Cost of Living in Colorado Springs, CO 2023

Do you dream of living in Colorado Springs? With its breathtaking views and outdoor recreational opportunities, it's no wonder why so many people find their way to this charming city every year. But when it comes down to relocating to a new place, one of the biggest questions is always - what will be the cost of living in your desired destination? Renting an apartment can take up a large chunk of income if not done smartly—but fear not!

In this blog post, we’re taking a deep dive into all the details about the cost of living in Colorado Springs so that you can determine whether or not it would be within your budget.

Colorado Springs Housing Costs

While many cities nationwide experienced significant drops in rent prices due to the pandemic, most are seeing increases once again. Colorado Springs is right on par with current rental trends of the national average. According to the latest Rent Report on Colorado Springs, the median rent index is $1,186 for a one-bedroom apartment and $1,486 for a two-bedroom.

Colorado Springs rents have fallen slightly over the last month, but increased by 2.1% year-over-year. The city’s year-over-year rent growth falls behind the state average of 3.5%, and the national average of 4%.

Colorado Springs lies just 70 miles south of Denver, offering a small-town feel. Even for a large city, you get small-town prices. Denver’s median rent index is $1,376 for a one-bedroom apartment and $1,702 for a two-bedroom apartment. Another popular Colorado city sits just 30-miles north of Denver, Boulder's median rent index is $1,495 for a one-bedroom apartment and $1,905 for a two-bedroom.

The Colorado Springs housing market has seen steady growth, with median home prices at $488,600. These prices are significantly lower than other competing areas like Denver, with a median price index of $535,800, or Boulder at $664,800

Learn more about the average rent prices in Colorado Springs and the best Colorado Springs neighborhoods.

Colorado Springs Transportation

The official public transportation operator in the Colorado Springs Metro area is the Mountain Metropolitan Transit. The Mountain Metropolitan Transit, or Mountain Metro, provides services across the city and the city limits, including neighboring cities like Manitou Springs and Widefield.

Tickets for the Mountain Metro adults tickets go for $1.75. Youths aged 6-18, Medicare patients, disabled, or senior riders aged 60+ can ride for free. Bus fares are good from the origin to the end of a line. You can also purchase Mountain Metro tickets in bulk for a flat rate. Pick up an unlimited Day Pass for $4.00, a 20-Ride ticket for 20-one-way trips for $32.00, or a 31-Day Ticket with unlimited rides for $63.00.

Although the Mountain Metro runs throughout the city, its minimal scheduling can make it challenging to navigate as a newcomer. Thankfully, ridesharing services like Uber and Lyft are readily available throughout Colorado Springs. Other available transportation methods include taxis, car rentals, and chauffeur services, although these tend to be much pricier options.

If you're a single adult without children, you'll spend about $4,398 for transportation in Colorado Springs annually. Two adults with one or two children pay $13,4564 on average for transportation. Gasoline prices are around $3.25 per gallon, which is slightly on the higher end of the national average of $3.79.

Colorado Springs Food Costs

Colorado Springs offers countless dining options, from family-friendly spots to hip gastropubs and upscale restaurants. Eating out in Colorado Springs costs an average of $20.50 for a meal at an inexpensive restaurant. A three-course dinner for two people at a mid-range restaurant runs $64.35 on average without alcohol or dessert.

If you're a single adult without children, you can expect to pay at least $3,999 on food per year. However, if you're a family of two working adults with one child, you can expect to pay $11,764 per year for food.

When it comes to grocery market pricing, you can anticipate costs around or slightly below the national average. For example, one gallon of regular milk will run you $3.96 in the grocery store, which is slightly higher than the national average of $3.85.

Colorado Springs Healthcare Costs

You will also want to account for proper medical care when planning your budget in Colorado Springs. A single adult without children will pay around $2,729 for medical care over the year, while two working adults with two children will pay $8,148.

Colorado Springs Utilities

While summers in Colorado Springs remain temperate for the most part, with the hottest days of the year in July averaging highs of 84° and rarely exceeding 92°, the winters are freezing and dry. The cold seasons begin mid-to-late November and go through early March, with the coldest days at an average low of 20° in late December.

To combat the colder months, you'll need to account for higher utility costs in the winter. Basic utility costs in Colorado Springs include electricity, heating, cooling, water, and garbage, running $198.12 for a 915-sq. ft. apartment.

Adding on the Internet with 60 Mbps or more and unlimited data, cable/ADSL will cost you an extra $70.62 for a total of $268.74 each month.

If you’re looking to move to Colorado, find out more about how much utilities will cost in an apartment.

Colorado Springs Fitness and Entertainment

If you plan to keep fit, even during the cold winter months, you’ll want to consider the costs of a club membership. The monthly fee for a fitness club membership for one adult is $46.71.

Otherwise, most of the year stays temperate, encouraging residents to get outdoors. Enjoy hiking trails and other popular outdoor activities throughout Colorado Springs, including Garden of the Gods, Cheyenne Mountain Zoo, Olympic Training Center, Red Rock Canyon, and Old Colorado City Historic District.

