Colorado cost of living
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Physical activity is a big part of life in Colorado, whether it’s working on one of the state’s thousands of farms or ranches or skiing, hiking or climbing some of the tallest mountain peaks in the U.S. That active lifestyle is appealing to many in the U.S., but is life in the Centennial State affordable?
We’ve gathered details on the state’s housing, food, transportation, health care and utility costs to help you determine if the cost of living in Colorado is reasonable for you.
The median rent in Colorado is $1,963.63, versus the national median rent of $1,529.01.
Jump to insightResidents in Colorado spend $279.98 weekly on food at home and $115.91 on food out.
Jump to insightAs of publishing, the average price per gallon of regular gas is $3.32 in Colorado.
Jump to insightRecent data shows that employees in Colorado pay $1,642 annually for employee-sponsored health insurance coverage.
Jump to insightHousing costs in Colorado
According to recent data from Zillow, the median rent in Colorado is $1,963.63, while the national median rent is $1,529.01.
Data from the U.S. Census Bureau shows rent prices in Colorado broken down by home size. As of publishing, one-bedroom apartments in Colorado had a median cost of $1,431 per month, and the two-bedroom median cost was $1,683 per month. Three- and four-bedroom homes had median costs of $1,892 and $2,201, respectively.
As of publishing, the median home price in Colorado is $646,000, according to Redfin. The U.S. median home price is $436,000.
Colorado ranks No. 48 for highest effective property tax rates in the nation, according to the most recent Tax Foundation data, at 0.55%.
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Food costs in Colorado
According to recent census data, the average spent weekly on food to prepare at home in Colorado is $279.98, compared with the U.S. average of $270.21 at the time. Colorado residents spend an average of $115.91 weekly on food prepared outside the home, compared with the U.S. average of $109.21.
Transportation costs in Colorado
According to recent data from AAA, the average price per gallon of regular gas in Colorado is $3.32, compared with the U.S. average of $3.46.
The most recent National Association of Insurance Commissioners data shows that the average auto insurance premium (liability, collision and comprehensive coverage combined) in Colorado is $1,348.30, versus the national average of $1,189.50.
Public transportation costs
We ranked Denver 11th on our 2024 list of cities with the best public transit. Park-n-Ride and Bike-n-Ride options allow RTD’s light rail and bus riders to get where they need to go throughout the large metro area, with an average fare of $1.23 as of 2022. In the Colorado Springs metro, Mountain Metro Transit offers a network of buses, and downtown Colorado Springs and historic Manitou Springs feature popular free shuttle services.
Health care costs in Colorado
The most recent KFF data shows that, on average, employer-sponsored health insurance cost Colorado employees $1,642 annually, with employers covering the remaining $5,389 of the $7,031 total cost.
Nationwide, the average employee contribution was $1,637 out of a total premium of $7,590.
Utility costs in Colorado
According to the most recent data from the Energy Information Administration, the average monthly electric bill in Colorado is $98.18, versus $135.25 countrywide.
Recent EIA data also shows that natural gas in Colorado costs $9.75 per thousand cubic feet, compared with $13.25 nationally.
FAQ
What are the most expensive cities in Colorado?
Denver and Boulder are among the most expensive cities in Colorado as of publishing. Denver made No. 9 in our 2023 ranking of the most expensive cities in the nation. According to National Association of Realtors (NAR) data, the Boulder metro had a median home price of $822,400 (11th highest in the U.S.) in the first quarter of 2024.
What do I need to make to live in Denver, Colorado?
A single adult would need to make a salary of $79,348.14 — or a full-time hourly rate of $38.15 — to live comfortably in Denver, according to our 2024 study on what you need to make ends meet in various cities.
What else should I consider when moving to Colorado?
It might surprise you that the state made No. 4 on our list of states with the worst road rage in 2024. If you’ll be driving, be prepared for the stunning views and the angry drivers.
Article sources
ConsumerAffairs writers primarily rely on government data, industry experts and original research from other reputable publications to inform their work. Specific sources for this article include:
- Zillow, “Housing Data.” Accessed May 14, 2024.
- Redfin, "Redfin Data Center." Accessed May 14, 2024.
- Tax Foundation, "Where Do People Pay the Most in Property Taxes?" Accessed May 14, 2024.
- United States Census Bureau, "Week 63 Household Pulse Survey: October 18 - October 30." Accessed May 14, 2024.
- AAA Gas Prices, "State Gas Price Averages." Accessed June 14, 2024.
- National Association of Insurance Commissioners, "2020/2021 Auto Insurance Database Report." Accessed May 14, 2024.
- KFF, "Average Annual Single Premium per Enrolled Employee For Employer-Based Health Insurance." Accessed May 14, 2024.
- U.S. Energy Information Administration, "2022 Average Monthly Bill- Residential." Accessed May 14, 2024.
