Colorado is one of the most beautiful states in the country. With its Rocky Mountains and abundance of outdoor activities, it’s no wonder people are flocking to the state.
But with all the beauty comes a price tag that can be hard to swallow for some families. The median home value in Colorado is $589,634, according to Zillow, which is about $214,734 more than the national average.
The cost of living in Colorado is 21.1% higher than the national average and ranks as the highest in the country.
If you’re planning on moving to Colorado, you’ll want to make sure your salary will cover your expenses before making any big moves.
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Most Expensive Places to Live in Colorado
1. Aspen
- Median Home Price: $2.7M
- Cost of Living: 290.1%
- Population: 7,721 (2020)
Aspen, Colorado is one of the most expensive places to live in the state. The median home price is $2.7 million which is well above the state median of $352,000. The cost of living in Aspen is also high with groceries and utilities costing more than the national average.
Despite the high costs, Aspen remains a popular destination for tourists and residents alike thanks to its natural beauty and abundance of outdoor activities.
So what makes Aspen so expensive? There are several factors that contribute to the high cost of living in this town. The first is the town’s location. Nestled in the Rocky Mountains, Aspen is inaccessible by car for much of the year.
The only way to reach the town is by plane or train, which means that transportation costs are high. There are very few hotels in Aspen, and those that do exist are typically luxurious and expensive.
The cost of groceries and other essentials is also high in Aspen. This is due in part to the fact that many items must be shipped in from out of town.
2. Vail
- Median Home Price: $1.6M
- Cost of Living: 190.9%
- Population: 5,614 (2020)
Vail, Colorado is one of the most expensive places to live in the state. The cost of living in Vail is significantly higher than the national average and nearly twice as high as the state average.
Housing is the main expense in Vail, with median home prices reaching $1 million. Apartments and rental properties are also very expensive, with average rates well above $2,000 per month.
Although salaries are typically higher in Vail than in other parts of the state, many residents still find it difficult to cover all of their costs.
So what makes Vail so expensive? part of it has to do with the resort’s location. Vail is situated in the Rocky Mountains, which are notoriously difficult to build on. The resort also spans an impressive 5,289 acres, making it one of the largest ski resorts in North America.
Vail is known for its luxury accommodations and world-class amenities. If you’re looking for an upscale ski vacation, you’ll likely have to pay a premium at Vail.
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3. Snowmass Village
- Median Home Price: $1.4M
- Cost of Living: 199.3%
- Population: 2,786 (2020)
When it comes to housing costs, Snowmass Village is Colorado’s most expensive place to live. The average rent for a one-bedroom apartment in Snowmass is $1,700 per month, and the average sales price for a home is over $1.4 million.
There are many luxury resorts and homes in the area, making it a popular destination for wealthy families and retirees. While Snowmass Village offers many amenities and opportunities for outdoor recreation, it can be a difficult place to live if you are not wealthy.
What makes it so expensive? The town is located in the Rocky Mountains, and its proximity to Aspen makes it a popular destination for skiers and snowboarders.
However, its close proximity to Aspen also makes it one of the most expensive places to live in Colorado. The high cost of living is due in part to the town’s limited supply of housing.
With just over 2,786 residents, there are only so many homes available for purchase or rent. The town’s popularity as a ski destination attracts buyers who are willing to pay top dollar for property.
As a result, the combination of limited supply and high demand has made Snowmass Village one of the most expensive places to live in Colorado.
4. Edwards
- Median Home Price: $1.8M
- Cost of Living: 202.6%
- Population: 9,347 (2020)
A recent study found that Edwards is the most expensive place to live in the state. The average home price is $1.2 million, and the median rent is $4,500 per month.
Edwards is a wealthy community located in the Vail Valley. The area is known for its world-class skiing and golf resorts. The area also has a high cost of living. There are few affordable apartments or homes available for rent or purchase.
So what makes Edwards so expensive? One reason is that it is located in the Rocky Mountains, making it a popular destination for outdoor enthusiasts.
The town is also home to several luxurious resorts, as well as a number of high-end shops and restaurants. Edwards has its own airport, which makes it convenient for travelers.
Despite the high cost of living, Edwards continues to be a popular destination for people who want to live in a beautiful mountain town. The schools are excellent, and there are plenty of outdoor activities to enjoy year-round.
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5. Avon
- Median Home Price: $1.1M
- Cost of Living: 150.9%
- Population: 6,711 (2020)
Avon, Colorado is an affluent, residential town of about 10,000 residents. The average home value in Avon is over $1 million. Not only is it one of the most expensive places to live in Colorado, but it also has some of the highest taxes in the state.
The high cost of living is due to a number of factors, including the limited supply of housing, the high demand for housing, and the high cost of land.
The town of Avon is located in the Eagle River Valley, which is a popular tourist destination. As a result, many people are drawn to the area for its natural beauty and recreation opportunities.
