C
25%
Overall NAT. AVG.
4%
Goods & Services NAT. AVG.
84%
Housing NAT. AVG.
Search Homes for Sale
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 Westminster Colorado National
Cost of living125111100
Goods & Services104104100
Groceries96101100
Health care89100100
Housing184134100
Transportation109105100
Utilities8891100

An Overview of Cost of Living in Westminster, CO

Are you thinking about relocating, but curious about the potential cost of living in Westminster? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Westminster stands at 125, making it 25% higher than the national average. The cost of living directly affects the affordability of one's desired lifestyle. Knowing the cost of housing, transportation, groceries and other essentials in the new area allows people to gauge whether they can maintain their preferred standard of living.

If you're in pursuit of an economical living environment, Westminster may not fit the bill, as it ranks among the most expensive places to reside in the United States. Just a minority of regions exhibit a cost of living that is more than 20% higher than the national average, and, unfortunately, Westminster falls within this bracket.

Housing costs are a major factor in the Westminster cost of living index, and they often eat up a big chunk of your take-home pay. Unfortunately, in this area, housing expenses for both homeownership and rentals were 84.3% higher than what's typical in an average city. That includes the prices of homes and rents, as well as mortgage rates and insurance.

What Do Locals Say About the Cost of Living in Westminster?

When it comes to knowing a city, its residents are the experts. We conducted a survey with 7 locals to understand their opinions on the cost of living in Westminster. The results indicated that 14% found it reasonably priced with decreasing prices of goods and services, while 86% viewed it as quite expensive, with increasing prices.

Is Westminster Affordable?

Wondering if Westminster is affordable? It's a question that often comes up when you're thinking about a new city since affordability can really shape your decisions. The cost of living index (covered earlier), housing expenses and income levels all play a part in the affordability equation. In Westminster, for example, the median home price is 96.8% higher than what folks pay nationally, and monthly rent is 55.1% higher than the usual rates. Plus, income levels matter too, with Westminster boasting a median household income of $76,378, which is 38.1% higher than the national average.

What Factors can Influence the Cost of Living in Westminster?

Subsidies: Some areas might offer government subsidies or assistance programs that help lower cost of living for residents. These programs can include anything from Medicare, Medicaid, housing subsidies, low-income home energy assistance programs, school lunch programs, supplemental nutrition assistance programs, student loans, electric vehicle tax credits, affordable care act subsidies and crop subsidies. Areas that offer less subsidies, could see an increase in their cost of living.

Groceries: Grocery expenditures have undergone notable escalation over the last 2-3 years. In some markets, the cost of food products has surged by more than 20%, while others have experienced only modest increments. These fluctuations in food costs can have a significant impact on the overall cost of living in any region. In Westminster, the groceries index registers 4.1% lower than the national average.

Healthcare: The costs associated with healthcare and insurance premiums can exhibit notable disparities based on the city or state of residence. Access to healthcare facilities, out-of-pocket expenses for medical appointments, dental care charges, prescription medication costs and specialized medical care expenses all contribute to variations in the cost of living. In Westminster, healthcare costs are 11.1% lower than the national average.

Where is the Data From?

The cost of living data in Westminster displayed above is sourced from the C2ER cost of living index, which serves as a practical tool for comparing living expenses across urban areas. Published on a quarterly basis, this index aggregates data from over 300 independent researchers, encompassing more than 60 goods and services, in 6 different categories. The weightings assigned to cost differences rely on government survey data that tracks the spending habits of professional and executive households. It's worth noting that the C2ER index excludes data on sales or income tax rates, while AreaVibes integrates tax rates into the overall cost of living evaluation for each region.

New Real Estate Listings in Westminster Area
Search Homes for Sale in Westminster, CO

Cost Of Living Quick Facts

  • The cost of living in Westminster is 13% higher than the Colorado average
  • The cost of living in Westminster is 25% higher than the national average
  • Westminster housing is 84% 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

Most Affordable Places to Live in and Around Westminster

See all the best places to live around Westminster

Compare Westminster, CO Cost of Living

      vs
      How would you rate the cost of living in Westminster?
      Write a review to give others more information about this area.
      Is the cost of living increasing or decreasing in Westminster?
      Write a review to give others more information about this area.
      See all Westminster poll results

      Salary Calculator

      This is how much you would need to earn in
      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$93,756$7,813$2,187$2,813
      Renters$54,315$4,526$1,267$1,630
      The affordability of the housing market in Westminster, 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 Westminster homeowners, the median income is $93,756. This indicates that a monthly maximum of $2,187 should be spent by homeowners on all housing related costs. Renters have a median income of $54,315. This indicates that renters would have a maximum of $1,267 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 Westminster National avg. Difference
      Haircut $25.33$24.264.4%
      Beauty Salon $45.45$45.560.3%
      Toothpaste $4.12$3.7011.4%
      Shampoo $1.19$1.286.8%
      Movie $11.09$12.138.6%
      Bowling $22.22$18.0023.5%

      Groceries

      Item Westminster National avg. Difference
      Ground Beef $5.56$5.844.8%
      Fried Chicken $1.43$1.578.9%
      Milk $4.89$4.674.7%
      Potatoes $4.62$4.936.4%
      Pizza $11.06$12.098.5%
      Beer $11.34$10.418.9%

      Health Care

      Item Westminster National avg. Difference
      Optometrist $110.45$125.6812.1%
      Doctor $188.89$135.7839.1%
      Dentist $107.78$113.294.9%
      Ibuprofen $10.80$10.651.4%
      Lipitor $477.35$468.601.9%

      Housing

      Item Westminster National avg. Difference
      Home Price $363,500.00$184,700.0096.8%
      Avg. Mortgage Payment $2,542.08$2,346.698.3%
      Apartment Rent $1,472.00$949.0055.1%

      Transportation

      Item Westminster National avg. Difference
      Gasoline $3.58$3.463.4%
      Tire Balancing $73.58$59.9222.8%

      Utilities

      Item Westminster National avg. Difference
      All Electricity $161.00$193.9917.0%
      Phone $195.56$192.251.7%
      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 Population Cost of Living Index National Avg.
      Eldorado Springs, CO3251000.1%
      Leyner, CO01000.1%
      Glendale CDP, CO781022.3%
      Lakeside, CO68514.8%
      Federal Heights, CO13,537919.4%
      Westminster, CO114,83212525.2%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Springfield, IL115,0758811.5%
      The Woodlands, TX114,53212423.7%
      West Jordan, UT115,18112020.2%
      Carlsbad, CA114,41119796.7%
      Murrieta, CA114,06614544.6%
      Westminster, CO114,83212525.2%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.