D
31%
Overall NAT. AVG.
4%
Goods & Services NAT. AVG.
104%
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 Dakota Ridge Colorado National
Cost of living131111100
Goods & Services104104100
Groceries96101100
Health care89100100
Housing204134100
Transportation109105100
Utilities8891100

An Overview of Cost of Living in Dakota Ridge, CO

Getting a feel for the cost of living in Dakota Ridge is essential for anyone planning to relocate, as it empowers them to make informed financial decisions, secure a comfortable lifestyle and maintain financial stability in their new environment. The cost of living in Dakota Ridge is 131, which is 31% higher than the national average. Relocating individuals may need to adjust their savings and investment strategies based on the cost of living in the new location. It influences decisions about retirement planning, investments and financial goals.

If you're in pursuit of an economical living environment, Dakota Ridge may not fit the bill, as it ranks among the most expensive places to reside in the United States. Just a minority of regions exhibit a cost of living that is more than 20% higher than the national average, and, unfortunately, Dakota Ridge falls within this bracket.

When it comes to the cost of living in Dakota Ridge, housing costs are a real heavyweight, often hogging a significant chunk of your earnings. Sadly, in this area, housing expenses for both buying and renting were 103.7% more expensive compared to your average city. That means you'll be shelling out more for homes, rents, mortgage rates and insurance.

Is Dakota Ridge Affordable?

Wondering if Dakota Ridge is affordable? It's a question that often comes up when you're thinking about a new city since affordability can really shape your decisions. The cost of living index (covered earlier), housing expenses and income levels all play a part in the affordability equation. In Dakota Ridge, for example, the median home price is 113.2% higher than what folks pay nationally, and monthly rent is 81.6% higher than the usual rates. Plus, income levels matter too, with Dakota Ridge boasting a median household income of $101,248, which is 83% higher than the national average.

What Factors can Influence the Cost of Living in Dakota Ridge?

Urbanization: Larger, urban hubs brimming with ample amenities and robust employment opportunities often showcase a heightened cost of living. This surge is primarily attributed to the amplified demand for services and increased residential migration, culminating in elevated home prices and elevated rental rates. Conversely, less densely populated rural locales or regions characterized by reduced demand tend to offer a more limited array of amenities and undergo slower job market growth, ultimately yielding a more affordable cost of living.

Utilities: Much like any other costs, utility expenses can exhibit considerable variations, influenced by factors such as climate, available energy sources, geographic location and state regulations. The costs associated with electricity, water, heating, and waste disposal can vary significantly depending on the city or state in question. In Dakota Ridge, the utilities index stands at 11.8% lower than the national average.

Groceries: Grocery prices have seen substantial hikes in the last 2-3 years, with some markets witnessing food cost increases of over 20% during this period. Conversely, certain markets have experienced only moderate upticks. These variations in food expenses can have a substantial impact on the overall cost of living in any locality. In Dakota Ridge, the groceries index is 4.1% lower than the national average.

Where is the Data From?

The Dakota Ridge cost of living data you see above is sourced from the C2ER cost of living index, providing a practical and accurate means of comparing living expenses in urban areas. Updated quarterly, this index gathers data from over 300 independent researchers, covering more than 60 goods and services, in 6 different categories. These selections are made meticulously to represent a wide range of consumer expenditure categories. The weightings applied to cost differences are based on government survey data that tracks spending patterns among professional and executive households. It's important to note that while the C2ER index excludes data on sales or income tax rates, AreaVibes factors 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 Dakota Ridge is 18% higher than the Colorado average
  • The cost of living in Dakota Ridge is 31% higher than the national average
  • Dakota Ridge housing is 104% 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 Dakota Ridge

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Compare Dakota Ridge, 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$104,011$8,668$2,427$3,121
      Renters$61,964$5,164$1,446$1,859
      The affordability of the housing market in Dakota Ridge, CO as well as the overall cost of living can be predicted by what percent of the monthly income is spent on housing related costs. This is konwn as the debt-to-income ratio (DTI). The overall rule of thumb is that no more than 28% of your gross income should be spent on the overall costs related to housing and no more than 36% of gross income on all expenses and debts. Among Dakota Ridge homeowners, the median income is $104,011. This indicates that a monthly maximum of $2,427 should be spent by homeowners on all housing related costs. Renters have a median income of $61,964. This indicates that renters would have a maximum of $1,446 for their rent related monthly costs.

      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 Dakota Ridge National avg. Difference
      Haircut $25.33$24.264.4%
      Beauty Salon $45.45$45.560.3%
      Toothpaste $4.12$3.7011.4%
      Shampoo $1.19$1.286.8%
      Movie $11.09$12.138.6%
      Bowling $22.22$18.0023.5%

      Groceries

      Item Dakota Ridge National avg. Difference
      Ground Beef $5.56$5.844.8%
      Fried Chicken $1.43$1.578.9%
      Milk $4.89$4.674.7%
      Potatoes $4.62$4.936.4%
      Pizza $11.06$12.098.5%
      Beer $11.34$10.418.9%

      Health Care

      Item Dakota Ridge National avg. Difference
      Optometrist $110.45$125.6812.1%
      Doctor $188.89$135.7839.1%
      Dentist $107.78$113.294.9%
      Ibuprofen $10.80$10.651.4%
      Lipitor $477.35$468.601.9%

      Housing

      Item Dakota Ridge National avg. Difference
      Home Price $393,700.00$184,700.00113.2%
      Avg. Mortgage Payment $2,542.08$2,346.698.3%
      Apartment Rent $1,723.00$949.0081.6%

      Transportation

      Item Dakota Ridge National avg. Difference
      Gasoline $3.58$3.463.4%
      Tire Balancing $73.58$59.9222.8%

      Utilities

      Item Dakota Ridge National avg. Difference
      All Electricity $161.00$193.9917.0%
      Phone $195.56$192.251.7%
      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.
      Crisman, CO511000.1%
      Leyner, CO01000.1%
      Eldorado Springs, CO3251000.1%
      Gold Hill, CO1951000.1%
      Hidden Lake, CO301000.1%
      Dakota Ridge, CO34,65513131.0%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Goldsboro, NC34,610928.1%
      Leawood, KS34,70213535.1%
      Owings Mills, MD34,71111817.7%
      Boardman, OH34,7178910.7%
      Goshen, IN34,5868713.3%
      Dakota Ridge, CO34,65513131.0%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.