A-
6%
Overall NAT. AVG.
1%
Goods & Services NAT. AVG.
18%
Housing NAT. AVG.
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Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.
The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
Index Montrose Colorado National
Cost of living106111100
Goods & Services99104100
Groceries104101100
Health care109100100
Housing118134100
Transportation109105100
Utilities9091100

An Overview of Cost of Living in Montrose, CO

Understanding the cost of living in Montrose can help future residents assess whether their current financial situation aligns with the expenses they will encounter. It enables them to plan for potential changes in their budget and lifestyle. The Montrose cost of living index is 106, which is 6% higher than the national average. The cost of living index is calculated by taking into account multiple categories, which encompass both the cost of everyday expenditures and larger expenses as well.

The cost of living in Montrose is about average when compared to all other cities across the nation. You can expect that everyday items like food, goods and services and utility bills will be no more expensive than any other average city. Residents can anticipate living expenses that remain in line with the national average, ensuring a manageable financial burden, making it an attractive choice for those seeking affordability without the constraints of higher everyday expenditures.

What Do Locals Say About the Cost of Living in Montrose?

Nobody knows their city better than the people who actually live there. So, we asked 7 local residents how they would rate the cost of living in Montrose and this is how they responded. 0% of people said that the cost of living was affordable, with prices decreasing, while 100% of people said that the cost of living was very expensive and prices continue to rise.

Is Montrose Affordable?

Wondering if Montrose is affordable? It's a question that often comes up when you're thinking about a new city since affordability can really shape your decisions. The cost of living index (covered earlier), housing expenses and income levels all play a part in the affordability equation. In Montrose, for example, the median home price is 25.7% higher than what folks pay nationally, and monthly rent is 1.4% lower than the usual rates. Plus, income levels matter too, with Montrose boasting a median household income of $52,534, which is 5% lower than the national average.

What Factors can Influence the Cost of Living in Montrose?

Transportation: In cities with limited or no public transportation, residents may find it necessary to own and maintain vehicles, thereby elevating the cost of living. Monthly expenditures include fuel, insurance, routine maintenance and potential lease or financing commitments. In Montrose, the transportation index stands at 9% higher than the national average.

Subsidies: Some areas might offer government subsidies or assistance programs that help lower cost of living for residents. These programs can include anything from Medicare, Medicaid, housing subsidies, low-income home energy assistance programs, school lunch programs, supplemental nutrition assistance programs, student loans, electric vehicle tax credits, affordable care act subsidies and crop subsidies. Areas that offer less subsidies, could see an increase in their cost of living.

Urbanization: Larger, urban hubs brimming with ample amenities and robust employment opportunities often showcase a heightened cost of living. This surge is primarily attributed to the amplified demand for services and increased residential migration, culminating in elevated home prices and elevated rental rates. Conversely, less densely populated rural locales or regions characterized by reduced demand tend to offer a more limited array of amenities and undergo slower job market growth, ultimately yielding a more affordable cost of living.

Where is the Data From?

The Montrose cost of living data displayed above is derived from the C2ER cost of living index to provide a useful and reasonably accurate measure of living cost differences in urban areas. The index takes into account data from 300 independent researches, covering more than 60 goods and services across 6 different categories, to create an overall index for each area, with 100 being the average. The C2ER index does not include sales or income tax rates in their data, however AreaVibes does include both income and sales tax rates in the overall cost of living score for each area.

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Cost Of Living Quick Facts

  • The cost of living in Montrose is 5% lower than the Colorado average
  • The cost of living in Montrose is 6% higher than the national average
  • Montrose housing is 18% higher than the national average
  • Colorado general sales tax is 43% lower than the national average
  • Colorado state income tax is 95% higher than the national average

Most Affordable Places to Live in and Around Montrose

See all the best places to live around Montrose

Compare Montrose, CO Cost of Living

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      Salary Calculator

      This is how much you would need to earn in
      Price difference in compared to
      Cost of living index
      Goods & Services index
      Groceries index
      Health care index
      Housing index
      Transportation index
      Utilities index

      Median Income & Debt-To-Income Ratio

      Median Income Per Year Per Month Max Budget (28% DTI) Max Budget (36% DTI)
      Owners$64,911$5,409$1,514$1,948
      Renters$33,454$2,788$781$1,004
      A good indicator of the general affordability of housing in Montrose, CO, 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 Montrose, the median monthly income is $64,911 for those who own their own homes. Under the standard rule, that income level would allow for $1,514 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $33,454, per the median income in the area. That would allow for renters to spend up to $781 on monthly rental expenses.

      Colorado Sales Tax

      State General Sales Tax With Max Surtax
      Colorado 2.9% 10%

      Colorado Income Tax

      State Income Tax (Low) Income Tax (High)
      Colorado 4.4% 4.4%

      Goods & Services

      Item Montrose National avg. Difference
      Haircut $27.07$24.2611.6%
      Beauty Salon $38.50$45.5615.5%
      Toothpaste $3.65$3.701.5%
      Shampoo $1.11$1.2813.1%
      Movie $10.84$12.1310.6%
      Bowling $13.55$18.0024.7%

      Groceries

      Item Montrose National avg. Difference
      Ground Beef $5.27$5.849.7%
      Fried Chicken $1.39$1.5711.9%
      Milk $4.60$4.671.5%
      Potatoes $4.16$4.9315.8%
      Pizza $12.49$12.093.3%
      Beer $10.74$10.413.2%

      Health Care

      Item Montrose National avg. Difference
      Optometrist $108.15$125.6813.9%
      Doctor $121.76$135.7810.3%
      Dentist $124.32$113.299.7%
      Ibuprofen $10.46$10.651.8%
      Lipitor $505.02$468.607.8%

      Housing

      Item Montrose National avg. Difference
      Home Price $232,200.00$184,700.0025.7%
      Avg. Mortgage Payment $2,179.59$2,346.697.1%
      Apartment Rent $936.00$949.001.4%

      Transportation

      Item Montrose National avg. Difference
      Gasoline $3.55$3.462.6%
      Tire Balancing $56.90$59.925.0%

      Utilities

      Item Montrose National avg. Difference
      All Electricity $173.81$193.9910.4%
      Phone $193.95$192.250.9%
      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 Population Cost of Living Index National Avg.
      Colona, CO421010.6%
      Olathe, CO1,800945.6%
      Montrose, CO19,3961065.7%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Five Forks, SC19,39912424.0%
      Fairwood, WA19,40014847.6%
      Langley Park, MD19,39112121.5%
      Monroe, WA19,40314040.2%
      Yorkville, IL19,38611313.2%
      Montrose, CO19,3961065.7%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.