Cost of Living in Boulder, CO 2023
Are you dreaming of moving to the picturesque, outdoor-loving city of Boulder, CO? Whether it's for college or career opportunities, living in Boulder comes with many benefits - from its vibrant culture and low unemployment rate to its stunning Rocky Mountains views. However, as with any move, one of your biggest concerns is likely how expensive it can be.
In this post we're breaking down everything you need to know about the cost of living in Boulder, CO so that you can decide if it’s right for your rental journey. Let's take a look at what living in Boulder will mean for your wallet and budget!
Boulder Housing Costs
According to the latest Rent Report on Boulder, the median rent index is $1,524 for a one-bedroom apartment and $1,943 for a two-bedroom. Although rent prices saw fluctuations between 2020 and 2022, things are starting to stabilize. After climbing for over a year, the city's year-over-year rent fell by 1.2% which has has fallen behind the state's average increase of 2.1% and the nation's increase of 4.0%.
Boulder lies less than 30-miles northwest of Denver’s state capital, though it offers a more compact feel as a small city beaming with cultural vitality. Denver’s median rent is $1,361 for a one-bedroom apartment and $1,684 for a two-bedroom. Another popular Colorado city sitting just 100 miles south of Boulder, Colorado Springs' median rent median rent is $1,193 for a one-bedroom apartment and $1,494 for a two-bedroom.
The Boulder housing market is also seeing steady growth, with median home prices at $941,000. These prices are significantly higher than other competing areas like Denver, with a median price index of $534,100 or Colorado Springs at $555,072.
Boulder Transportation Costs
You can easily get around Boulder without a vehicle of your own by utilizing public transportation. Two main companies operating in the city; the Regional Transportation District (RTD), which operates a majority of Boulder’s Community Transit Network, and Via Mobility Services, which operates the HOP route.
You can purchase tickets through the RTD Mobile Tickets App for local, regional, and airport rates. Choose from 3-hour passes, day passes, or monthly passes. A local pass will cost you $3 for 3-hours, $6 for a day pass, and $114 for a monthly pass.
Between the RTD and the Via Mobility Services, you can easily access the majority of the city, as well as neighboring regions. However, to fully take advantage of all that Boulder has to offer, you will likely need a vehicle. Having a car allows you to enjoy hiking, camping, skiing, and neighboring cities quickly and easily.
If you're a single adult with no children, you'll spend about $5,316 for transportation in Boulder over a year. Two working adults with two children will pay $14,058 for transportation. Gasoline prices are around $3.18 per gallon, which is on the slightly higher end of the current national average of $3.79.
Thankfully, ridesharing services like Uber and Lyft are readily available throughout Boulder, perfect for those who prefer not to have a vehicle of their own. Other available transportation methods include taxis, car rentals, and chauffeur services, although these tend to be much pricier.
Another excellent alternative to both public transportation and vehicle ownership is biking. Boulder has 300 miles of dedicated bike paths and has been named the bike capital of the US, with four bikes for every one person.
If you're working remotely from home, you may be able to save money on your commute to work. A 35-minute drive from Boulder will take you to Denver, which is one of the best cities for remote workers.
Boulder Food Costs
Boulder offers countless dining options, from French bistros to traditional diner food to authentic Nepalese cuisine. Eating out in Boulder costs an average of $23.50 for a meal at an inexpensive restaurant. A three-course dinner for two people at a mid-range restaurant will run $90.
Single adults without children can expect to pay at least $4,686 on food per year. If you're a family of four, two working adults with two children, you can expect to pay $13,802 a year for food.
You can anticipate food prices similar to the national average, with some items significantly lower when it comes to grocery market pricing. For example, one gallon of regular milk will run you $4.29 in the grocery store, with the national average being $3.85. Alternatively, one pound of cheese in Boulder will cost you $7.75 at the grocery store, which is well above the national average of $5.27.
Boulder Healthcare Costs
When planning your budget in Boulder, you will also want to account for proper medical care. A single adult without children will pay around $2,964 for medical care over the year. Two working adults with two children will pay $9,321.
Boulder Utility Costs
The weather in Boulder adds to the appeal of the city, with warm and sunny months from May to August. Winters can be cool or cold, with the coldest months being December through February. The summers stay mostly temperate, with the highs coming in July, rarely exceeding 89°. The colder months can bring snow, with temperatures dropping as low as 22° in January.
To help you get through the colder months of the year, you'll need to account for higher utilities in the winter. Boulder’s basic utilities include electricity, heating, cooling, water, and garbage, and run $161.53 for a 915-sq. ft. apartment.
