Woodmoor cost of living index

The above illustration supplies generalized information for the Woodmoor, CO cost of living index. Compared to other cities in Colorado and cities across the country, the cost of living index in Woodmoor, CO is 123, which is 14% higher than the Colorado average and 23% higher than that for the entire country. The index is comprised of the following criteria: cost of retail goods and services (33%), groceries (13%), health care (5%), housing (30%), cost of public/private transportation (9%) and utilities (10%). Everyday goods and services, along with housing account for 63 percent of the total cost of living index. Goods and services that are a necessity regardless of location provide an accurate general sense of the cost of living in one city versus another. As seen above, the cost of retail goods and services in Woodmoor, CO are 5% lower than the average for Colorado and 5% lower than the rest of the country.

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Salary Calculator

The salary calculator is meant to help you compare your salary in Woodmoor, CO to your potential earning power in another city. This can help you deduce what your salary would need to be in any given city in order for you to live the same lifestyle that you do in your current city. In other words, if you plan on moving to a city where the cost of living is higher than in Woodmoor, CO, you'll have to make more money in the new city in order to maintain the lifestyle you currently enjoy. To use the Woodmoor, CO salary calculator, simply input the new city, then move the adjustable slider to match your current income. Once you've selected your income, the calculator will determine if that income is sufficient to support your standard of living in the new city you entered. The calculator will also supply you with a rundown of living costs in the new city.

Median Income & Debt-To-Income Ratio

One can approximate the cost of living and the housing affordability in Woodmoor, CO by the percentage of a person’s income that he or she spends on the monthly housing, otherwise known as the debt-to-income ratio (DTI). To stay on the safe side and keep one’s head above the water, a consumer should never spend more than 28 percent of his or her gross income on housing-related expenses and costs and not more than 36 percent of income on all expenses and debts. Homeowners in Woodmoor, CO have a median income of $126,977. Therefore, the amount that a consumer should spend on housing costs should be no more than $2,963 per month to avoid calamity and poverty. The renters in the city have an income of about $76,250, which would make their monthly maximum allowable rental costs $1,779.

Colorado Sales Tax

Colorado Income Tax

When you are determining the total cost of living in Woodmoor, 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

Groceries

Health Care

Housing

Transportation

Utilities

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.

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Source: The Woodmoor, CO cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for 2017.