Florence 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.
IndexFlorenceColoradoNational
Cost of living index81107100
IndexFlorenceColoradoNational
Goods & Services index84101100
Groceries index9798100
Health care index92104100
Housing index66127100
Transportation index8899100
Utilities index8388100
A general overview of the cost of living index for Florence, CO is displayed above. In Florence, CO, the overall cost of living index is 81, which is 24% lower than the Colorado average and 19% lower than the U.S. average. The following categories are used to calculate the overall cost of living index: goods/services (33%), housing (30%), groceries (13%), utilities (10%), transportation (9%) and health care (5%). From the list, it is clear that the categories of goods/services and housing are responsible for the largest portions of the overall cost of living index. As a general rule, everyday goods and services provide an accurate measure of the general cost of goods in any given city. In the case of Florence, CO, the city's goods and services are 17% lower than the Colorado average and 16% lower than the U.S. average.

Did you know?

  • The cost of living in Florence is 24% lower than the Colorado average.
  • The cost of living in Florence is 19% lower than the national average.
  • The cost of housing in Florence is 34% lower 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 Florence, CO Cost of living To Other Cities

Salary Calculator

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Using the salary calculator lets you compare the salary you earn in Florence, 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 Florence, CO, you have to earn a higher income in order to still have the same standard of living. To operate the Florence, 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$41,220$3,435$962$1,237
Renters$19,821$1,652$462$595
How much of your monthly income goes to housing can tell you whether or not you can afford housing in Florence, CO, as well as what the average cost of living is. Generally, a good rule to follow is that the debt-to-income (DTI) level you want to maintain is 28 percent or less of your income on your rent or mortgage payment and not more than 36 percent of income on all expenses and debts. In Florence, CO homeowners have a median income of $41,220. Using that number, you will come up with a maximum of $962 per month that can be spent on the cost of housing. For those who are renting instead of owning, the median income is $19,821, which means there is a maximum of $462 to be spent on the costs of renting a home or apartment.

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 Florence, 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

ItemFlorenceNational avg.Difference
Haircut $11.33$14.5922.4%
Beauty Salon $21.67$34.6837.5%
Toothpaste $2.28$2.477.8%
Shampoo $0.87$1.0214.9%
Movie $9.50$9.873.7%
Bowling $3.00$4.3931.7%

Groceries

ItemFlorenceNational avg.Difference
Ground Beef $4.99$4.4811.5%
Fried Chicken $0.98$1.4633.1%
Milk $2.09$2.3611.3%
Potatoes $2.18$3.0628.8%
Pizza $7.99$9.2413.6%
Beer $8.39$8.632.8%

Health Care

ItemFlorenceNational avg.Difference
Optometrist $84.75$99.7815.1%
Doctor $104.00$105.031.0%
Dentist $81.33$88.708.3%
Ibuprofen $8.32$9.4111.6%
Lipitor $263.12$298.5011.9%

Housing

ItemFlorenceNational avg.Difference
Home Price $107,800.00$175,700.0038.6%
Avg. Mortgage Payment $682.33$1,081.0336.9%
Apartment Rent $712.00$920.0022.6%

Transportation

ItemFlorenceNational avg.Difference
Gasoline $1.84$2.0912.0%
Tire Balancing $40.00$45.2911.7%

Utilities

ItemFlorenceNational avg.Difference
All Electricity$136.03$170.8020.4%
Phone $24.99$28.2611.6%
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.
Williamsburg, CO64783-17%
Coal Creek town, CO31192-8%
Brookside, CO26885-15%
Cañon City, CO16,41090-10%
Lincoln Park, CO3,29492-8%
Florence, CO3,87581-19%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Lambertville, NJ3,87612929%
Cresco, IA3,87182-18%
Newcomerstown, OH3,87179-21%
Vienna, GA3,88080-20%
Pennsburg, PA3,87011515%
Florence, CO3,87581-19%
Source: The Florence, CO cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2015.