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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How much does a Wealthy make in Colorado? As of Apr 23, 2024, the average annual pay for the Wealthy jobs category in Colorado is $71,016 a year. Just in case you need a simple salary calculator, that works out to be approximately $34.14 an hour. This is the equivalent of $1,365/week or $5,918/month.
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.
This is equivalent of $1,085 a week or $4,704 a month. Most salaries in Colorado range between $40,013 (25th percentile) to $71,393 (75th percentile) annually. Of course, salaries will vary depending on yor occupation, experience, and many other factors.
Key Findings. 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.
Upper middle class: Anyone with earnings in the 60th to 80th percentile would be considered upper middle class. Those in the upper middle class have incomes between $89,745 and $149,131. Upper class: Finally, the upper class is the top 20% of earners and they have incomes of $149,132 or higher.
Many have graduate degrees with educational attainment serving as the main distinguishing feature of this class. Household incomes commonly exceed $100,000, with some smaller one-income earners household having incomes in the high 5-figure range. "The upper middle class has grown...and its composition has changed.
Today, middle class describes a broad economic group making up roughly half of the U.S. population. Typically, it has consisted of those in white-collar jobs, small businesses or skilled trades. According to the Pew Research Center, the middle class includes Americans making between $38,133 and $114,400 in 2023.
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.
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.
If you make $70,000 a year living in the region of Colorado, USA, you will be taxed $16,526. That means that your net pay will be $53,474 per year, or $4,456 per month.
The chart below shows HUD's income ranges effective June 15, 2023. HUD's income limits vary by household size. Single workers who make 50% of the area median income — or $43,450 — are considered “very low” income. “Extremely low” income is at 30% of the area median income, or $26,100 in Denver.
If you make $75,000 a year living in the region of Colorado, USA, you will be taxed $18,237. That means that your net pay will be $56,764 per year, or $4,730 per month.
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