Cortez cost of living index

An overview of the general cost of living index for Cortez, CO is displayed above for your reference. Residents in Cortez, CO enjoy a cost of living index of 88. This index is 18% lower than the Colorado average, and 12% lower than the national average. The following categories are used when determining the cost of living index for any given city: health care (5%), transportation (9%), utilities (10%), groceries (13%), housing (30%), and goods/services (33%). Clearly, housing and goods/services make up the majority of the formula for calculating the cost of living index. Because of this, the general cost of living for any given area can be estimated by looking at the cost of everyday goods in that area. For those living in Cortez, CO, the average cost of goods and services is 10% lower than it is in Colorado, and it is 11% lower than the national average.

Find Real Estate Listings In Cortez

New Real Estate Listings In Cortez

Real Estate Listings In Cortez

The best places in Colorado

Salary Calculator

Use the salary calculator to compare your current income in Cortez, 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 Cortez, CO, then you would need to earn a higher salary in order to enjoy the same standard of living. To use the Cortez, 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

One can approximate the cost of living and the housing affordability in Cortez, CO by the percentage of a person’s income that he or she spends on the monthly housing, otherwise known as the debt-to-income ratio (DTI). To stay on the safe side and keep one’s head above the water, a consumer should never spend more than 28 percent of his or her gross income on housing-related expenses and costs and not more than 36 percent of income on all expenses and debts. Homeowners in Cortez, CO have a median income of $47,319. Therefore, the amount that a consumer should spend on housing costs should be no more than $1,104 per month to avoid calamity and poverty. The renters in the city have an income of about $31,579, which would make their monthly maximum allowable rental costs $737.

Colorado Sales Tax

Colorado Income Tax

When assessing the complete cost of living in Cortez, CO, the Colorado income tax and the Colorado sales tax percentages should unquestionably be taken into consideration. Sales taxes aren't just levies imposed onto sold goods, but they also include taxes that are charged when services are provided for a fee. The rates are different from state to state and can run has high as 7 percent. Some states have no sales tax at all. The Colorado maximum surtax is 10%, and the Colorado sales tax is 2.9%. By contrast, income tax is an unfortunate obligation that is charged by the government against earnings. Just like sales taxes, the rates for income taxes differ from state to state. They also decrease or increase according to the individual's tax bracket. Tax rates can run as high as 9 percent, with a minimum of zero. Income tax rates range from 4.63% to 4.63% in Colorado.

Goods & Services

Groceries

Health Care

Housing

Transportation

Utilities

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

Cities with similar population

Source: The Cortez, CO cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for 2017.