Sheridan 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.
IndexSheridanColoradoNational
Cost of living index98107100
IndexSheridanColoradoNational
Goods & Services index10299100
Groceries index106103100
Health care index107102100
Housing index89127100
Transportation index10495100
Utilities index9388100
Displayed above is a general overview of the Sheridan, CO cost of living index. The overall cost of living index in Sheridan, CO is 98, which is 8% lower than the Colorado average and 2% lower than the national average. The cost of living index is created from the following categories: goods/services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). As you can see, goods/services and housing make up the majority of the overall cost of living index. Everyday goods and services can be a good indicator of the general cost of goods in a given city. In this case, the goods and services in Sheridan, CO are 3% higher than the Colorado average and 2% higher than the national average.

Did you know?

  • The cost of living in Sheridan is 8% lower than the Colorado average.
  • The cost of living in Sheridan is 2% lower than the national average.
  • The cost of housing in Sheridan is 11% 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 Sheridan, CO Cost of living To Other Cities

Salary Calculator

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Use the salary calculator to compare your current income in Sheridan, CO to any other city in the country. The calculator will tell you how much income you would need to make in a particular city to live at the same level based on the cost of living in each city. For example, if the cost of living in the city you are looking to move to is higher than that of Sheridan, CO, then you would need to earn a higher salary in order to enjoy the same standard of living. To use the Sheridan, CO salary calculator, enter the name of the new city, then move the slider to your current salary level. The salary calculator will do the rest and let you know if your salary would need to increase or decrease for the new city. You will also see a complete overview of the cost of living.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$49,449$4,121$1,154$1,484
Renters$24,794$2,066$578$744
A good way to judge both the affordability of the housing and the cost of living is by simply calculating the maximum that a person should spend on housing in Sheridan, CO, otherwise known as the debt-to-income ratio (DTI). The safest way to live in the city is to avoid spending more than 28 percent of the gross income that one earns on costs that pertain to housing and no more than 36 percent on all expenses and debts. Sheridan, CO has a median income of about $49,449 for people who own homes. Based on that number, a person should spend a maximum of $1,154 on expenses related to housing. Renters have a slightly different median income, which is $24,794. Based on this average, renters should spend no more than $578 on all of their rental costs if they want to maintain a non-impoverished standard of living.

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 Sheridan, 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

ItemSheridanNational avg.Difference
Haircut $18.59$15.5619.4%
Beauty Salon $36.88$36.112.1%
Toothpaste $3.14$2.4726.9%
Shampoo $0.97$0.960.2%
Movie $11.18$10.1310.4%
Bowling $6.03$4.7427.3%

Groceries

ItemSheridanNational avg.Difference
Ground Beef $4.77$3.9819.6%
Fried Chicken $1.40$1.410.5%
Milk $1.78$2.0613.7%
Potatoes $2.81$2.985.8%
Pizza $7.33$9.4722.7%
Beer $8.43$8.794.1%

Health Care

ItemSheridanNational avg.Difference
Optometrist $102.80$101.041.7%
Doctor $134.18$107.4424.9%
Dentist $90.01$90.420.4%
Ibuprofen $9.40$9.281.3%
Lipitor $426.52$426.500.0%

Housing

ItemSheridanNational avg.Difference
Home Price $145,000.00$175,700.0017.5%
Avg. Mortgage Payment $1,431.28$1,133.2326.3%
Apartment Rent $967.00$920.005.1%

Transportation

ItemSheridanNational avg.Difference
Gasoline $1.99$1.990.4%
Tire Balancing $52.50$45.7614.7%

Utilities

ItemSheridanNational avg.Difference
All Electricity$135.90$163.8117.0%
Phone $30.43$28.397.2%
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.
Federal Heights, CO11,83584-16%
Lakeside, CO492-8%
Derby, CO8,63895-5%
Glendale, CO4,56496-4%
North Washington, CO30396-4%
Sheridan, CO5,81998-2%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Moores Mill, AL5,8191011%
Hillandale, MD5,81913232%
East Falmouth, MA5,81813838%
Waynesboro, GA5,82081-19%
Ware, MA5,8161033%
Sheridan, CO5,81998-2%
Source: The Sheridan, CO cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2016.