Cherry Hills Village cost of living index

In the event that the cost of living data was unavailable for this city, estimates based upon nearby cities were used. Each cost of living index is based on a national average of 100. If the amount is below 100, it is lower than the national average. If the amount is above 100, it is higher than the national average.
IndexCherry Hills VillageColoradoNational
Cost of living index209107100
IndexCherry Hills VillageColoradoNational
Goods & Services index103101100
Groceries index10098100
Health care index106104100
Housing index464127100
Transportation index9899100
Utilities index9388100
An overview of the general cost of living index for Cherry Hills Village, CO is displayed above for your reference. Residents in Cherry Hills Village, CO enjoy a cost of living index of 209. This index is 96% higher than the Colorado average, and 109% higher than the national average. The following categories are used when determining the cost of living index for any given city: health care (5%), transportation (9%), utilities (10%), groceries (13%), housing (30%), and goods/services (33%). Clearly, housing and goods/services make up the majority of the formula for calculating the cost of living index. Because of this, the general cost of living for any given area can be estimated by looking at the cost of everyday goods in that area. For those living in Cherry Hills Village, CO, the average cost of goods and services is 2% higher than it is in Colorado, and it is 3% higher than the national average.

Did you know?

  • The cost of living in Cherry Hills Village is 96% higher than the Colorado average.
  • The cost of living in Cherry Hills Village is 109% higher than the national average.
  • The cost of housing in Cherry Hills Village is 364% higher than the national average.
  • Colorado general sales tax is 43% lower than the national average.
  • Colorado state income tax is 108% higher than the national average.

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Compare Cherry Hills Village, CO Cost of living To Other Cities

Salary Calculator

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Health care index
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Using the salary calculator lets you compare the salary you earn in Cherry Hills Village, CO to what it is in other cities. It will let you know what your earnings would have to be in another city to have the same standard of living, as determined by the cost of living in each city. For example, if the cost of living in the area you want to move to is higher than the cost of living in Cherry Hills Village, CO, you have to earn a higher income in order to still have the same standard of living. To operate the Cherry Hills Village, CO salary calculator, put in the name of the other city, then move the slider to the point that represents the current income. The salary calculator will take care of the rest and tell you how much more or less you must earn in the new city. A Total breakdown of the cost of living is also provided.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$216,359$18,030$5,048$6,491
Renters$111,208$9,267$2,595$3,337
If you want to find a good determining factor for the cost of living and the general affordability of housing in Cherry Hills Village, CO, all you must look at is the percentage of monthly income that should be spent on housing expenses, otherwise known as the debt-to-income ratio (DTI). Generally speaking, no more than 28 percent of your total gross income should be spent on your housing expenses and not more than 36 percent of your gross income on total expenses, including debts. In Cherry Hills Village, CO, the median monthly income is $216,359 for those who own their own homes. Under the standard rule, that income level would allow for $5,048 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $111,208, per the median income in the area. That would allow for renters to spend up to $2,595 on monthly rental expenses.

Colorado Sales Tax

StateGeneral Sales TaxWith Max Surtax
Colorado2.9%10%

Colorado Income Tax

StateIncome Tax (Low)Income Tax (High)
Colorado4.63%4.63%
One thing to keep in mind when considering the cost of living in Cherry Hills Village, CO is the Colorado sales tax and Colorado income tax rates. Sales taxes are taxes that are collected on most goods or services sold. Sales taxes can vary by state and can be as high as 7% and as low as 0% as not every state imposes a sales tax. The Colorado sales tax rate is 2.9% and the maximum surtax that can be charged is 10%. Income tax is the tax imposed on income by both the federal and state government. The income tax rates varies by individual state and will also be higher or lower depending on the applicable tax bracket. The rates of state income tax can vary from 0% to more than 9%. The Colorado income tax rates range from 4.63% to 4.63%.

Goods & Services

ItemCherry Hills VillageNational avg.Difference
Haircut $17.25$14.5918.2%
Beauty Salon $35.00$34.680.9%
Toothpaste $3.00$2.4721.3%
Shampoo $1.10$1.027.6%
Movie $11.22$9.8713.7%
Bowling $6.75$4.3953.7%

Groceries

ItemCherry Hills VillageNational avg.Difference
Ground Beef $5.01$4.4811.9%
Fried Chicken $1.71$1.4616.8%
Milk $2.43$2.363.1%
Potatoes $2.55$3.0616.7%
Pizza $7.99$9.2413.6%
Beer $8.55$8.631.0%

Health Care

ItemCherry Hills VillageNational avg.Difference
Optometrist $101.85$99.782.1%
Doctor $124.80$105.0318.8%
Dentist $95.00$88.707.1%
Ibuprofen $9.24$9.411.8%
Lipitor $278.85$298.506.6%

Housing

ItemCherry Hills VillageNational avg.Difference
Home Price $1,961,100.00$175,700.001,016.2%
Avg. Mortgage Payment $1,348.76$1,081.0324.8%
Apartment Rent $2,001.00$920.00117.5%

Transportation

ItemCherry Hills VillageNational avg.Difference
Gasoline $2.00$2.094.6%
Tire Balancing $47.12$45.294.1%

Utilities

ItemCherry Hills VillageNational avg.Difference
All Electricity$153.48$170.8010.1%
Phone $27.57$28.262.4%
Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

Nearby cities with low cost of living

City, StatePopulationCost of Living IndexNational Avg.
Lakeside, CO490-10%
Derby, CO8,63893-7%
Glendale, CO4,56494-6%
North Washington, CO30395-5%
Sheridan, CO5,81997-3%
Cherry Hills Village, CO6,234209109%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Elsa, TX6,23265-35%
Piedmont, OK6,23298-2%
Darlington, SC6,23287-13%
East Alton, IL6,23187-13%
Taylor, PA6,23092-8%
Cherry Hills Village, CO6,234209109%
Source: The Cherry Hills Village, CO cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2015.