C
19%
Overall NAT. AVG.
11%
Goods & Services NAT. AVG.
49%
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 Colorado Springs Colorado National
Cost of living119111100
Goods & Services111104100
Groceries104101100
Health care105100100
Housing149134100
Transportation104105100
Utilities9991100

An Overview of Cost of Living in Colorado Springs, CO

Understanding the cost of living in Colorado Springs 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 Colorado Springs cost of living index is 119, which is 19% 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.

Housing costs are a major factor in the Colorado Springs cost of living index, and they often eat up a big chunk of your take-home pay. Unfortunately, in this area, housing expenses for both homeownership and rentals were 49.4% higher than what's typical in an average city. That includes the prices of homes and rents, as well as mortgage rates and insurance.

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 Colorado Springs, 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 Colorado Springs?

Nobody knows their city better than the people who actually live there. So, we asked 51 local residents how they would rate the cost of living in Colorado Springs and this is how they responded. 25% of people said that the cost of living was affordable, with prices decreasing, while 75% of people said that the cost of living was very expensive and prices continue to rise.

Is Colorado Springs Affordable?

Is Colorado Springs affordable? It's a key consideration when pondering a move, as affordability often shapes your choices. The cost of living index (we discussed it earlier), coupled with housing costs and income levels, serves as the cornerstone for determining a location's affordability. Take Colorado Springs, for instance, where the median home price falls 59.4% higher than the national average, and monthly rent rates are 26% higher than usual. Additionally, median income levels contribute to the equation, with Colorado Springs flaunting a median household income of $67,719, 22.4% higher than the national norm.

What Factors can Influence the Cost of Living in Colorado Springs?

Healthcare: Healthcare expenditures and insurance premium rates can vary significantly, contingent upon the particular city or state. Factors such as the accessibility of healthcare facilities, out-of-pocket expenses for doctor's appointments, dental care charges, prescription medication costs, and expenses related to specialized medical care can all have an impact on the overall cost of living. In Colorado Springs, healthcare costs are 5.3% higher than the national average.

Subsidies: Certain cities or states may institute government subsidies or assistance programs designed to alleviate the financial burdens associated with the cost of living for their residents. These programs encompass a variety of support mechanisms, including 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 farm subsidies. Areas that provide fewer subsidies may see an uptick in their overall cost of living.

Housing: High demand for housing in desirable locations can drive up property prices and rental rates. This can be a primary contributor to a higher cost of living. While low demand for housing, especially in undesirable locations, can have the reverse effect and drive prices down, resulting in a lower cost of living. The housing index in Colorado Springs, is 49.4% higher than the national average.

Where is the Data From?

The Colorado Springs 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. Published on a quarterly basis, it compiles data from more than 300 independent researchers, encompassing over 60 goods and services. These items have been meticulously selected to represent various consumer expenditure categories, in 6 categories. Weightings assigned to cost differentials draw from government survey data tracking spending patterns among professional and executive households. While the C2ER index excludes data on sales or income tax rates, AreaVibes incorporates tax rates into the overall cost of living score for each region.

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Cost Of Living Quick Facts

  • The cost of living in Colorado Springs is 7% higher than the Colorado average
  • The cost of living in Colorado Springs is 19% higher than the national average
  • Colorado Springs housing is 49% 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 Colorado Springs

See all the best places to live around Colorado Springs

Compare Colorado Springs, 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$88,358$7,363$2,062$2,651
      Renters$45,084$3,757$1,052$1,353
      A good indicator of the general affordability of housing in Colorado Springs, 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 Colorado Springs, the median monthly income is $88,358 for those who own their own homes. Under the standard rule, that income level would allow for $2,062 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $45,084, per the median income in the area. That would allow for renters to spend up to $1,052 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 Colorado Springs National avg. Difference
      Haircut $33.33$24.2637.4%
      Beauty Salon $47.14$45.563.5%
      Toothpaste $3.61$3.702.4%
      Shampoo $1.29$1.280.7%
      Movie $11.74$12.133.2%
      Bowling $18.60$18.003.3%

      Groceries

      Item Colorado Springs National avg. Difference
      Ground Beef $5.52$5.845.5%
      Fried Chicken $1.39$1.5711.4%
      Milk $4.69$4.670.4%
      Potatoes $4.14$4.9316.0%
      Pizza $12.36$12.092.2%
      Beer $10.75$10.413.3%

      Health Care

      Item Colorado Springs National avg. Difference
      Optometrist $115.89$125.687.8%
      Doctor $148.28$135.789.2%
      Dentist $118.46$113.294.6%
      Ibuprofen $10.72$10.650.6%
      Lipitor $514.89$468.609.9%

      Housing

      Item Colorado Springs National avg. Difference
      Home Price $294,500.00$184,700.0059.4%
      Avg. Mortgage Payment $2,599.40$2,346.6910.8%
      Apartment Rent $1,196.00$949.0026.0%

      Transportation

      Item Colorado Springs National avg. Difference
      Gasoline $3.64$3.465.3%
      Tire Balancing $60.47$59.920.9%

      Utilities

      Item Colorado Springs National avg. Difference
      All Electricity $191.51$193.991.3%
      Phone $189.92$192.251.2%
      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 Population Cost of Living Index National Avg.
      Stratmoor, CO5,9601066.2%
      Cimarron Hills, CO18,98111211.6%
      Security-Widefield, CO38,64511414.4%
      Fountain, CO30,24011818.2%
      Green Mountain Falls, CO68512019.5%
      Colorado Springs, CO471,68611919.3%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Raleigh, NC469,69811110.5%
      Omaha, NE479,529964.3%
      Long Beach, CA462,08115757.0%
      Miami, FL461,08012423.8%
      Kansas City, MO491,158946.2%
      Colorado Springs, CO471,68611919.3%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.