However, this also means that there is a limited supply of housing, driving up prices. Avon is a desirable place to live due to its low crime rate, good schools, and proximity to Denver.
As a result, there is high demand for housing, which further drives up prices. The cost of land in Avon is higher than in other parts of Colorado due to its location in the Rocky Mountains.
6. Breckenridge
- Median Home Price: $1.3M
- Cost of Living: 141.6%
- Population: 4,885
Breckenridge is a small ski town in Summit County, Colorado. It’s known for its beautiful scenery and outdoor recreation opportunities. But it’s also one of the most expensive places to live in the state.
Breckenridge has a median home price of $2,095,000 and a median rent of $1,185 per month. The cost of living in Breckenridge is about twice that of the national average.
Goods and services in Breckenridge are about twice as expensive as they are across the state as a whole. Breckenridge has some great things going for it: It’s close to Denver (about an hour away) and has good access to skiing and snowboarding.
The skiing here is world-class, with plenty of steep runs that will challenge even expert skiers and snowboarders. There’s also plenty of hiking, biking, rafting, and other activities available year-round.
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7. Crested Butte
- Median Home Price: $1.5M
- Cost of Living: 160.9%
- Population: 1,335 (2020)
Crested Butte is a small town with a big-city appeal, and it has everything you need for a great life. Crested Butte is located in Gunnison County, which is one of the most beautiful parts of Colorado.
The county is home to many stunning natural wonders, including Blue Mesa Reservoir, Curecanti National Recreation Area, and Black Canyon of the Gunnison National Park.
The town doesn’t have a stoplight, which means there are no traffic jams on Main Street or in town. There are also no franchises: Crested Butte is a destination for people who want to experience local culture, not just visit popular chains like McDonald’s or Starbucks.
The economy here is strong because there are only about 1,335 people living in Crested Butte proper — so everyone has a job!
There are a number of small businesses that employ locals as well as tourists who come to ski and hike during the winter months and summer months respectively.
8. Steamboat Springs
- Median Home Price: $1.1M
- Cost of Living: 144.8%
- Population: 13,048 (2020)
Steamboat Springs is located in Routt County and has a population of 13,048 people. The city has been named after the hot springs that are located near it.
It is a beautiful mountain town in Colorado that is known for its excellent skiing and outdoor activities. However, it is also one of the most expensive places to live in the state.
The cost of living in Steamboat Springs is about 44.8% higher than the national average, and housing costs are nearly double the average.
So why is Steamboat Springs so expensive? Part of the reason is that the town is located in a remote mountain area, which makes it difficult to access. Steamboat Springs is a popular tourist destination, and many businesses cater to visitors rather than locals.
As a result, prices for goods and services are often inflated. The town has a limited workforce, which drives up wage rates.
Despite its high cost of living, Steamboat Springs is still a desirable place to live, thanks to its natural beauty and abundance of recreational opportunities.
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9. Boulder
- Median Home Price: $1.1M
- Cost of Living: 167.4%
- Population: 108,777 (2020)
Boulder is one of the best places to live in Colorado. It has a great quality of life and amazing views, and it’s home to the University of Colorado. Boulder has been ranked as one of the top 10 cities in America for young people by Business Insider, Forbes, Sperling’s Best Places, and more.
The city offers a variety of restaurants, bars, and shops that are sure to please any visitor. Boulder also has an active nightlife scene with many bars and restaurants that feature live music and entertainment on the weekends.
There are also several outdoor activities including hiking and biking trails throughout Boulder County that offer breathtaking views of nature at any time of year.
While the cost of living in Boulder, Colorado is relatively high, there are a number of factors that contribute to the expense of living in this beautiful city.
Boulder is located in the front range of the Rocky Mountains, providing stunning views and outdoor recreation opportunities. However, this also means that housing costs are inflated due to the demand for properties with mountain views.
The university town is home to a number of tech startups and major corporations, which drives up the cost of living. The good news is that Boulderites enjoy a high quality of life, with access to great schools, jobs, and amenities.
10. Carbondale
- Median Home Price: $1.7M
- Cost of Living: 147.3%
- Population: 6,658 (2020)
Carbondale is a small town with a population of 6,658 people, located between Denver and Colorado Springs. It’s an easy commute to both Denver and Colorado Springs, which makes it perfect for commuters who want to be close to the action but also enjoy their own quiet life in Carbondale.
Carbondale is a great place to raise a family. The schools are excellent, including the high school where over 90% of students graduate and go on to college or other post-secondary education.
So what makes Carbondale so expensive? One reason is the town’s location. Carbondale is nestled in the Rocky Mountains, just a short drive from Aspen and Vail. The area’s natural beauty attracts tourists and second-home buyers, driving up prices.
Another reason for Carbondale’s high cost of living is its limited supply of housing. The town has just 6,658 residents, but there are only less than 1,200 housing units. This low supply has caused prices to skyrocket, making Carbondale one of the most expensive places to live in Colorado.