There’s plenty of entertainment throughout the city. For example, a seat at the cinema will cost you $12 without snacks or drinks. You can also save a few bucks by checking out one of the seven public parks in Colorado Springs, including Cheyenne Mountain State Park, Frozen Lake in Red Rock Canyon, or Ute Valley Park.

Other Expenses to Consider in Colorado Springs

Colorado has a flat income tax rate of 4.63%, which is well below the nation’s highest at 13.3% in California.

Even better for renters, Colorado also has the lowest sales tax in the country, which recently decreased in January this year from 3.12% to 3.07%. Homebuyers benefit from extremely low property taxes too.

While taxes won’t likely break the bank in terms of living expenses in Colorado Springs, you’ll need to keep them in mind when moving. If you’re moving out of state, it is important to consider cross-country movers, storage, hotels, and transportation costs to get settled in. Also, remember that these moves will require additional fees such as apartment application fees, security deposits, pet deposits, and other add-ons.

You’ll want to make sure your new home feels like home, which comes at a cost. Furnishing a new apartment can be expensive, though there are ways to do it frugally. Get more tips on decorating your apartment on a budget.

What Salary Do You Need to Live in Colorado Springs?

As you can imagine, your recommended salary will depend entirely on the type of lifestyle you plan to lead. The living wage in Colorado Springs is $17.48 an hour, which is the basic wage necessary for paying for essentials such as housing costs, food, and necessities. This living wage does not account for extra costs like entertainment and dining.

The average salary index in Colorado Springs is $71,000 per year, which is roughly $27.46 an hour. However, the U.S. Censusu Bureau reports the median household income in Colorado Springs is $71,957 per year or about $36.42.

Before you pack your bags and move to Colorado Springs, it’s important to remember that living wage, average salary, and recommended salary are very different. To determine your recommended salary, you can follow the 30% rule for rent.

Based on the 30% rule, you should not spend 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 Colorado Springs at $1,204, according to the 30% rule, your monthly wages should be at least $4,013.33 per month or an annual salary of $48,160.

If you know you will have a lot of additional living costs, such as dining, entertainment, etc., you’ll need to anticipate these needs and search for a higher salary, a less expensive apartment, or both.

Thankfully, the typical annual salaries of common professions in Colorado Springs are highly competitive. For example, the three highest typical annual salaries belong to Management, Computer, and Mathematical, and Architecture and Engineering positions, respectively.

Job Market in Colorado Springs

Since there are several defense bases and corporations located in the area, the culture and economy of the city are heavily influenced by the military. The Colorado Springs Metro area alone is home to Fort Carson, North American Aerospace Defense Command (NORAD), Peterson Air Force Base, Schriever Air Force Base, and the U.S. Air Force Academy.

The current unemployment rate of Colorado Springs is 4.1%, which is just slightly above the national average of 6.0%. Thankfully, the city has significantly declined from its peak in April of 2020 by 12.6% due to the coronavirus pandemic.

Even still, Colorado Springs has enjoyed a steady increase in the job market, year over year, by 4.1%. Predictions show that over the next ten years, the city will continue to see a rise in job growth with an increase of 48.4%. This growth is significantly higher than the national average prediction of 33.5%, which means Colorado Springs will have plentiful opportunities in the job market in the upcoming decade.

Final Thoughts

Living in Colorado Springs can be a great experience if you are carefully conscious of your budget. From housing costs to transportation, food and utilities to healthcare, fitness and entertainment, it is important to consider all the factors when deciding to relocate.

To make things easier for you, use the information above as a guide, and don't forget to turn to Apartment List to find rentals tailored to fit your needs so that you can secure your dream apartment in Colorado Springs.

FAQs: Cost of Living in Colorado Springs

How expensive is an apartment in Colorado Springs?

Colorado Springs is a more affordable option than most cities in Colorado. A one bedroom apartment in Colorado Springs costs $1,186. A two-bedroom apartment in Colorado Springs is $1,486.

What is the cheapest rent in Colorado Springs?

The cheapest rent in Colorado Springs is a one-bedroom apartment. You’ll spend an average of $1,186 for a one-bedroom apartment in Colorado Springs.

How expensive is it to live in Colorado Springs?

A one-bedroom apartment in Colorado Springs averages $1,186. A two-bedroom apartment in Colorado Springs costs $1,486.

Single adults in Colorado Springs will spend an average of $4,938 a year on transportation. A family of four will spend around $13,456 on transportation each year. Single adults will spend an average of $3,999 a year on food. A family of four with two kids will spend $11,764 a year on food.

How far is Colorado Springs from Denver?

Colorado Springs is 71.0 miles via I-25 S. It takes 1 hour and 13 minutes to drive between Colorado Springs and Denver. You can also take a bus from the Colorado Springs Downtown Station to Denver. It will take about 2 hours and 13 minutes between Colorado Springs and Denver.

What is the population of Colorado Springs?

According to the U.S. Census Bureau, the population of Colorado Springs is 483,956. The entire state of Colorado has over 5.84 million people.