C
29%
Overall NAT. AVG.
4%
Goods & Services NAT. AVG.
98%
Housing NAT. AVG.
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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 Wheat Ridge Colorado National
Cost of living129111100
Goods & Services104104100
Groceries96101100
Health care89100100
Housing198134100
Transportation109105100
Utilities8891100

An Overview of Cost of Living in Wheat Ridge, CO

Understanding the cost of living in Wheat Ridge can help future residents assess whether their current financial situation aligns with the expenses they will encounter. It enables them to plan for potential changes in their budget and lifestyle. The Wheat Ridge cost of living index is 129, which is 29% higher than the national average. The cost of living index is calculated by taking into account multiple categories, which encompass both the cost of everyday expenditures and larger expenses as well.

If you're in pursuit of an economical living environment, Wheat Ridge 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, Wheat Ridge falls within this bracket.

Housing costs make up a big chunk of the cost of living in Wheat Ridge, and they usually eat into a large part of your take-home pay. Unfortunately, in this area, both buying a home and renting one costs 98.4% more than the average city. This includes stuff like home prices, rent, mortgage rates, and insurance.

Is Wheat Ridge Affordable?

Is Wheat Ridge affordable? This is a pivotal question, especially when mulling over a move, as affordability carries substantial weight in your decision-making process. Factors such as the cost of living index (discussed earlier), housing expenses and income levels all contribute to a location's affordability. For instance, in Wheat Ridge, the median home price is 130.9% higher than the national average and monthly rent prices are 22.7% higher than the typical rates. Additionally, the median income levels play a role in affordability, with Wheat Ridge boasting a median household income of $63,333, 14.5% higher than the national average.

What Factors can Influence the Cost of Living in Wheat Ridge?

Transportation: When public transportation options are limited or non-existent, residents frequently resort to vehicle ownership, which can significantly contribute to the overall cost of living. Monthly financial obligations encompass fuel, insurance, regular maintenance and potentially lease or financing expenses. In Wheat Ridge, the transportation index is 8.5% higher than the national average.

Taxes: Cities that impose higher taxes, including sales and income taxes, can contribute to an escalated cost of living. The added expense of taxes on everyday goods like clothing and food naturally results in higher overall costs. Similarly, a higher income tax rate can further elevate the cost of living. In Wheat Ridge, the general sales tax rate starts at 2.9%, and income tax rates begin at 4.4%.

Urbanization: Larger, urban centers, known for their wealth of amenities and strong employment prospects, often exhibit an elevated cost of living, primarily attributable to the heightened demand for services and residential relocation. Consequently, this scenario leads to elevated home prices and higher rental rates. In contrast, sparsely populated rural areas or regions characterized by diminished demand typically provide a more limited array of amenities and experience slower job market growth, resulting in a more affordable cost of living.

Where is the Data From?

The Wheat Ridge cost of living data you see above is sourced from the C2ER cost of living index, providing a practical and accurate means of comparing living expenses in urban areas. Updated quarterly, this index gathers data from over 300 independent researchers, covering more than 60 goods and services, in 6 different categories. These selections are made meticulously to represent a wide range of consumer expenditure categories. The weightings applied to cost differences are based on government survey data that tracks spending patterns among professional and executive households. It's important to note that while the C2ER index excludes data on sales or income tax rates, AreaVibes factors tax rates into the overall cost of living score for each region.

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Cost Of Living Quick Facts

  • The cost of living in Wheat Ridge is 16% higher than the Colorado average
  • The cost of living in Wheat Ridge is 29% higher than the national average
  • Wheat Ridge housing is 98% 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 Wheat Ridge

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Compare Wheat Ridge, CO Cost of Living

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      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$90,922$7,577$2,121$2,728
      Renters$41,859$3,488$977$1,256
      A good indicator of the general affordability of housing in Wheat Ridge, CO, is the percentage of monthly income that should be spent on housing expenses, otherwise known as the debt-to-income ratio (DTI). Generally speaking, no more than 28 percent of your total gross income should be spent on your housing expenses and not more than 36 percent of your gross income on total expenses, including debts. In Wheat Ridge, the median monthly income is $90,922 for those who own their own homes. Under the standard rule, that income level would allow for $2,121 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $41,859, per the median income in the area. That would allow for renters to spend up to $977 on monthly rental expenses.

      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 Wheat Ridge 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 Wheat Ridge 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 Wheat Ridge 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 Wheat Ridge National avg. Difference
      Home Price $426,500.00$184,700.00130.9%
      Avg. Mortgage Payment $2,542.08$2,346.698.3%
      Apartment Rent $1,164.00$949.0022.7%

      Transportation

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

      Utilities

      Item Wheat Ridge 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.
      Glendale CDP, CO781022.3%
      Eldorado Springs, CO3251000.1%
      Lakeside, CO68514.8%
      Federal Heights, CO13,537919.4%
      North Washington, CO663954.5%
      Wheat Ridge, CO31,88912929.4%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Spring Valley, CA31,86615049.5%
      Dover, NH31,92212423.9%
      Los Gatos, CA31,943307207.2%
      Kaysville, UT31,95712221.5%
      Bay Shore, NY31,81913635.7%
      Wheat Ridge, CO31,88912929.4%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.