Colorado is one of the most desirable places in the U.S. to live. With a gorgeous landscape, a booming economy, and a nearly endless list of exciting things to do, it’s not hard to imagine why so many people are interested in moving to the Centennial State.
If you’ve ever visited, you understand. Most people who have been to Colorado end up wanting to live here at some point in time. So, what factors should you consider? The cost of living in CO, where you should live, what type of lifestyle you want, and how much you want to spend are all great things to factor into your decision. Here’s what you need to know about making the move to CO.
The Cost of Living in CO: Comparisons Between Cities
It’s important to know which city you’d like to aim for when considering a move to Colorado. The cost of living in CO can vary. Though it is generally above the national average in most categories, that doesn’t mean it is unaffordable. Here are a couple of cities to consider when researching the cost of living in CO.
According to market research, if 100 is the National Average:
|Cost of Living Indexes||Colorado as a Whole||Winter Park||Colorado Springs||Denver||Breckenridge||Boulder||Vail|
You’ll find that housing is the largest differential in the chart, with Vail being the most expensive and Colorado Springs being the least expensive. While this chart doesn’t tell the whole story, (for example, certain cities may be more expensive because they are in more desirable locations) it paints a pretty clear picture that where you live in Colorado matters.
Learn More About the Cost of Living in Colorado
Whether you’re interested in purchasing property in Colorado for a permanent home or as a vacation property, it’s important to have a full understanding of the cost of living in Colorado. Since 2011, the prices of homes have steadily increased, demonstrating the accelerating value of property in the area. Along with increased property costs comes increased rental value, so if you plan on purchasing a vacation home, it would be beneficial to consider renting out the home for an additional source of income.
Rental Prices, Utilities, and Average Salary
Several factors are used to calculate the average cost of living in Colorado, including median salaries, the price of groceries, and healthcare cost amongst others.
Though transportation and housing costs are higher than the national average, according to ChooseColorado.com, the typical household income is 13% above the US average. While you might be bringing in more money, you also would be paying less in utilities, as Colorado was named the Second Least Expensive State for Energy by WalletHub in 2018.
SmartAsset.com has also determined that Colorado property taxes are some of the lowest in the country. Additionally, Colorado is a flat-tax state, meaning that it has a fixed income tax of 4.63%, regardless of income.
Where to Invest
Once you’ve decided to invest in a Colorado property, you’ll want to make sure you choose the best location. While Denver is one of the most popular areas, the city is expensive, so purchasing a home in one of the surrounding mountain towns is a great option.
Grand County is representative of the most attractive lifestyles Colorado has to offer: excellent skiing, breathtaking natural beauty, and charming mountain towns filled with plenty of things to do are all within your reach here. Each community provides lively, active lifestyles with their proximity to the mountains, resorts, outdoor activities, and sports.
At the same time, Winter Park is the second most affordable major mountain town on our list, and several of the surrounding towns are even more affordable. Additionally, the population of Winter Park is far less at just over 1,000, versus the hundreds of thousands in some of the other cities. That means you won’t have to deal with as much crowding, as population density is also much lower.
When you buy property in Grand County, you’ll be a little more than an hour from Denver and right near some of the state’s best skiing, snowmobiling, and hiking. The following towns are included in the beautiful region of Grand County:
- Winter Park (128.3 overall cost of living)
- Fraser (112.4 overall cost of living)
- Tabernash (151.9 overall cost of living) Can we just double check this? It seems odd to me that the cost of living in Tabernash is higher than Winter Park.
- Granby (107.2 overall cost of living)
- Grand Lake (125.6 overall cost of living)
- Hot Sulphur Springs (103.6 overall cost of living)
- Parshall (115.9 overall cost of living)
- Kremmling (104.6 overall cost of living)
A Clearer Perspective for Prospective Colorado Homebuyers
With this information in hand, prospective new Coloradans can make a more precise home-buying decision when it comes to lifestyle choices. If you’re in need of more information, Real Estate of Winter Park is here to help!