Cost of Living in Lake City, CO

With a cost of living index of 98, Lake City, CO is right around the national average in cost. Living here is 2% cheaper than the national average and 16% below the Colorado state average of 114. Lake City is a small community of 474 residents.

Housing costs are the biggest factor in Lake City's cost of living. The median monthly rent is $965 (27% below the US median of $1,319), and the median home value sits at $409,300 (34% above the national median of $304,900). At current prices, the median home costs roughly 6.6x the median household income — a challenging ratio that puts homeownership out of reach for many residents.

The median household income in Lake City is $62,422, which is 17% lower than the national median of $75,149. Residents spend roughly 19% of household income on rent. This is a comfortable ratio, well below the 30% threshold that financial experts recommend as a maximum.

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.