Tags: Retirement | retirement | Colorado | cost of living

Retirement Cost of Living in Colorado

By    |   Tuesday, 02 Jun 2015 12:49 AM

As you might expect, Colorado, with its world-class resorts for the wealthy and beautiful mountain vistas, has an overall cost of living that is higher than the national average. That is, you're likely to pay more for things like food, housing, transportation, medical care, and other necessities in Colorado than in some parts of the country. This is a factor when you're planning your retirement, especially if you plan to relocate from an area with a relatively low cost of living.

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While Colorado ranks above average for cost of living, its cost of living index – a number derived by the Council of Community and Economic Research – isn't that much higher than average. It falls close to the national median of 100 with a 2014 index of 101.3. While that makes it practically average, Colorado's ranking, according to the Missouri Economic Research and Information Center, is No. 31, with No. 1 being the state of Mississippi. Certainly, it's cheaper than the Northeast (Connecticut is second only to Hawaii for high cost of living) or California, which is pushing a 129. It's important to keep in mind that Colorado is only one point and change higher than the retirement Mecca of Florida.

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Some of the more expensive areas of Colorado skew the state's affordability, when you look at the cost of living in some of its towns. Grand Junction, a charming small city overlooking the breathtaking Colorado National Monument, comes in at 8.5 percent below the national average cost of living, according to Forbes; Fort Collins, a picturesque town in the Rocky Mountain foothills, is 4.5 percent below the average.

This is what makes retirement in Colorado such a draw – you don't have to be wealthy to live in places where people dream of spending their vacations. You can have a beautiful mountain view, go hiking before breakfast, and hit the slopes after a drive of just an hour or two, while enjoying a cost of living that is similar, or even lower, than what you're used to. Rocky Mountain retirement living may not be as out of reach as you might think after all.

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As you might expect, Colorado, with its world-class resorts for the wealthy and beautiful mountain vistas, has an overall cost of living that is higher than the national average.
retirement, Colorado, cost of living
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2015-49-02
Tuesday, 02 Jun 2015 12:49 AM
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