A Guide to the Cost of Living in Colorado Springs

A Guide to the Cost of Living in Colorado Springs

Colorado Springs, a beautiful Colorado town perfect for nature lovers, has received national attention for being one of the best places to live, according to US News & World Report, and it tops our list of the best places. where to live in Colorado. These designations explain why more and more people are considering moving to Colorado Springs. If you are seriously considering relocating to this city, you need to know the cost of living in Colorado Springs. Find out the cost of living in Colorado Springs for accommodation, food, utilities, and transportation.

Housing costs

How much does it cost to live in Colorado Springs? Expect to spend around $ 1,135 per month for a one-bedroom apartment and around $ 1,371 for a two-bedroom apartment. These prices are almost equal to the national average rental prices. Be prepared for average Colorado Springs rents to increase over time.

Cost of utilities

The Colorado Springs Cost of Living Index shows utility rates vary depending on the size of your home. The time of year and your lifestyle can also affect this expense and the price of living in Colorado Springs. During the summer season, you may need to spend more on air conditioning and watering your lawn if your home has a yard. In winter, electricity or gas to heat your house will contribute to your household expenses.

On average, the cost of utilities, such as water, air conditioning, heat, and electricity, in Colorado Springs will be about $ 176 per month, higher than the national average. If you have a recent utility bill on hand, you can use the Colorado Springs Utility Bill Calculator to calculate your average utility bills based on your estimated or current usage.

Colorado Springs Utilities offers discounts to homeowners who have energy efficient appliances. These devices can help you lower your cost of living if you own your home.

You might need to spend around $ 65 to $ 150 per month for cable and internet, depending on the speed and service you prefer.

Cost of transport

The city’s public transport is not great, but it will get you to your destination. An extensive bus service, Mountain Metropolitan Transport, provides public transportation in the area. Its base price is around $ 1.74.

If you have a vehicle, you can spend around $ 1.712 on a gallon of regular unleaded gasoline, which is significantly lower than the national average of $ 2.38. You may also have to pay around $ 1,199 for auto insurance per year. However, the cost of your policy can vary widely depending on several factors, including your choice of auto insurance company, credit score, accident history, age, and area of ​​residence. Ask for quotes from multiple auto insurance providers to make sure you find the best coverage and price for your needs.

Health care costs

Colorado Springs is one of the most health conscious cities in the United States. A report by the Institute of Healthcare Costs explained that a Colorado Springs resident pays about 20% more for healthcare than the US average. As a consolation, the entire state of Colorado appears to be experiencing high health care costs.

Colorado Springs follows the federal Affordable Care Act which requires all citizens to have health insurance. You can purchase health insurance from private companies or through the public health insurance exchange. The average cost of health insurance in Colorado Springs is around $ 377 per month. However, prices vary depending on your family size, policy chosen, and household income.

Cost of food

The estimated monthly food budget in Colorado Springs is around $ 360 for a single person, which is considerably lower than the national average of $ 550. If you like to dine out, be prepared to spend at least $ 15 per person. This amount varies, however, depending on the type of restaurant you choose.

Cost of entertainment

The amount of money you spend on entertainment depends on what you are looking for when you consider it in terms of the average cost of living in Colorado Springs. For example, you can go to theaters for around $ 8 per person. Of course, you can find plenty of things to do in Colorado Springs to have fun, and some are more expensive than others. The city also has several parks offering free activities such as biking and hiking, such as Garden of the Gods, Palmer Park, El Pomar Youth Bike Park, and Cheyenne Mountain National Park.

Salary you must earn

If you are moving to Colorado Springs, you want to make sure that your salary will allow you to maintain a decent standard of living.

In 2019, the average family income for Colorado Springs families was around $ 64,712, down from $ 65,593 in 2017 and below the national average income of $ 68,703. The state has a flat tax rate of 4.63%.

Although Colorado Springs’ economy is growing, the increase in household income is not keeping pace with the increase in the cost of living and housing. As of 2020, the unemployment rate in Colorado Springs is around 6%.

Like many cities, the cost of living in Colorado Springs is cheaper than some places but more expensive than others. Evaluate what you can afford before moving here to make sure you have enough to enjoy all this city has to offer.

Is the city right for you? Search thousands of Colorado Springs apartments and homes for rent on Zumper and find your next home.