Adding on the Internet with 60 Mbps or more with unlimited data, cable/ADSL will cost you an extra $69.38 for a total of $186.13 each month. Get a better idea of how much utilities will cost in an apartment before making your big move so you can be sure to budget accordingly.
Boulder Fitness and Entertainment Costs
If you plan to keep fit, even during the cold winter months, you’ll want to consider a club membership, as well as the costs associated. The monthly fee for a fitness club membership for one adult is pretty high in the city at $84.
Thankfully, most of the year stays temperate, encouraging people to get outdoors for physical activity. Enjoy hiking trails all over Boulder, such as the Bobolink Trailhead, Boulder Canyon Trail, or Rattlesnake Gulch Trail.
There are plenty of sources of entertainment throughout the city. A seat at the cinema will cost you $15 without snacks or drinks. Of course, you can save a few bucks by checking out one of the sixty public parks Boulder has to offer, including Harlow Platts Park, Gateway Fun Park, or Foothills Community Park.
Other Expenses to Consider in Boulder
Taxes are often overlooked in the budgeting process. Thankfully, the state of Colorado has a flat income tax rate of 4.63%, which is well below the nation’s highest in California at 13.3%.
Colorado also has the lowest sales tax in the country, which recently decreased in January this year from 3.12% to 3.07%, making it even more appealing for Boulder renters. Homebuyers can also benefit when purchasing in the state of Colorado with extremely low property taxes.
If you are moving out of state, you’ll need to consider costs associated with cross-country movers, storage, hotels, and transportation. Moves sometimes require additional fees that can add up. These may take the form of apartment application fees, security deposits, pet deposits, and other add-ons.
Lastly, don’t forget about furnishing your new place to make it feel like home. Getting settled into your new apartment can be expensive, but luckily, there are ways to do it frugally. Get more tips on decorating your apartment on a budget to help minimize some of your initial move-in costs.
What Salary Do You Need to Live in Boulder?
When it comes to determining your recommended salary, it heavily depends on the type of lifestyle you plan to lead.
The living wage in Boulder is $21.07 per hour, which is the basic wage needed to pay for essentials such as housing, food, and other necessities. It’s important to keep in mind that this living wage does not account for any extra costs like entertainment and dining.
The average salary index in Boulder is $63,687 per year, which is roughly $30.62 per hour.
However, remember that living wage, average salary, and recommended salary are all very different things. To determine your recommended salary, you can follow the 30% rule for rent, which recommends never spending more than one-third of your gross income on rent.
For example, if your rent is close to the median for a one-bedroom apartment in Boulder and costs $1,470, according to the 30% rule, your monthly wages should be at least $4,900 a month, or an annual salary of $58,800.
Make Your Next Move: Start Apartment Hunting
It’s hard to imagine why anyone wouldn’t want to move to the happiest and fittest city in the country. If you are looking for a bike-friendly city with some incredible views, Boulder might be an excellent option for you.
If you're interested in learning more about other cities in Colorado, check out the following blogs:
Denver
- Things to Know Before Moving to Denver
- Best Neighborhoods in Denver
- Cost of Living in Denver
- Average Rent in Denver & Rental Price Trends
Colorado Springs
Register with Apartment List today and check out the hundreds of available apartments to rent in Boulder!
FAQs: Cost of Living in Boulder
How Expensive Is an Apartment in Boulder?
A one-bedroom apartment in Boulder costs $1,524. A two-bedroom apartment in Boulder costs $1,943.
What Is the Cheapest Rent in Boulder?
A one-bedroom apartment is the cheapest rent you can get in Boulder, with the median rent sitting at $1,524. The average rent for a two bedroom apartment in Boulder is higher at $1,943.
How Expensive Is It to Live in Boulder?
Living in Boulder is relatively costly in comparison to other popular Colorado cities. In Boulder, rent averages $1,524 for a one-bedroom apartment. Transportation costs in Boulder amount to $5,316 a year. Food costs $4,686 a year on average for a single resident of Boulder.
How Far Is Boulder from Denver?
Boulder is 27.5 miles away from Denver. It takes 34 minutes to get to Denver from Boulder by car, 3 hours by bike, and 10 hours by foot.
How Far Is Boulder from Colorado Springs?
Boulder is 97.2 miles away from Colorado Springs. It takes 1 hour and 34 minutes to get to Colorado Springs from Boulder by car, 10 hours by bike, and 33 hours by foot.
What Is the Population of Boulder?
According to the U.S. Census Bureau, the population of Boulder is 104,175. It is the 12th-most populated city in the state of Colorado.
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