Cost of Living in Ridgway, CO

With a cost of living index of 132, Ridgway, CO is a notably expensive place to live. Living here is 32% more expensive than the national average and 17% above the Colorado state average of 114. Ridgway is a small community of 1,247 residents.

Housing costs are the biggest factor in Ridgway's cost of living. The median monthly rent is $1,336 (1% above the US median of $1,319), and the median home value sits at $677,700 (122% above the national median of $304,900). At current prices, the median home costs roughly 7.7x the median household income — a challenging ratio that puts homeownership out of reach for many residents.

The median household income in Ridgway is $88,218, which is 17% higher 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. 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.