Cost of Living in Florence, CO

With a cost of living index of 75, Florence, CO is a very affordable place to live. Living here is 25% cheaper than the national average and 39% below the Colorado state average of 114. Florence is a small community of 3,870 residents.

Housing costs are the biggest factor in Florence's cost of living. The median monthly rent is $694 (47% below the US median of $1,319), and the median home value sits at $228,300 (25% below the national median of $304,900). At current prices, the median home costs roughly 4x the median household income — a moderately affordable ratio by today's standards.

The median household income in Florence is $57,239, which is 24% lower than the national median of $75,149. Residents spend roughly 15% 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.