Cost of Living in Hugo, CO

With a cost of living index of 86, Hugo, 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. Hugo is a small community of 915 residents.

Housing costs are the biggest factor in Hugo's cost of living. The median monthly rent is $1,008 (24% below the US median of $1,319), and the median home value sits at $241,200 (21% below 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 Hugo is $47,222, which is 37% lower than the national median of $75,149. Residents spend roughly 26% of household income on rent. This is near the 30% threshold that financial experts generally consider the upper limit of affordability. 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.