Cost of Living in New Castle, CO

With a cost of living index of 125, New Castle, CO is a notably expensive place to live. Living here is 25% more expensive than the national average and 11% above the Colorado state average of 114. New Castle is a small community of 4,878 residents.

Housing costs are the biggest factor in New Castle's cost of living. The median monthly rent is $1,627 (23% above the US median of $1,319), and the median home value sits at $488,600 (60% above the national median of $304,900). At current prices, the median home costs roughly 5.5x the median household income — a stretch for many buyers, though not uncommon in today's market.

The median household income in New Castle is $88,421, which is 18% higher than the national median of $75,149. Residents spend roughly 22% 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.

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.