If you’re looking for a beautiful city that’s perfect for nature lovers with a low cost of living, Colorado Springs should top your list of potential destinations. Colorado Springs has received national attention for being one of the best places to live, according to U.S. News & World Report, and it has topped our list of the best places to live in Colorado. These designations explain why more and more people are considering a move to Colorado Springs.
If you’re serious about your plans to move to this city, you’ll want to know more about the Colorado Springs cost of living. Discover the cost of living in Colorado Springs for housing, food, utilities, and transportation.
Cost of living in Colorado Springs
- Cost of housing
- Cost of utilities
- Cost of transportation
- Cost of healthcare
- Cost of food
- Cost of entertainment
- Average salary
Cost of housing in Colorado Springs
How much does it cost to live in Colorado Springs? Expect to spend approximately $1,090 per month for a one-bedroom apartment and about $1,369 for a two-bedroom apartment. These prices are almost even with the national average rental prices. Be prepared for average rents in Colorado Springs to increase over time. In 2021, the Colorado Springs zip code ranked first in the nation for new home sales, proving that this is a wildly popular place to settle.
Cost of utilities in Colorado Springs
The Colorado Springs cost of living index shows that utility rates vary depending on your home’s size. 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 have to spend more on air conditioning and lawn watering if your house has a yard. In the winter, electricity or gas for heating your home will contribute to your household expenses.
On average, the cost of utilities, such as water, air conditioning, heating, and electricity, in Colorado Springs will average about $165.12 a month, a figure that’s about 0.9% below 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 utilities based on your estimated or current usage.
Colorado Springs Utilities offers discounts for homeowners who have energy-saving appliances. These appliances can provide a way to reduce your cost of living if you own your home.
You may have to spend approximately $65 to $150 per month when it comes to cable and internet, depending on your preferred speed and service.
Cost of transportation in Colorado Springs
The city’s public transportation isn’t excellent, but it will get you to your destination. An extensive bus service, the Mountain Metropolitan Transport, provides public transportation to the area. Its basic fare is $1.75. If you use the bus system often, you can also invest in a 31-day ticket that offers unlimited rides during a consecutive 31-day period for $63. You can also save a few dollars with the 20-ride ticket priced at $32.
If you have a vehicle, you may spend approximately $3.944 for a gallon of unleaded regular gas, which is significantly lower than the national average of $4.325. You may also have to pay approximately $1,199 on car insurance per year. However, the cost of your policy could vary greatly depending on several factors, including your choice of car insurance company, credit score, accident history, age, and area of residence. Request quotes from several auto insurance providers to ensure you find the best coverage and price for your needs.
Health care costs in Colorado Springs
Colorado Springs is one of the most health-conscious cities in the United States. Though health care costs have historically been very high in Colorado Springs, residents here enjoyed health care expenses that were slightly lower than the national average in the third quarter of 2021.
Colorado Springs follows the federal Affordable Care Act that requires all citizens to have health insurance. You may purchase health insurance from private companies or through the state-run health insurance exchange. The average cost of health insurance in Colorado Springs is about $383 per month for a 40-year-old individual. However, prices vary depending on your family’s size, chosen policy, and household income.
Cost of food in Colorado Springs
The estimated monthly food budget in Colorado Springs is approximately $366.44 for a single person, which is considerably lower than the national average of $550. If you love to dine out, prepare to spend at least $15 per person. This amount, however, varies depending on the type of restaurant you choose.
Cost of entertainment in Colorado Springs
The amount of money you spend on entertainment depends on what you’re seeking when you consider it in terms of the average cost of living in Colorado Springs. For example, you can go to a matinee at the movie theater for about $8.75 per person or see an evening film for $11 a ticket. Of course, you can find many things to do in Colorado Springs for fun, and some are more expensive than others. The city also has several parks that offer free activities such as biking and hiking, like Garden of the Gods, Palmer Park, El Pomar Youth Bike Park, and Cheyenne Mountain State Park.
Salary you need to earn in Colorado Springs
If you’re 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 household income for families in Colorado Springs was about $64,712, which is a drop from $65,593 in 2017 and lower than the national average income of $68,703. The state has a flat income tax rate of 4.5%.
Although Colorado Springs’ economy is growing, the increase in household income isn’t keeping pace with the growing cost of living and housing. As of December 2021, the rate of unemployment in Colorado Springs is about 15.9%.
Like many cities, Colorado Springs’ cost of living 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 that this city has to offer.
Is the city right for you? Search thousands of Colorado Springs apartments and houses for rent on Zumper and find your next home.
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