Cost of Living in Elbert, CO

With a cost of living index of 95, Elbert, CO is slightly more affordable than average. Living here is 5% cheaper than the national average and 19% below the Colorado state average of 114. Elbert is a small community of 150 residents.

Housing costs are the biggest factor in Elbert's cost of living. The median monthly rent is $1,188 (10% below the US median of $1,319), and the median home value sits at $263,200 (14% below the national median of $304,900). At current prices, the median home costs roughly 4.7x the median household income — a stretch for many buyers, though not uncommon in today's market.

The median household income in Elbert is $56,500, which is 25% lower than the national median of $75,149. Residents spend roughly 25% 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.

Everyday prices in the Denver-Aurora-Centennial, CO (Metropolitan Statistical Area) metro area tend to run above the national average. Out of 6 common grocery and utility items tracked by the Bureau of Labor Statistics, 5 are priced higher 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.