If you look at the average cost of living in Colorado in general, it appears to be less affordable than other states. The overall cost of living is 21.2% higher than the national average. Groceries, housing, and transportation are all above average. But there are plenty of affordable cities. For example, Akron's cost of living is 20.4% below other states, and Fort Morgan's is 18.6% less than the average and is cheaper in every category across the board. Cost-conscious people can find an affordable city to move to in Colorado without digging too deep.
Average Home Prices in Colorado
There's a variety of housing types and price ranges in Colorado. The median home price in the state is $384,000, which is 66.1% above the U.S. average, but there are options well above and below that number across the state. In a hot spot like Aspen, the median price tag for a home is more than $1.6 million, while in Sugar City, an average house will cost you $67,000. If you're moving to Colorado, you can choose a city where housing prices are low, but if you need to be near a specific area where homes are expensive, check out the surrounding locales, and you're sure to find a spot with affordable housing nearby. Either way, Colorado is an excellent choice if you're looking for a state with affordable rent-to-own options.
If you're interested in Colorado rent-to-own homes, don't forget to consider important factors in addition to monthly living costs, such as average commute, taxes, crime rates, etc. The following are some common Colorado statistics compared to the U.S. national average.
| ||Colorado Averages ||National Averages |
|One-Way Commute ||25.2 minutes ||26.4 minutes |
|Violent Crime ||21.6 ||22.7 |
|Property Crime ||39.7 ||35.4 |
|Unemployment Rate ||3.1% ||3.9% |
|Income Tax Rate ||4.6% ||4.6% |
|Air Quality ||62 ||58 |
|Water Quality ||80 ||55 |
|Median Household Income ||$59,448 ||$53,482 |
|Median Property Taxes ||$2,241 ||$2,200 |
|Utilities ||$330/month ||$112/month |
|Monthly Rent ||$1,190 ||$1,470 |
|Median Home Cost ||$384,000 ||$231,200 |
|Median Home Age ||31 years ||40 years |
Popular Colorado Cities
Aspen - Ask someone what comes to mind when they hear the words "Aspen, Colorado," and they'll tell you they're thinking skiing. While the resort town is a hotspot for skiers the world over, many outsiders and Coloradans visit Aspen throughout the year to take advantage of its fresh air, hiking and biking opportunities, fishing, theatre, mountain climbing, and its beautiful greenery. People stay in the city for months without getting bored.
Denver - The Mile High City is the largest in Colorado, with an estimated population of 727,211 in 2019. In addition to being a great place to live, Denver has a lot of fun attractions, which is why more than 31 million people visited the city in 2017. World-class malls, a vibrant historic downtown district, shopping outlets, the Denver Zoo, botanical gardens, museums, breathtaking views, and so much more are available to both year-round residents and tourists.
Colorado Springs - Colorado Springs is the second-largest city in the state, with an estimated 478,221 residents - an increase of nearly 15% since 2010 - calling it home in 2019. More than 20 million tourists visited the city in 2017, spurring its $1 billion tourism industry, which provides more than 17,000 jobs for its residents. People come for a variety of fun or relaxing activities and popular attractions, such as zip-lining across the Royal Gorge, a train ride through the Rockies with an onboard restaurant, and a host of other activities and entertainment for people of all ages.
Popular Amenities and Attractions in Colorado
Even if you aren't into the outdoors, Rocky Mountain National Park is an amazing place to visit. Over 4.5 million people stopped by the park in 2018. The number has been increasing since its inception more than 100 years ago. Encompassing 415 square miles, there's an endless number of trails for hiking, biking, sightseeing, animal watching, and relaxation.
Mesa Verde National Park is one of the most fascinating spots in Colorado. The nearly 1500-year-old location that the Ancestral Pueblo people called home for 700 years contains thousands of archaeological sites and hundreds of "cliff dwellings." In addition to the museum, wildlife, and an endless number of artifacts, visitors can enjoy camping, lodging, and dining at the park.
More than 85 million people visited Colorado and spent $22.3 billion in 2018. But why settle for visiting this great state when you can make it your permanent residence? If you're thinking of moving to a different state, keep Colorado and its rent-to-own homes in mind.