Cost of Living in Colorado Springs, CO

With a cost of living index of 116, Colorado Springs, CO is a notably expensive place to live. Living here is 16% more expensive than the national average and in line with the Colorado state average. As a major city with a population of 483,099, Colorado Springs offers a wide range of housing options, employment opportunities, and urban amenities.

Housing costs are the biggest factor in Colorado Springs's cost of living. The median monthly rent is $1,562 (18% above the US median of $1,319), and the median home value sits at $420,700 (38% above the national median of $304,900). At current prices, the median home costs roughly 5.1x the median household income — a stretch for many buyers, though not uncommon in today's market.

The median household income in Colorado Springs is $83,198, which is 11% higher than the national median of $75,149. Residents spend roughly 23% of household income on rent. This is a comfortable ratio, well below the 30% threshold that financial experts recommend as a maximum. While incomes are above average, they do not fully offset the higher cost of living.

Everyday prices in the Colorado Springs, CO (Metropolitan Statistical Area) metro area are generally below the national average. Out of 6 common items tracked by the Bureau of Labor Statistics, 6 are priced lower than the US average. These real-world prices — from groceries to electricity — add up and should be factored into any cost of living comparison.

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.