Greenwood Village cost of living index

A general summary of the cost of living index in Greenwood Village, CO is shown above. Compared to the state average of Colorado the cost of living index in Greenwood Village, CO is 184, which is 71% higher than the average in Colorado and compared to the national average it is 84% higher than. The cost of living index is made up of several categories. These are transportation at 9%, utilities at 10%, goods and services at 33%, housing at 30%, groceries at 13%, and health care at 5%. The bulk of the cost of living index comes from the categories of goods and services and housing. If you look at everyday goods and services they can be a good indicator in a certain city of the general costs of goods there. In Greenwood Village, CO goods and services come in at 8% higher than the average in Colorado and are 7% higher than compared to the nationwide average.

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Salary Calculator

The salary calculator is meant to help you compare your salary in Greenwood Village, 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 Greenwood Village, CO, you'll have to make more money in the new city in order to maintain the lifestyle you currently enjoy. To use the Greenwood Village, 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

The percent of monthly income spent on housing can be a good indicator of the affordability of housing in Greenwood Village, CO as well as the overall cost of living. As a general rule of thumb, the debt-to-income ratio (DTI) for homeowners or renters should be not more than 28 percent of gross income to be spent on housing related costs and not more than 36 percent of income on all expenses, including debts. The median income for Greenwood Village, CO homeowners, is $176,694. This would allow for a maximum of $4,123 per month to be spent on housing costs. For renters, the median monthly income is $70,652 which would result in a maximum of $1,648 to be spent on rental costs.

Colorado Sales Tax

Colorado Income Tax

One thing to keep in mind when considering the cost of living in Greenwood Village, 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

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.

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