Yahoo Finance Here’s the Cost of Living in 18 Colorado Cities: Could You Afford To Live There?
Living in Colorado can come with a steep price tag, especially if you hope to live in a major city like Denver or Boulder. While both cities have lots to offer their residents, like a booming job market and stunning natural beauty, home prices and living expenses are sky-high. You can find more affordable options if you’re willing to settle in a smaller town.
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One option is Pueblo, a midsize city located about 40 minutes south of Colorado Springs. With 300 days of sunshine a year, it’s perfect for outdoor adventurists who can’t get enough of Colorado’s mountainous peaks and hiking opportunities.
If you’re unwilling to be too far from bustling Boulder or Denver, you might consider Broomfield. While housing costs in Broomfield are comparable to those in Denver, the average home value is nearly half that of Boulder, despite being only 20 minutes away.
Several smaller towns throughout Colorado offer affordable living, particularly in the state’s western and eastern rural areas. Delta and Montrose are located within driving distance of Grand Junction and Telluride and have significantly lower housing costs than Colorado’s bigger cities, for instance.
If you’re really hunting for a bargain, check out Las Animas. Home values in Las Animas average just $96,176, well below the national average of $360,681. However, Las Animas is a rural city with just over 2,000 residents, so employment opportunities may be limited.
Here’s a breakdown of 18 Colorado cities, including population, livability, home values and cost of living.
Alamosa
Population: 9,792
Livability: 72
Average home value: $291,365
Average monthly mortgage cost: $1,734
Average monthly expenditure cost: $1,799
Total monthly cost of living: $3,533
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Montrose
Population: 20,394
Livability: 70
Average home value: $438,665
Average monthly mortgage cost: $2,611
Average monthly expenditure cost: $1,749
Total monthly cost of living: $4,359
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Delta
Population: 9,137
Livability: 58
Average home value: $348,406
Average monthly mortgage cost: $2,074
Average monthly expenditure cost: $1,760
Total monthly cost of living: $3,834
Saguache
Population: 535
Livability: 59
Average home value: $206,996
Average monthly mortgage cost: $1,232
Average monthly expenditure cost: $1,823
Total monthly cost of living: $3,055
Ouray
Population: 1,007
Livability: 62
Average home value: $716,127
Average monthly mortgage cost: $4,262
Average monthly expenditure cost: $1,907
Total monthly cost of living: $6,169
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Dolores
Population: 852
Livability: 58
Average home value: $454,468
Average monthly mortgage cost: $2,705
Average monthly expenditure cost: $1,828
Total monthly cost of living: $4,533
Pueblo
Population: 111,430
Livability: 74
Average home value: $292,455
Average monthly mortgage cost: $1,741
Average monthly expenditure cost: $1,950
Total monthly cost of living: $3,690
Las Animas
Population: 2,421
Livability: 70
Average home value: $96,176
Average monthly mortgage cost: $572
Average monthly expenditure cost: $1,842
Total monthly cost of living: $2,414
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Kiowa
Population: 609
Livability: 56
Average home value: $635,824
Average monthly mortgage cost: $3,784
Average monthly expenditure cost: $2,177
Total monthly cost of living: $5,961
Gunnison
Population: 6,629
Livability: 75
Average home value: $604,838
Average monthly mortgage cost: $3,600
Average monthly expenditure cost: $1,745
Total monthly cost of living: $5,345
Kit Carson
Population: 228
Livability: 64
Average home value: $160,630
Average monthly mortgage cost: $956
Average monthly expenditure cost: $1,767
Total monthly cost of living: $2,723
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Yuma
Population: 3,443
Livability: 66
Average home value: $246,483
Average monthly mortgage cost: $1,467
Average monthly expenditure cost: $1,779
Total monthly cost of living: $3,246
Eagle
Population: 7,481
Livability: 61
Average home value: $1,062,689
Average monthly mortgage cost: $6,325
Average monthly expenditure cost: $1,869
Total monthly cost of living: $8,194
Broomfield
Population: 73,946
Livability: 85
Average home value: $679,344
Average monthly mortgage cost: $4,043
Average monthly expenditure cost: $2,074
Total monthly cost of living: $6,117
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Denver
Population: 710,800
Livability: 72
Average home value: $625,555
Average monthly mortgage cost: $3,723
Average monthly expenditure cost: $2,247
Total monthly cost of living: $5,970
Elbert
Population: 203
Livability: 59
Average home value: $577,392
Average monthly mortgage cost: $3,436
Average monthly expenditure cost: $2,188
Total monthly cost of living: $5,625
Pitkin
Population: 122
Livability: 59
Average home value: $377,839
Average monthly mortgage cost: $2,249
Average monthly expenditure cost: $1,797
Total monthly cost of living: $4,046
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Boulder
Population: 106,598
Livability: 74
Average home value: $1,203,042
Average monthly mortgage cost: $7,160
Average monthly expenditure cost: $2,287
Total monthly cost of living: $9,447
For this study, GOBankingRates analyzed the sunniest cities in the United States to find the cost of expenses. First, GOBankingRates found the sunniest cities by using the National Centers for Environmental Information’s Climate at a Glance data to find the total amount of precipitation a location received from March 2023 to April 2024, in order to estimate the amount of sunshine a location gets. For each city, a number of factors were found, including: cost of living indexes as sourced from Sperlings BestPlaces, livability index as sourced from AreaVibes and the average single family home value from April 2024 as sourced from the Zillow Home Value Index. The cost of living indexes were used along with the average expenditure costs for all residents, as sourced from the Bureau of Labor Statistics Consumer Expenditure Survey, to find the average cost of expenditures in each city. By assuming a 10% down payment and using the national average 30-year fixed mortgage rate as sourced from the Federal Reserve Economic Data, the average mortgage cost can be calculated for each city. Using the mortgage and expenditure costs, the total average monthly cost of living can be calculated. The cost of living expenditures were listed to show some of the monthly expenditure costs, including grocery, transportation, utilities, healthcare and misc. The cities were sorted to show the sunniest cities first. Only cities located in Colorado were included for this piece. All data was collected on and is up to date as of June 4, 2024.
Photo Disclaimer: Please note photos are for representational purposes only. As a result, some of the photos might not reflect the locations listed in this article.
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This article originally appeared on GOBankingRates.com: Here’s the Cost of Living in 18 Colorado Cities: Could You Afford To Live There?
