Cost of Living in Colorado

Cost of Living in Colorado

Colorado is one of the most coveted places to live in the USA, primarily due to unbeatable landscapes, healthy environment and stress-free living conditions. However, people who consider moving into Colorado for permanent homes, fail to consider the cost of living in Colorado, which is on the higher side in comparison to the same criteria in other locations in the USA. The cost of living indices, based on the US average of 100 tends to be around 131.50, i.e. it is 31.5% higher than the US average.

Taxes in Colorado

Colorado being a flat-tax state, Income tax is 4.63% regardless of income level. Great news for the more affluent(it’s lower than the top rates for many states that have marginal taxes), but tends to a burden if you’re on the lower end of the income scale. The base sales tax rate in Colorado is 2.9%, though many cities add their own sales taxes on top of that 2.9%.

Here’s some good news for homeowners. Colorado’s property tax rates are some of the nation’s lowest. The Centennial State has an average effective property tax rate of just 0.63%. The money Coloradans pay in property taxes stays within their county of residence. No property tax revenue goes to Colorado’s state government.

If you’re thinking about moving to Colorado, it can be helpful to know how the change will affect your budget so you can plan accordingly.

– If you’ll be starting a new job, your paycheck may end up looking quite different than it does now.
– Consult a reliable financial advisor who can help you be aware of the pitfalls and navigate big life changes like a cross-country move, or just help you to meet your financial goals in general thus allowing you to find a good fit while doing much of the hard work for you.

Comparison in the Living Indices of the cities in Grand County.

The idyllic cities of Grand County, Colorado with the unbeatable scenic beauty and healthy mountain air provide a salubrious environment which suits people of all ages.

While overall Colorado rates at 131.50, cities like Colorado Springs(112.9), Winter Park(131.5) are much lower while Cities like Denver(144.2), Breckenridge(186.9) rate higher.

Steven Smith