Cost of Living in Aspen, CO

With a cost of living index of 206, Aspen, CO is one of the most expensive cities in the United States. Living here is 106% more expensive than the national average and 92% above the Colorado state average of 114. Aspen is a smaller community of 6,862 residents, where everyday costs can differ substantially from nearby larger cities.

Housing costs are the biggest factor in Aspen's cost of living. The median monthly rent is $1,897 (44% above the US median of $1,319), and the median home value sits at $1,375,000 (351% above the national median of $304,900). At current prices, the median home costs roughly 17.5x the median household income — a challenging ratio that puts homeownership out of reach for many residents.

The median household income in Aspen is $78,636, which is 5% higher than the national median of $75,149. Residents spend roughly 29% of household income on rent. This is near the 30% threshold that financial experts generally consider the upper limit of affordability.

Data sources: US Census Bureau (ACS 2023), Zillow Home Values, HUD Fair Market Rents, BEA Regional Price Parities, BLS Average Prices, and NOAA Climate Normals. Updated monthly.