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.
A general overview of the cost of living index for Colorado Springs, CO is displayed above. In Colorado Springs, CO, the overall cost of living index is 100, which is 8% lower than the Colorado average and equal to the U.S. average. The following categories are used to calculate the overall cost of living index: goods/services (33%), housing (30%), groceries (13%), utilities (10%), transportation (9%) and health care (5%). From the list, it is clear that the categories of goods/services and housing are responsible for the largest portions of the overall cost of living index. As a general rule, everyday goods and services provide an accurate measure of the general cost of goods in any given city. In the case of Colorado Springs, CO, the city's goods and services are 5% lower than the Colorado average and 5% lower than the U.S. average.
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Did you know?
The cost of living in Colorado Springs is 8% lower than the Colorado average.
The cost of living in Colorado Springs is equal to the national average.
The cost of housing in Colorado Springs is 14% 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.
Compare Colorado Springs, CO Cost of living To Other Cities
This is how much you would need to earn in Price difference in compared to
Cost of living index
Goods & Services index
Health care index
The salary calculator is meant to help you compare your salary in Colorado Springs, CO to your potential earning power in another city. This can help you deduce what your salary would need to be in any given city in order for you to live the same lifestyle that you do in your current city. In other words, if you plan on moving to a city where the cost of living is higher than in Colorado Springs, CO, you'll have to make more money in the new city in order to maintain the lifestyle you currently enjoy. To use the Colorado Springs, CO salary calculator, simply input the new city, then move the adjustable slider to match your current income. Once you've selected your income, the calculator will determine if that income is sufficient to support your standard of living in the new city you entered. The calculator will also supply you with a rundown of living costs in the new city.
Median Income & Debt-To-Income Ratio
Max Budget (28% DTI)
Max Budget (36% DTI)
If you want to find a good determining factor for the cost of living and the general affordability of housing in Colorado Springs, CO, all you must look at 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, CO, the median monthly income is $77,363 for those who own their own homes. Under the standard rule, that income level would allow for $1,805 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $37,189, per the median income in the area. That would allow for renters to spend up to $868 on monthly rental expenses.
Colorado Sales Tax
General Sales Tax
With Max Surtax
Colorado Income Tax
Income Tax (Low)
Income Tax (High)
One thing to keep in mind when considering the cost of living in Colorado Springs, CO is the Colorado sales tax and Colorado income tax rates. Sales taxes are taxes that are collected on most goods or services sold. Sales taxes can vary by state and can be as high as 7% and as low as 0% as not every state imposes a sales tax. The Colorado sales tax rate is 2.9% and the maximum surtax that can be charged is 10%. Income tax is the tax imposed on income by both the federal and state government. The income tax rates varies by individual state and will also be higher or lower depending on the applicable tax bracket. The rates of state income tax can vary from 0% to more than 9%. The Colorado income tax rates range from 4.63% to 4.63%.
Goods & Services
Avg. Mortgage Payment
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.