An Overview of Cost of Living in Cañon City, CO
The cost of living in Cañon City affects the quality of life one can afford in this new location. It allows people to assess whether they can maintain their preferred lifestyle, including housing, leisure activities and dining options. Your total monthly expenditures can varry depending on the area, as well as many other factors. The cost of living in Cañon City is 103, which is 3% higher than the national average. Knowledge of the cost of living can help individuals make informed decisions about retirement savings, investments, and financial goals.
In Cañon City, daily expenses such as food, housing, goods and services, transportation and health care are in line with comparable areas and about average when compared to all cities across the nation. This ensures that the cost of living in Cañon City will resemble that of an average city, contributing to a manageable cost of living.
Recurring essentials like haircuts, toothpaste, and entertainment, from movies to gym sessions, can really add up in your budget and make up 33% of the cost of living index. In Cañon City, you you will have to spend 10.5% more than average when compared to the typical prices for these items, making it a more expensive place to live.
What Do Locals Say About the Cost of Living in Cañon City?
The most insightful perspective on a city comes from its residents. We recently surveyed 8 locals to gauge their perception of the cost of living in Cañon City. The feedback revealed that 38% of respondents found the cost of living to be reasonable, with prices on the decline, while 63% regarded it as notably expensive with prices that continue to rise.
Is Cañon City Affordable?
Is Cañon City an affordable place to live? It's a good question and one that you might want to ask when considering any new city, as affordability can play a huge role in the decision making process. The cost of living index (which we covered above), as well as housing costs and income levels play a vital role in determining the affordability of an area. The median home price in Cañon City is 0.3% higher than the national average, while the average monthly rent prices are 16.8% lower than average. The affordability of any location can also be influenced by median income levels. Cañon City has a median household income of $49,963, which is 9.7% lower than the national average.
What Factors can Influence the Cost of Living in Cañon City?
Groceries: Grocery costs have continued to increase significantly over the last 2-3 years. In some markets the cost of food has gone up by more than 20% in that period. While other markets have managed to see only a moderate uptick. These food costs can have a major impact on the cost of living in any area. In Cañon City, the groceries index is 3.8% higher than the national average.
Utilities: Like everything else, utilities costs can range significantly depending on factors like climate, energy sources available, location and even state regulations. Things like electricity, water, heating and waste disposal costs can be higher or lower, depending on the city or state. The utilities index in Cañon City comes in at 1.1% lower than the national average.
Healthcare: Healthcare costs and insurance premiums can fluctuate greatly based on the city or state. Access to healthcare facilities, out-of-pocket expenses for doctor\’s visits, dentist costs, medication costs and specialized care costs can all impact the cost of living. In Cañon City, the healthcare costs are 5.3% higher than the national average.
Where is the Data From?
The cost of living data in Cañon City displayed above is sourced from the C2ER cost of living index, which serves as a practical tool for comparing living expenses across urban areas. Published on a quarterly basis, this index aggregates data from over 300 independent researchers, encompassing more than 60 goods and services, in 6 different categories. The weightings assigned to cost differences rely on government survey data that tracks the spending habits of professional and executive households. It's worth noting that the C2ER index excludes data on sales or income tax rates, while AreaVibes integrates tax rates into the overall cost of living evaluation for each region.
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