Cost of Living in Norwood, CO

With a cost of living index of 105, Norwood, CO is somewhat more expensive than average. Living here is 5% more expensive than the national average and 9% below the Colorado state average of 114. Norwood is a small community of 565 residents.

Housing costs are the biggest factor in Norwood's cost of living. The median monthly rent is $1,357 (3% above the US median of $1,319), and the median home value sits at $341,800 (12% above the national median of $304,900). At current prices, the median home costs roughly 6.1x the median household income — a challenging ratio that puts homeownership out of reach for many residents.

The median household income in Norwood is $56,324, which is 25% lower than the national median of $75,149. Residents spend roughly 29% of household income on rent. This is near the 30% threshold that financial experts generally consider the upper limit of affordability.

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.