An Overview of Cost of Living in Fort Collins, CO
Knowing the cost of living in Fort Collins allows individuals to create a realistic budget. This helps them understand how their income will cover expenses and whether they need to make financial adjustments. The cost of living in any region can fluctuate due to various factors. To assess the cost of living consistently across different areas, a national average of 100 serves as the basis for the cost of living index. The cost of living in Fort Collins stands at 127, marking it 27% higher than the national average.
If you value affordability in your search for a new place to live, Fort Collins may not be the most suitable option, as it stands out as one of the priciest areas in the entire United States. Only a small fraction of regions have a cost of living that is more than 20% higher than the national average, and regrettably, Fort Collins falls into this category, which may not align with your desire for an affordable place to call home.
Housing costs are a major factor in the Fort Collins 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 94.5% higher than what's typical in an average city. That includes the prices of homes and rents, as well as mortgage rates and insurance.
What Do Locals Say About the Cost of Living in Fort Collins?
When it comes to knowing a city, its residents are the experts. We conducted a survey with 49 locals to understand their opinions on the cost of living in Fort Collins. The results indicated that 24% found it reasonably priced with decreasing prices of goods and services, while 76% viewed it as quite expensive, with increasing prices.
Is Fort Collins Affordable?
Is Fort Collins 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 Fort Collins is 115.9% higher than the national average, while the average monthly rent prices are 44.7% higher than average. The affordability of any location can also be influenced by median income levels. Fort Collins has a median household income of $70,528, which is 27.5% higher than the national average.
What Factors can Influence the Cost of Living in Fort Collins?
Subsidies: Certain cities or states may implement government subsidies or assistance programs with the goal of alleviating the cost of living pressures on their residents. These programs encompass a broad spectrum 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 farming subsidies. Areas offering fewer subsidies may experience a rise in their cost of living.
Groceries: Grocery expenditures have undergone notable escalation over the last 2-3 years. In some markets, the cost of food products has surged by more than 20%, while others have experienced only modest increments. These fluctuations in food costs can have a significant impact on the overall cost of living in any region. In Fort Collins, the groceries index registers 3% higher than the national average.
Utilities: As with the prices of anything else, utility costs can exhibit significant variations, contingent on factors like climate, energy source availability, geographic location and state regulations. The expenses associated with electricity, water, heating, and waste disposal can fluctuate, either upward or downward, depending on the particular city or state. In Fort Collins, the utilities index registers 13.4% lower than the national average.
Where is the Data From?
The Fort Collins 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. The index takes into account data from 300 independent researches, covering more than 60 goods and services across 6 different categories, to create an overall index for each area, with 100 being the average. The C2ER index does not include sales or income tax rates in their data, however AreaVibes does include both income and sales tax rates in the overall cost of living score for each area.
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