F
38%
Overall NAT. AVG.
6%
Goods & Services NAT. AVG.
122%
Housing NAT. AVG.
Search Homes for Sale
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 Parker Colorado National
Cost of living138111100
Goods & Services106104100
Groceries105101100
Health care99100100
Housing222134100
Transportation104105100
Utilities8591100

An Overview of Cost of Living in Parker, CO

Getting a feel for the cost of living in Parker is essential for anyone planning to relocate, as it empowers them to make informed financial decisions, secure a comfortable lifestyle and maintain financial stability in their new environment. The cost of living in Parker is 138, which is 38% higher than the national average. Relocating individuals may need to adjust their savings and investment strategies based on the cost of living in the new location. It influences decisions about retirement planning, investments and financial goals.

If you prioritize affordability when seeking a new place to live, Parker may not be your ideal choice, as it ranks among the most expensive locations in the entire United States. A very small amount of areas exhibit a cost of living at least 20% higher than the national average, and unfortunately, Parker falls into this category, which may not align with your preferences for a budget-friendly living environment.

Housing costs significantly influence the Parker cost of living index, typically accounting for a substantial portion of one's post-tax income. Regrettably, within this particular region, expenses related to both residential ownership and renting exceeded those observed in an average city by 122.1%. This entails elements such as housing and rental prices, mortgage interest rates and insurance costs.

Is Parker Affordable?

Is Parker affordable? This is a pivotal question, especially when mulling over a move, as affordability carries substantial weight in your decision-making process. Factors such as the cost of living index (discussed earlier), housing expenses and income levels all contribute to a location's affordability. For instance, in Parker, the median home price is 141.5% higher than the national average and monthly rent prices are 76.6% higher than the typical rates. Additionally, the median income levels play a role in affordability, with Parker boasting a median household income of $114,802, 107.5% higher than the national average.

What Factors can Influence the Cost of Living in Parker?

Utilities: Similar to the prices of any other goods or services, utility expenditures can exhibit substantial variability, influenced by factors such as climate, energy sources accessibility, geographical location and state regulations. Costs related to electricity, water, heating, and waste disposal can fluctuate, whether higher or lower, contingent on the city or state. In Parker, the utilities index is 15% lower than the national average.

Groceries: Grocery expenditures have undergone notable escalation over the last 2-3 years. In some markets, the cost of food products has surged by more than 20%, while others have experienced only modest increments. These fluctuations in food costs can have a significant impact on the overall cost of living in any region. In Parker, the groceries index registers 5% higher than the national average.

Taxes: Cities that enforce higher taxes, covering both sales taxes and income taxes, can be a factor contributing to a higher cost of living. Paying more in taxes for everyday essentials like clothing and food inevitably leads to higher expenses. A higher income tax rate can further contribute to an overall elevated cost of living. In Parker, the baseline sales tax rate begins at 2.9%, and income tax rates start at 4.4%.

Where is the Data From?

The Parker 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 Parker is 24% higher than the Colorado average
  • The cost of living in Parker is 38% higher than the national average
  • Parker housing is 122% 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 Parker

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Compare Parker, CO Cost of Living

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      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$134,753$11,229$3,144$4,043
      Renters$65,321$5,443$1,524$1,960
      The percentage of monthly income spent on housing related expenses can help predict the affordability of housing in Parker, CO, as well as what the overall cost of living might be. 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 payments and not more than 36 percent of income on all expenses and debts. In Parker, homeowners have a median income of $134,753. Using that number, a maximum of $3,144 per month should be allocated to housing expenses. For those who are renting instead of owning, the median income is $65,321, which means there is a maximum of $1,524 to be spent on the costs of renting a home or apartment.

      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 Parker National avg. Difference
      Haircut $26.81$24.2610.5%
      Beauty Salon $50.45$45.5610.7%
      Toothpaste $3.70$3.700.1%
      Shampoo $1.27$1.281.1%
      Movie $14.70$12.1321.1%
      Bowling $21.40$18.0018.9%

      Groceries

      Item Parker National avg. Difference
      Ground Beef $5.23$5.8410.4%
      Fried Chicken $1.40$1.5711.2%
      Milk $4.74$4.671.4%
      Potatoes $4.30$4.9312.9%
      Pizza $12.87$12.096.5%
      Beer $10.67$10.412.5%

      Health Care

      Item Parker National avg. Difference
      Optometrist $121.38$125.683.4%
      Doctor $116.64$135.7814.1%
      Dentist $126.27$113.2911.5%
      Ibuprofen $10.88$10.652.1%
      Lipitor $447.94$468.604.4%

      Housing

      Item Parker National avg. Difference
      Home Price $446,100.00$184,700.00141.5%
      Avg. Mortgage Payment $3,151.90$2,346.6934.3%
      Apartment Rent $1,676.00$949.0076.6%

      Transportation

      Item Parker National avg. Difference
      Gasoline $3.67$3.465.9%
      Tire Balancing $60.05$59.920.2%

      Utilities

      Item Parker National avg. Difference
      All Electricity $145.02$193.9925.2%
      Phone $194.36$192.251.1%
      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.
      Glendale CDP, CO781022.3%
      Franktown, CO2141022.3%
      Sheridan, CO6,07211312.9%
      Glendale, CO5,18611413.9%
      Louviers, CO38111414.3%
      Parker, CO55,46013838.2%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Lake Havasu City, AZ55,46311010.1%
      Oak Lawn, IL55,4321077.3%
      Blue Springs, MO55,415954.6%
      Belleville, ON55,515n/a 
      Hacienda Heights, CA55,38616666.0%
      Parker, CO55,46013838.2%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.