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.
According to HowMuch, to comfortably afford a home in Colorado (with a 30-year mortgage and 10% down payment), you need to be bringing in a whopping six-figure annual income, whereas most other states only call for $40K to $70K a year.That's right; it is now officially more expensive to live in Colorado than in New York state. If it is any consolation, it’s still somewhat cheaper to live in Colorado than it is to live in Hawaii.
So, how many hours does the average Coloradan need to work to afford such a hefty mortgage? According to HowMuch, you’re looking at 60-70 hours per WEEK.
If you’re taking on a workload like that, you better find a job you really love… and give up any hobbies you have.Can't afford a mortgage? You’re not alone; most of us can’t. Here is what HowMuch estimates you need to make each MONTH just to rent a house in Colorado:
At first glance, I thought this was annual and thought to myself, "Yeah, I gotcha $7K!" When I realized it was monthly, I started looking at the costs of large cardboard boxes in my neighborhood.
Surprisingly, the cost of utilities in Colorado is lower in comparison to other states, with the Midwest proving to be the highest:
Are you feeling a little better because of our lower utility costs? Don't, because it costs significantly more for childcare in Colorado than it does to send your kid to college.
Since today's infographics have been downright depressing, we leave you with this map of the most profitable industry in Colorado as of 2018: the $1.1 billion meat/farming business.
I can only hope that those in this line of work can actually afford a mortgage!
If there's any consolation, it's the comfort in knowing that a high cost of living in a place like Colorado is at least partially balanced out by these million-dollar views!
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.
Subscribe to our newsletter
Get the latest updates and news
Thank you for subscribing!
