In the event that the cost of living data was unavailable for this city, estimates based upon nearby cities were used. Each cost of living index is based on a national average of 100. If the amount is below 100, it is lower than the national average. If the amount is above 100, it is higher than the national average.
An overview of the general cost of living index for Welby, CO is displayed above for your reference. Residents in Welby, CO enjoy a cost of living index of 95. This index is 12% lower than the Colorado average, and 5% lower 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 Welby, 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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The cost of living in Welby is 12% lower than the Colorado average.
The cost of living in Welby is 5% lower than the national average.
The cost of housing in Welby is 4% lower than the national average.
Colorado general sales tax is 43% lower than the national average.
Colorado state income tax is 108% higher than the national average.
This is how much you would need to earn in Price difference in compared to
Cost of living index
Goods & Services index
Health care index
The salary calculator allows you to compare how much your current salary in Welby, CO would be worth in another city. In other words, the salary calculator will adjust the figure you enter for cost of living so that you can determine how much more or much less you would need to earn while maintaining your current quality of living. If you are considering relocating to a more expensive city than Welby, CO, the calculator will tell you how much more you need to earn so you can assess job offers more accurately. The Welby, CO salary calculator is easy to use. All you do is enter the name of another city, then move the slider to your current income. After that, the salary calculator will crunch the numbers for you and give you the information you need about the place you are considering going. Additionally, it will show a detailed breakdown of the cost of living.
Median Income & Debt-To-Income Ratio
Max Budget (28% DTI)
Max Budget (36% DTI)
A good way to judge both the affordability of the housing and the cost of living is by simply calculating the maximum that a person should spend on housing in Welby, CO, otherwise known as the debt-to-income ratio (DTI). The safest way to live in the city is to avoid spending more than 28 percent of the gross income that one earns on costs that pertain to housing and no more than 36 percent on all expenses and debts. Welby, CO has a median income of about $57,133 for people who own homes. Based on that number, a person should spend a maximum of $1,333 on expenses related to housing. Renters have a slightly different median income, which is $39,082. Based on this average, renters should spend no more than $912 on all of their rental costs if they want to maintain a non-impoverished standard of living.
Colorado Sales Tax
General Sales Tax
With Max Surtax
Colorado Income Tax
Income Tax (Low)
Income Tax (High)
When you are determining the total cost of living in Welby, CO you will want to make sure you consider both the Colorado sales tax and the Colorado income tax rates. Sales tax come in the form of taxes levied on both services and goods that are sold. The sales tax rates are different state to state and range from zero sales tax to higher than 7%. The sales tax in Colorado is 2.9%, with the highest surtax being 10%. Tax that is on income by the government is income tax. Different states have different income tax rates and these rates can be higher or lower dependent on the corresponding tax bracket. The state income tax rates are different state to state and range from no income tax to more than 9% income tax. The income tax rates in Colorado have a range from 4.63% to 4.63%.
Goods & Services
Avg. Mortgage Payment
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.