Colorado Springs attracts many with its scenic beauty and outdoor activities. The city’s cost of living is a key factor for those considering a move.
Colorado Springs has a cost of living that is about 6% higher than the national average. Housing costs play a big role in this difference.
Rent and home prices tend to be higher than in many other U.S. cities.
Other expenses in Colorado Springs are more in line with national averages. Food, utilities, and healthcare costs are similar to what people pay elsewhere. Salaries in the city often reflect the higher living costs, helping to balance out expenses for many residents.
Housing Costs in Colorado Springs
Colorado Springs has a varied housing market with options for renters and buyers. Prices have risen in recent years but remain lower than other major Colorado cities.
Housing Market Overview
The Colorado Springs housing market is active and competitive. Home values have increased steadily since 2020.
The median home price is now $425,000. This is higher than the national average but lower than Denver.
Single-family homes make up most of the market. There are also townhouses and condos available. New construction is happening in some areas to meet demand.
The market favors sellers due to limited inventory. Buyers often face bidding wars for desirable properties.
Rent Trends
Rent prices in Colorado Springs have gone up. The average rent for a one-bedroom apartment is $1,200 per month. Two-bedroom units average $1,500.
Rent varies by neighborhood. Downtown and north side areas tend to be pricier. Southeast Colorado Springs has more affordable options.
Many new apartment complexes have been built recently. This has added more rental units to the market.
Students and military personnel make up a large part of the rental market. Short-term rentals for tourists are also common.
Home Purchase Affordability
Buying a home in Colorado Springs is challenging for some. The median household income is $70,000. This makes it hard for many to afford the median home price.
Mortgage rates are around 6%. This affects monthly payments and buying power. A 20% down payment on a median-priced home would be $85,000.
First-time homebuyer programs exist to help with down payments. VA loans are popular due to the military presence in the area.
Some buyers look to surrounding towns for more affordable options. Fountain and Manitou Springs are popular choices.
Utilities and Healthcare Expenses
Living costs in Colorado Springs include monthly utility bills and healthcare expenses. These factors play a big role in the overall cost of living for residents.
Monthly Utilities
The average monthly utility bill in Colorado Springs is about $150 for a 915 square foot apartment. This covers electricity, heating, cooling, water, and garbage disposal.
Internet service typically costs an extra $60-$70 per month.
Natural gas prices in Colorado Springs are lower than the national average. This helps keep heating costs down in winter.
Many homes in the area use solar panels to cut electricity costs. The sunny climate makes solar power a good option.
Healthcare Costs
Healthcare costs in Colorado Springs are close to the national average. A doctor’s visit costs about $115 without insurance.
The city has several hospitals and medical centers. These include UCHealth Memorial Hospital and Penrose-St. Francis Health Services.
Many employers in Colorado Springs offer health insurance plans. The average monthly premium for employer-sponsored health insurance is around $450 for single coverage.
For those buying their own insurance, a mid-level plan on the health insurance marketplace costs about $400 per month for a 40-year-old.
Colorado Springs has a good ratio of doctors to patients. This means shorter wait times for appointments compared to some other cities.
Transportation and Daily Living
Getting around Colorado Springs and affording everyday necessities impacts the overall cost of living. The city offers various transportation options and typical expenses for groceries and entertainment.
Public Transit and Car Ownership
Colorado Springs has a bus system called Mountain Metro Transit. It runs throughout the city and nearby areas.
A one-way bus fare costs $1.75. Monthly passes are $63.
Many residents own cars due to the city’s spread-out nature. The average gas price is $3.20 per gallon. Car insurance rates are about $1,500 per year. Parking downtown can cost $1-$2 per hour.
Groceries and Food Expenditure
Grocery prices in Colorado Springs are close to the national average. A gallon of milk costs around $3.50. A loaf of bread is about $2.75. Eggs run $3 per dozen.
The sales tax on food is 3.12%. A family of four spends roughly $800-$1000 per month on groceries.
Eating out is moderately priced. A meal at an inexpensive restaurant costs $12-$15 per person. A three-course dinner for two at a mid-range restaurant averages $50-$60.
Entertainment and Recreation
Colorado Springs offers many free outdoor activities. Hiking in Garden of the Gods or exploring North Cheyenne Cañon Park costs nothing.
The city has affordable museums too. Admission to the Colorado Springs Pioneers Museum is free. The Fine Arts Center costs $10 for adults.
Movie tickets are about $12 per person. A fitness club membership runs $40-$50 per month. Bowling costs around $5 per game plus shoe rental. The city hosts free community events throughout the year, like concerts in the park during summer.
Income and Employment
Colorado Springs offers a mix of job opportunities and income levels. The city’s economy impacts residents’ financial situations in various ways.
Average Salaries and Job Market
The median household income in Colorado Springs is $67,719. This figure is slightly lower than the state average but higher than the national median.
Many jobs in the city are in healthcare, education, and the military sectors.
The job market in Colorado Springs is competitive. The city’s unemployment rate is 3.5%, which is lower than the national average.
Popular employers include:
- Memorial Hospital
- Peterson Air Force Base
- Lockheed Martin
- University of Colorado Colorado Springs
Entry-level positions often start around $30,000 per year. Mid-career professionals can earn $50,000 to $80,000 annually. High-level jobs and specialized roles may pay over $100,000.
Taxes and Withholdings
Colorado has a flat income tax rate of 4.55%. This applies to all residents regardless of income level. The state also charges sales tax, which varies by city and county.
Property taxes in Colorado Springs are lower than the national average. The effective tax rate is about 0.48% of a home’s value.
This means a $300,000 house would have yearly property taxes of around $1,440.
Other withholdings from paychecks include:
- Federal income tax
- Social Security (6.2%)
- Medicare (1.45%)
Some employers offer benefits like health insurance and retirement plans. These can affect take-home pay but provide valuable coverage.
Comparative Cost of Living
Colorado Springs offers a mix of affordability and quality of life compared to other cities. Its cost of living impacts residents’ budgets and lifestyle choices.
Colorado Springs vs. Major Cities
Colorado Springs is more affordable than many major U.S. cities. Its Cost of Living Index is 104.5, just above the national average of 100.
Housing costs are 19% higher than the U.S. average, but still lower than in places like Denver or San Francisco.
Groceries in Colorado Springs cost about 3% less than the national average. Transportation expenses are 1% below average. Healthcare costs are 7% lower than the U.S. norm.
Compared to nearby Denver, Colorado Springs is about 15% cheaper overall. Housing in Denver is nearly 40% more expensive.
Living Standards and Affordability
Colorado Springs offers a good balance of affordability and quality of life. The city’s natural beauty and outdoor activities contribute to its appeal.
The median home price in Colorado Springs is $380,000, below many major cities. Rent for a one-bedroom apartment averages $1,100 per month.
Colorado Springs has a strong job market, with growing tech and healthcare sectors. The unemployment rate is low, around 3.5%.
Residents enjoy lower taxes compared to other states. Colorado’s flat income tax rate is 4.55%.
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