Cost of Living in Cañon City, CO

With a cost of living index of 86, Cañon City, CO is a very affordable place to live. Living here is 14% cheaper than the national average and 28% below the Colorado state average of 114. Cañon City is a smaller community of 17,098 residents, where everyday costs can differ substantially from nearby larger cities.

Housing costs are the biggest factor in Cañon City's cost of living. The median monthly rent is $931 (29% below the US median of $1,319), and the median home value sits at $275,300 (10% below the national median of $304,900). At current prices, the median home costs roughly 4.2x the median household income — a moderately affordable ratio by today's standards.

The median household income in Cañon City is $66,068, which is 12% lower than the national median of $75,149. Residents spend roughly 17% of household income on rent. This is a comfortable ratio, well below the 30% threshold that financial experts recommend as a maximum. Lower incomes here are balanced by the significantly lower cost of living, stretching each dollar further.

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.