Cost of Living in Colby, KS

With a cost of living index of 66, Colby, KS is one of the most affordable cities in the country. Living here is 34% cheaper than the national average and 6% below the Kansas state average of 72. Colby is a smaller community of 5,389 residents, where everyday costs can differ substantially from nearby larger cities.

Housing costs are the biggest factor in Colby's cost of living. The median monthly rent is $736 (44% below the US median of $1,319), and the median home value sits at $150,700 (51% below the national median of $304,900). At current prices, the median home costs roughly 2.3x the median household income — well within traditional affordability guidelines.

The median household income in Colby is $66,731, which is 11% lower than the national median of $75,149. Residents spend roughly 13% 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.

Climate is another factor for anyone considering a move to Colby. The area sees an average annual temperature of 51.7°F, with summers averaging 73°F and winters around 31°F. Annual rainfall totals 19.1 inches spread over roughly 81 days.

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.