Gunbarrel cost of living index

An overview of the general cost of living index for Gunbarrel, CO is displayed above for your reference. Residents in Gunbarrel, CO enjoy a cost of living index of 127. This index is 17% higher than the Colorado average, and 27% higher 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 Gunbarrel, CO, the average cost of goods and services is 1% lower than it is in Colorado, and it is 2% lower than the national average.

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Salary Calculator

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

The percent of monthly income spent on housing can be a good indicator of the affordability of housing in Gunbarrel, 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 Gunbarrel, CO homeowners, is $101,203. This would allow for a maximum of $2,361 per month to be spent on housing costs. For renters, the median monthly income is $55,439 which would result in a maximum of $1,293 to be spent on rental costs.

Colorado Sales Tax

Colorado Income Tax

The Colorado sales tax and Colorado income tax rates should definitely be considered when determining the overall cost of living in Gunbarrel, CO. Sales taxes are taxes that are imposed onto goods and services sold. Sales taxes do vary by state and can range from no tax at all to upwards of 7%. The Colorado sales tax is 2.9% and the maximum surtax is 10%. Income tax is the tax imposed on income by the government. The income tax rates will vary by state and will also increase or decrease depending on the corresponding tax bracket. State income tax rates can range from anywhere from no tax at all 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 Gunbarrel, CO cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for 2017.