Cost of Living in Paonia, CO

With a cost of living index of 84, Paonia, CO is a very affordable place to live. Living here is 16% cheaper than the national average and 30% below the Colorado state average of 114. Paonia is a small community of 1,454 residents.

Housing costs are the biggest factor in Paonia's cost of living. The median monthly rent is $799 (39% below the US median of $1,319), and the median home value sits at $301,300 (1% below the national median of $304,900). At current prices, the median home costs roughly 5.7x the median household income — a stretch for many buyers, though not uncommon in today's market.

The median household income in Paonia is $52,466, which is 30% lower than the national median of $75,149. Residents spend roughly 18% 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.