local supermarkets. If y'all are eating out, plan on spending around $15 per person depending on where you cull to eat. At that place are enough of thriftier options available every bit well. Child intendance in whatsoever part of the country is going to be a large expense unless you are lucky plenty to have friends or family that are willing to assistance with childcare. Infant care has a higher toll than care for older children who require less one-on-one attention. Expect to spend around $1300 a calendar month on care for an babe and around $1000 for toddlers or older children. Some centers exercise offering discounts for multiple children, or you can look into hiring a nanny. A nanny'south hourly rate usually starts effectually $15 an 60 minutes, only can be as high as $twenty an hr. Colorado Springs is a sprawling city that requires at least 45 minutes to cantankerous with minimal traffic, so transportation is a priority for Springs residents. Most residents opt for personal or family cars to get around, just at that place are a few public transportation options bachelor. Mountain Metro Transit offers jitney routes primarily in downtown in cardinal Colorado Springs with a few stops on the north side of town. Greenbacks fare is $1.75 per ride or they offer several discounted bulk passes. Though the Colorado Springs bus system has never been platonic, it tin can assist reduce transportation costs. Denver commuters tin take advantage of FLEX RIdes by Bustang for $12 a trip or can purchase multiple passes for a discounted rate. If you lot live and work in Downtown Colorado Springs, yous tin take reward of PikeRide, a local bike share plan. Y'all can pay with your phone or credit carte at any PikeRide bike station to rent an electric-assistance bike for your commute. They offer 24-hour, monthly, or yearly passes. KRDO's gas tracker is showing prices around $3.50 a gallon for November, up over a dollar from this time last yr. Gas prices exercise seem to be dropping slightly from last calendar month, yet. An average Colorado Springs resident volition spend $1900 a year on motorcar insurance, with cheaper options, similar USAA and Geico, costing around $1200. Rates tin be affected past your driving history, age, and marital status. Since Colorado is an at-error state, where individuals can file claims directly with the at-mistake driver's insurance carrier, our state requires more comprehensive auto policies than some other regions. The Colorado Health Found states that the average deductible for an employer-sponsored healthcare plan was around $4000 a year in 2018. You will hopefully not meet your deductible every year, merely it'due south of import to be aware of your financial responsibleness for potential medical bills. If your employer does not offer health insurance, you can discover plans starting around $150/month on Connect for Health Colorado. When calculating your cost of living budget, consider including other lifestyle expenses too, like pet care, wear, and amusement. Each of these categories will vary profoundly depending on the individual. Layers and warm habiliment are of import for our capricious Colorado weather condition, just local shopping options range from thrift stores to expensive boutiques with something for anybody. Colorado Springs has a lot of great gratuitous museums and outdoor activities, but if yous plan to frequently attend concerts or like to ski, you'll want to factor those expenses into your cost of living. Pet care doesn't vary greatly across the state with websites like Chewy offer consistent pricing on food, toys, and prescriptions, but consider researching local vets for your fur-baby, and budget for at least a visit or two a year. Colorado Springs's cost of living is well above average in several categories—nutrient and housing immediately come to mind. Just our utilities remain low, and the existent estate market seems to accept plateaued for the time being. Our cost of living is about seven% higher than the national average, but in an alphabetize that reaches heights of 239.3, 106.eight doesn't seem then bad. If you are because buying a dwelling in the Springs or moving here for the get-go time, look closely at your income and utilize a cost of living calculator to brand sure it's a good financial fit. We honey living at the base of operations of the Rocky Mountains, and for the states, the toll of living is worth every penny. At that place is something new to explore every weekend, and the Springs chop-chop starts to feel more like a tight-knit customs than a sprawling metropolis. Colorado Springs is not right for anybody. In that location may exist another region of the state that is a amend financial or lifestyle choice for you and your family. If yous are interested in settling down in the Springs you should start by downloading our Free Relocation Guide. If yous are because a movement, our team would dear to talk with yous. We look forward to showing you lot why Colorado Springs is a great place to alive.
Quality of Life
Outdoors
Arts and Culture
Surrounding Area
Cost of Living
Average Income
Housing
Ownership a Home
Homeowner's Insurance
Utilities and HOAs
Renting
Food
Kid Care
Transportation
Bus Systems
Cycle Rentals
Gas
Auto Insurance
Health Care
(Note: this is for an individual in good health for catastrophic care simply. Due east-Health Insurance estimates that a Colorado individual would pay near $369/calendar month for a major medical plan.)Other Expenses
So Is Colorado Springs Expensive?
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Source: https://springshomes.com/blog/cost-of-living-colorado-springs-co/
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