New Castle 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.
IndexNew CastleColoradoNational
Cost of living index124107100
IndexNew CastleColoradoNational
Goods & Services index114101100
Groceries index10198100
Health care index113104100
Housing index156127100
Transportation index13399100
Utilities index8288100
Here we can see a simple outline of the cost of living in New Castle, CO. As you can see, with the average cost of living in New Castle, CO being 124, that puts it 15% higher than the average of Colorado and 24% higher than our nation's average. This simple outline of the cost of living index was formulated using prices of: goods and services (weighted 33%), housing prices (weighted 30%), groceries (weighted 13%), utilities (weighted 10%), transportation (weighted 9%), and health care (weighted 5%). Thus, goods/services, along with housing influences the majority of the cost of living index. The price of daily goods and services is a valuable and reliable number to be aware of when considering the general price of the city's goods. In the case of New Castle, CO, the price of goods and services are 13% higher than the average of Colorado as well as 14% higher than the nation's average.

Did you know?

  • The cost of living in New Castle is 15% higher than the Colorado average.
  • The cost of living in New Castle is 24% higher than the national average.
  • The cost of housing in New Castle is 56% 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 New Castle, CO Cost of living To Other Cities

Salary Calculator

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Health care index
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The salary calculator allows you to compare how much your current salary in New Castle, CO would be worth in another city. In other words, the salary calculator will adjust the figure you enter for cost of living so that you can determine how much more or much less you would need to earn while maintaining your current quality of living. If you are considering relocating to a more expensive city than New Castle, CO, the calculator will tell you how much more you need to earn so you can assess job offers more accurately. The New Castle, CO salary calculator is easy to use. All you do is enter the name of another city, then move the slider to your current income. After that, the salary calculator will crunch the numbers for you and give you the information you need about the place you are considering going. Additionally, it will show a detailed breakdown of the cost of living.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$71,875$5,990$1,677$2,156
Renters$71,146$5,929$1,660$2,135
The percent of monthly income spent on housing can be a good indicator of the affordability of housing in New Castle, CO as well as the overall cost of living. As a general rule of thumb, the debt-to-income ratio (DTI) for homeowners or renters should be not more than 28 percent of gross income to be spent on housing related costs and not more than 36 percent of income on all expenses, including debts. The median income for New Castle, CO homeowners, is $71,875. This would allow for a maximum of $1,677 per month to be spent on housing costs. For renters, the median monthly income is $71,146 which would result in a maximum of $1,660 to be spent on rental costs.

Colorado Sales Tax

StateGeneral Sales TaxWith Max Surtax
Colorado2.9%10%

Colorado Income Tax

StateIncome Tax (Low)Income Tax (High)
Colorado4.63%4.63%
The Colorado sales tax and Colorado income tax rates should definitely be considered when determining the overall cost of living in New Castle, CO. Sales taxes are taxes that are imposed onto goods and services sold. Sales taxes do vary by state and can range from no tax at all to upwards of 7%. The Colorado sales tax is 2.9% and the maximum surtax is 10%. Income tax is the tax imposed on income by the government. The income tax rates will vary by state and will also increase or decrease depending on the corresponding tax bracket. State income tax rates can range from anywhere from no tax at all to more than 9%. The Colorado income tax rates range from 4.63% to 4.63%.

Goods & Services

ItemNew CastleNational avg.Difference
Haircut $17.00$14.5916.5%
Beauty Salon $40.00$34.6815.3%
Toothpaste $3.34$2.4735.0%
Shampoo $1.04$1.021.8%
Movie $9.75$9.871.2%
Bowling $5.00$4.3913.9%

Groceries

ItemNew CastleNational avg.Difference
Ground Beef $4.74$4.485.9%
Fried Chicken $2.24$1.4653.0%
Milk $2.19$2.367.1%
Potatoes $2.49$3.0618.7%
Pizza $11.00$9.2419.0%
Beer $9.19$8.636.5%

Health Care

ItemNew CastleNational avg.Difference
Optometrist $159.00$99.7859.4%
Doctor $120.00$105.0314.2%
Dentist $102.50$88.7015.6%
Ibuprofen $8.67$9.417.9%
Lipitor $306.77$298.502.8%

Housing

ItemNew CastleNational avg.Difference
Home Price $260,100.00$175,700.0048.0%
Avg. Mortgage Payment $1,716.00$1,081.0358.7%
Apartment Rent $1,614.00$920.0075.4%

Transportation

ItemNew CastleNational avg.Difference
Gasoline $3.00$2.0943.4%
Tire Balancing $47.12$45.294.1%

Utilities

ItemNew CastleNational avg.Difference
All Electricity$152.36$170.8010.8%
Phone $19.99$28.2629.3%
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.
Rifle, CO9,39711111%
Silt, CO2,94611212%
Glenwood Springs, CO9,66813131%
No Name, CO19212828%
Chacra, CO47613838%
New Castle, CO4,53812424%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Mount Vernon, MO4,53984-16%
Goulding, FL4,53983-17%
Forestbrook, SC4,53997-3%
Ellisville, MS4,54079-21%
Battlement Mesa, CO4,54011313%
New Castle, CO4,53812424%
Source: The New Castle, CO cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2015.