Cost Of Living in Monument, CO

F

36%

Overall NAT. AVG.

11%

Goods & Services NAT. AVG.

106%

Housing NAT. AVG.

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	Monument	Colorado	National
Cost of living	136	111	100
Goods & Services	111	104	100
Groceries	104	101	100
Health care	105	100	100
Housing	206	134	100
Transportation	104	105	100
Utilities	99	91	100

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Cost Of Living Quick Facts

The cost of living in Monument is 23% higher than the Colorado average
The cost of living in Monument is 36% higher than the national average
Monument housing is 106% 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

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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	$109,043	$9,087	$2,544	$3,272
Renters	$61,875	$5,156	$1,444	$1,856

The affordability of the housing market in Monument, 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 Monument homeowners, the median income is $109,043. This indicates that a monthly maximum of $2,544 should be spent by homeowners on all housing related costs. Renters have a median income of $61,875. This indicates that renters would have a maximum of $1,444 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	Monument	National avg.	Difference
Haircut	$33.33	$24.26	37.4%
Beauty Salon	$47.14	$45.56	3.5%
Toothpaste	$3.61	$3.70	2.4%
Shampoo	$1.29	$1.28	0.7%
Movie	$11.74	$12.13	3.2%
Bowling	$18.60	$18.00	3.3%

Groceries

Item	Monument	National avg.	Difference
Ground Beef	$5.52	$5.84	5.5%
Fried Chicken	$1.39	$1.57	11.4%
Milk	$4.69	$4.67	0.4%
Potatoes	$4.14	$4.93	16.0%
Pizza	$12.36	$12.09	2.2%
Beer	$10.75	$10.41	3.3%

Health Care

Item	Monument	National avg.	Difference
Optometrist	$115.89	$125.68	7.8%
Doctor	$148.28	$135.78	9.2%
Dentist	$118.46	$113.29	4.6%
Ibuprofen	$10.72	$10.65	0.6%
Lipitor	$514.89	$468.60	9.9%

Housing

Item	Monument	National avg.	Difference
Home Price	$410,800.00	$184,700.00	122.4%
Avg. Mortgage Payment	$2,599.40	$2,346.69	10.8%
Apartment Rent	$1,598.00	$949.00	68.4%

Transportation

Item	Monument	National avg.	Difference
Gasoline	$3.64	$3.46	5.3%
Tire Balancing	$60.47	$59.92	0.9%

Utilities

Item	Monument	National avg.	Difference
All Electricity	$191.51	$193.99	1.3%
Phone	$189.92	$192.25	1.2%

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.
Larkspur, CO	244	98	1.8%
Cimarron Hills, CO	18,981	112	11.6%
Green Mountain Falls, CO	685	120	19.5%
Palmer Lake, CO	2,946	121	21.3%
Cascade-Chipita Park, CO	943	124	23.8%
Monument, CO	7,691	136	36.3%

Cities with similar population

City	Population	Cost of Living Index	National Avg.
Pukalani, HI	7,689	185	84.5%
Porters Neck, NC	7,693	124	23.5%
Village St. George, LA	7,688	103	3.0%
Lincolnshire, IL	7,694	162	61.8%
Plumas Lake, CA	7,687	135	34.8%
Monument, CO	7,691	136	36.3%