Well, our suspicions have been confirmed: living in Colorado is ridiculously expensive. While we feared/figured this for quite a while now, the cost information website HowMuch crunched the numbers and published some pretty startling infographics regarding the cost of living in Colorado versus the rest of America. It may make you cringe but read on to see just how tough it is to survive in the Centennial State if you aren’t sitting securely in the highest tax bracket.
Please note: the findings below were published on October 9th, 2017.
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If you’re interested in the methodology, data, and calculations used by HowMuch to come to these conclusions about the cost of living in Colorado, click here for details regarding the cost of homeownership and here for the rent breakdown.
Need to lift your spirits after these depressing stats? Click on The Quirky Town In Colorado That Will Make You Laugh Out Loud.
OnlyInYourState may earn compensation through affiliate links in this article. As an Amazon Associate, we earn from qualifying purchases.
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Living In Colorado
Beth C. |June 30, 2020
Is Colorado a great place to live?
We hope the statistics in the above article didn't scare you too much, because living in Colorado is one of the most wonderful experiences you can have. If you're someone who values the great outdoors, exercise, fresh air, and sunshine, it's hard to imagine a more suitable place than the Centennial State. Those who move to Colorado will note how incredible the Rocky Mountains are compared to other mountain ranges in the U.S. Whether you prefer skiing, snowboarding, hiking, or simply strolling through nature, you'll find no shortage of things to do in Colorado.
What are the best things about living in Colorado?
In addition to Colorado's obvious appeal to nature enthusiasts, some of the best things about living in Colorado involve the variety of activities you can enjoy here. Head to Denver and prepare to be amazed by the array of cultural experiences, restaurants, museums, shops, and more that await you there. From the Denver Botanic Gardens to the Denver Zoo, you're bound to find something to love in the state's capital. Of course, Colorado's small towns are equally as impressive with their unique histories and breathtaking scenery. Finally, one of the very best things about living in Colorado is that it can be a wonderful place for your health. Colorado is consistently noted as one of the healthiest states in the U.S., given its residents' commitment to outdoor activities and healthy diets.
What are the worst things about living in Colorado?
As is the case for every state, there are some downsides about living in Colorado. While Colorado has some of the most beautiful natural attractions in the world, its identity as a landlocked state means there's no ocean. Many residents of Colorado share a longing for sand and saltwater, but fortunately, Colorado has no shortage of great places to swim. In fact, there are even some beautiful beaches that make being landlocked more bearable. Just take a look at some of these incredible lakes and swimming holes and see if you aren't convinced.
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What is the living wage in Colorado? The living wage in Colorado is $16.54 per hour, or $34,488 per year. This is the hourly wage that a worker needs to earn to support themselves and their family. The living wage is higher than the minimum wage, but it is still below the average wage.
The salary needed to live in the Denver area "comfortably" is $70,892, a new study shows. Why it matters: Affordability is a leading concern in the metro, and the latest numbers only reinforce those fears.
On average, an individual needs $96,500 for sustainable comfort in a major U.S. city. This includes being able to pay off debt and invest for the future.
Denver ranked as the 12th most expensive city. All of the cities that were more expensive than Denver were near the east and west coasts, and eight of them were in California. According to the study, Denverites who make $100,000 end up bringing home about $74,298 in net income after taxes.
Both Denver and Aurora are among the cities where $100,000 goes the least distance. When controlling for the cost of living, $100,000 in either Denver or Aurora equates to $63,190. The cities are tied for the 21st lowest in terms of the purchasing power of a six-figure salary. It ranks just above Miami.
The study says people in the city need an hourly wage of $66.62 and a salary of almost $140,000 to live comfortably. While the comfortable wage across large Colorado cities is over $45 an hour, the Colorado minimum wage is currently $14.42 and in Denver, it's $18.29.
A one-person household must earn less than $66,300 a year, or about $31.88 an hour, to be in the current low-income range for Denver. That's about $1 more an hour compared to last year, when Denverites who made less than $62,600 were included in the low-income range.
As of Apr 25, 2024, the average annual pay for an Upper Class in Colorado is $61,446 a year. Just in case you need a simple salary calculator, that works out to be approximately $29.54 an hour. This is the equivalent of $1,181/week or $5,120/month.
The national median for living comfortably alone is $89,461, which suggests that a 50/30/20 budget might not be practical for most single people. Living alone comes with added costs that can be more than double what you'd spend if you lived with someone else — otherwise known as the “singles tax.”
An analysis of the living wage (as calculated in December 2022 and reflecting a compensation being offered to an individual in 2023), compiling geographically specific expenditure data for food, childcare, health care, housing, transportation, and other necessities, finds that: The living wage in the United States is ...
According to the latest figures by the Bureau of Labor and Statistics, the average salary in USA per month is $5,677 or $68,124 per year. As of 2023, the gross minimum salary in the USA is $32.75 per hour. Salaries range from $32,916 to $112,268 per year and include housing, transport, and other benefits.
While ZipRecruiter is seeing salaries as high as $37.91 and as low as $9.61, the majority of salaries within the Hourly Rate jobs category currently range between $16.15 (25th percentile) to $25.53 (75th percentile) in Colorado.
How much does an Upper Class make in Colorado? As of Apr 21, 2024, the average annual pay for an Upper Class in Colorado is $61,446 a year. Just in case you need a simple salary calculator, that works out to be approximately $29.54 an hour. This is the equivalent of $1,181/week or $5,120/month.
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