Cost of Living in Colorado Springs, CO 2022
Colorado Springs is known for its beautiful flowing streams that run along Monument Creek. It was so wildly popular during the 20th century that nearly 20% of the residents came from Great Britain. Because of its unique history, the city has the nickname Little London.
Located at the base of the Rocky Mountains, Colorado Springs remains a popular destination for those that enjoy scenic views, rock formations, and hands-on adventure in places like Pikes Peak and the Garden of the Gods.
With its natural beauty and history, you might wonder what the Colorado Springs cost of living looks like. Let’s take a closer look at the cost of living in Colorado Springs to better understand how much you need to live there.
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 $1,154 for a one-bedroom apartment and $1,464 for a two-bedroom.
Colorado Springs rents have increased by 11.2% and have increased by 1.4% over the last month. The city’s year-over-year rent growth falls behind the state average of 14.8%, and the national average of 16.3%.
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 $1,498 for a one-bedroom apartment and $1,835 for a two-bedroom apartment. Another popular Colorado city sits just 30 miles north of Denver, Boulder's median rent index is $1,683 for a one-bedroom apartment and $2,144 for a two-bedroom.
The Colorado Springs housing market has seen steady growth, with median home prices at $435,000. These prices are significantly lower than other competing areas like Denver, with a median price index of $550,000, or Boulder at $999,000.
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 $5,007 for transportation in Colorado Springs annually. Two adults with one or two children pay $13,644 on average for transportation. Gasoline prices are around $3.56 per gallon, which is slightly on the higher end of the national average of $3.67.
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 $17.50 for a meal at an inexpensive restaurant. A three-course dinner for two people at a mid-range restaurant runs $57.50 on average without alcohol or dessert.
If you're a single adult without children, you can expect to pay at least $4,153 on food per year. However, if you're a family of two working adults with one child, you can expect to pay $12,216 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 $3.16 in the grocery store, with the national average of $3.35.
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 $2,768 for medical care over the year, while two working adults with one child will pay $8,262.
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 $163.74 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 $74.29 for a total of $238.03 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 I 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 $17.13 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 $67,719 per year, which is roughly $27.46 an hour.
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 $1,154, according to the 30% rule, your monthly wages should be at least $3,846.67 per month or an annual salary of $46,160.
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.
If you are looking for small-town charm with the accessibility of a big city, Colorado Springs might just be one of the best places for you.
If you're interested in learning more about other cities in Colorado, check out the following blogs:
- Things to Know Before Moving to Denver
- Best Neighborhoods in Denver
- Cost of Living in Denver
- Average Rent in Denver & Rental Price Trends
Register with Apartment List today and start checking out the hundreds of available apartments to rent 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 $1,204. A two-bedroom apartment in Colorado Springs is $1,509.
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 $1,204 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 $1,204. A two-bedroom apartment in Colorado Springs costs $1,509.
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.
What is a good salary in Colorado Springs?
According to the U.S. Census Bureau, the median household income in Colorado Springs is $71,957. However, you can live comfortably if you only spend 30% of your take home pay on rent. If you rent a one bedroom apartment in Colorado Spring for $1,204, you need a salary of $48,160 to live comfortably. For a two-bedroom apartment that costs $1,509, you’ll need a salary of at least $60,360.
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