The Cost of Living in Colorado Springs in 2021?
Thinking of moving to Colorado? Then calculating the cost of living must have crossed your mind. In this blog, we break down how much money you will actually need to make a move to Colorado Springs.
Cost of utilities in Colorado Springs
The first month after I moved to the area, my water bill was (brace yourself) over $700! Unlike the western slope or the Midwest where we have an irrigation ditch to water our lawn as much as we want, you have to learn to get on a watering schedule in Colorado Springs.
In Colorado Springs, you have just one bill for all your utilities – water, natural gas and electricity. The bill includes a breakdown of your usage by month and year so you can gauge why you spent more or less in the past month.
Another thing to keep in mind is that you are charged for water waste too as the area is water conscious. If you use more than you technically should, you will be charged at a higher rate.
Pro Tip: If you have lived here for at least a year, you become eligible for Budget Billing. To know how much you would end up paying each month, your yearly bill amount will be divided by 12 and the authorities can do this for you.
Based on a survey we conducted on a local Facebook group called Colorado Springs What’s Going On, the average utility bill amount for a family is about $300-350 depending upon the type of year.
Cost of groceries in Colorado Springs
The average a person would spend on groceries in Colorado Springs is $300 per month whereas a family of five would need roughly $1500 a month. This amount also includes what you would spend if you occasionally ate out at a local favorite.
Another variable you have to consider is where you get your groceries from. If you shop at whole foods or prefer to go the organic route, your average spend could be higher.
Pro Tip: If you are military, the commissary is an affordable option you can go for.
Cost of living with family
An important question we are often asked is the cost of living with family and kids in Colorado Springs. There are many cost effective options available to keep your kids engaged if they are not in school.
Many clubs are accessible through the schools as well and are a lot less expensive. Your kids will be spoilt for options with sports, science, art clubs and more.
Cost of buying a house in Colorado Springs
One of our clients who sold his one year-old house last week walked away with $20,000 in his pocket even after all the fees.
With the increasing home value prices and housing demand in Colorado Springs, if you find yourself planning to buy a home, it’s important to have someone like us, who knows the area well, on your side.
As of December 2020, houses are priced around $420,000 on average and the prices are increasing 7-12% year on year. A single family home is probably about $300,000-380,000.
There are so many things to do at absolutely no to little cost with our trail system on biking, hiking, fishing, and hunting. In contrast with what or how much you can do in a metro, there’s only a minimal cost attached to these activities in Colorado Springs. If you like the outdoors, then this place is for you!
Property Taxes in Colorado Springs
Even though we have comparatively low property taxes, it differs from zone to zone. The difference in tax may even double from one street to another. This is because of Mill Levy. At the end of the day, it boils down to choosing which street or locality you want to be in. Whether a certain area works well for your lifestyle, or you want to go easy on the pocket, we can show you options that suit your requirements.
Let us know your budget and we can help you tailor your home search. Give us a call today at 719-639-3393.
We are one of your top realtor groups here in the Colorado Springs area. And we love our community and helping you make Colorado Springs your home. Reach out anytime, we are here to help! 719639-3393
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