F
Overall 25%
Goods & Services 4%
Housing 80%
Date & Last Updated: This data reflects 2019 and was released from C2ER in January, 2020; 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.
IndexMonumentColoradoNational
Cost of living125110100
Goods & Services104103100
Groceries9497100
Health care107104100
Housing180134100
Transportation99102100
Utilities9986100

Key findings

  • The cost of living in Monument is 14% higher than the Colorado average
  • The cost of living in Monument is 25% higher than the national average
  • Monument housing is 80% higher than the national average
  • Colorado general sales tax is 43% lower than the national average
  • Colorado state income tax is 88% higher than the national average

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Compare Monument, CO Cost of Living

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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 IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
      Owners$100,639$8,387$2,348$3,019
      Renters$72,734$6,061$1,697$2,182
      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 $100,639. This indicates that a monthly maximum of $2,348 should be spent by homeowners on all housing related costs. Renters have a median income of $72,734. This indicates that renters would have a maximum of $1,697 for their rent related monthly costs.

      Colorado Sales Tax

      StateGeneral Sales TaxWith Max Surtax
      Colorado2.9%10%

      Colorado Income Tax

      StateIncome Tax (Low)Income Tax (High)
      Colorado4.63%4.63%

      Goods & Services

      ItemMonumentNational avg.Difference
      Haircut $20.57$17.4917.6%
      Beauty Salon $41.14$38.177.8%
      Toothpaste $2.74$2.3218.1%
      Shampoo $1.02$1.010.8%
      Movie $10.24$10.724.5%
      Bowling $15.00$13.868.2%

      Groceries

      ItemMonumentNational avg.Difference
      Ground Beef $3.95$3.901.3%
      Fried Chicken $1.44$1.403.2%
      Milk $1.62$1.9617.4%
      Potatoes $2.71$3.1814.9%
      Pizza $11.17$10.397.5%
      Beer $9.12$9.231.2%

      Health Care

      ItemMonumentNational avg.Difference
      Optometrist $108.79$106.342.3%
      Doctor $145.00$115.2525.8%
      Dentist $99.14$98.380.8%
      Ibuprofen $8.56$9.267.6%
      Lipitor $493.76$466.475.9%

      Housing

      ItemMonumentNational avg.Difference
      Home Price $333,000.00$184,700.0080.3%
      Avg. Mortgage Payment $1,220.36$1,273.324.2%
      Apartment Rent $1,698.00$949.0078.9%

      Transportation

      ItemMonumentNational avg.Difference
      Gasoline $2.56$2.591.3%
      Tire Balancing $50.25$48.902.8%

      Utilities

      ItemMonumentNational avg.Difference
      All Electricity$165.38$167.601.3%
      Phone $179.26$163.429.7%
      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, StatePopulationCost of Living IndexNational Avg.
      Cimarron Hills, CO17,24098-2%
      Green Mountain Falls, CO6441033%
      Larkspur, CO2211055%
      Palmer Lake, CO2,5581066%
      Cascade-Chipita Park, CO1,3651077%
      Monument, CO6,34612525%

      Cities with similar population

      City, StatePopulationCost of Living IndexNational Avg.
      Jackson, OH6,34685-15%
      North Manchester, IN6,34683-17%
      East Foothills, CA6,34719191%
      Raton, NM6,34882-18%
      Moraine, OH6,34386-14%
      Monument, CO6,34612525%
      Source: The Monument, CO cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for 2019.