Colorado is known for its breathtaking scenery, outdoor pursuits, and diverse culture, drawing in many residents. However, it can be pricey to live in certain popular cities like Denver, Boulder, and Aspen.
As of 2023, the median home sale price in Colorado stands at $580,900, significantly surpassing the national average of $363,300. Nevertheless, there are still affordable options for those seeking a high quality of life without breaking the bank.
This article will uncover the most budget-friendly place to reside in Colorado, taking into account monthly expenses for a single individual, encompassing housing, groceries, utilities, transportation, and healthcare.
Pueblo: The Cheapest Place to Live in Colorado
Pueblo, a city with approximately 112,000 residents, is situated in the southern region of Colorado, roughly 45 miles to the south of Colorado Springs. Its history and culture are deeply influenced by its Native American, Hispanic, and European roots.
Pueblo is renowned for its steel industry, earning it the moniker “Steel City.” The city offers a range of attractions and amenities, including the Historic Arkansas Riverwalk of Pueblo, the Pueblo Zoo, the Sangre de Cristo Arts Center, and the Colorado State Fair.
However, one of the most appealing aspects of Pueblo is its affordability. As per WhyThisPlace.com, Pueblo is the most economical place to reside in Colorado, with monthly expenses averaging just $1,885 for an individual.
This is significantly lower than the state average of $2,681 and the national average of $2,523. Here is a breakdown of the monthly expenses in Pueblo:
- Housing: $750 (median rent for a one-bedroom apartment)
- Groceries: $300
- Utilities: $150
- Transportation: $400
- Health care: $285
As you can observe, housing plays a significant role in making Pueblo an affordable place to live. The average rent for a one-bedroom apartment in Pueblo is $750, which is 41% below the state average of $1,275 and 34% below the national average of $1,133.
For those interested in purchasing a home in Pueblo, there are also excellent opportunities. The median home sale price in Pueblo is $262,950, which is 55% lower than the state average of $580,900 and 28% lower than the national average of $363,300.
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Other Affordable Places to Live in Colorado
There are several affordable places to live in Colorado, not just Pueblo. Many other cities and towns provide a low cost of living along with a high quality of life. Here are a few examples:
Greeley
Greeley, situated in the northern region of Colorado, is home to approximately 109,000 residents. It is located approximately 35 miles east of Fort Collins. The median price for a home in Greeley is $405,000, and monthly expenses for a single person are around $2,050.
Grand Junction
Grand Junction, situated in the western region of Colorado near the Utah border, is home to approximately 66,000 residents. The median home sale price in Grand Junction is $434,000, with monthly expenses for a single person averaging around $2,100.
Colorado Springs
The second largest city in Colorado is Colorado Springs, boasting a population of approximately 478,000 residents. Situated at the foothills of the Rocky Mountains, it is renowned for its breathtaking landscapes, significant military presence, and abundant outdoor activities. The median home sale price in Colorado Springs is $450,000, and a single person can expect monthly expenses of around $2,150.
Aurora
Aurora, Colorado, is the third most populous city in the state, boasting a population of approximately 379,000 residents. Situated to the east of Denver, it serves as a significant suburb of the state capital. The median home sale price in Aurora is $350,000, and the monthly expenses for a single person amount to around $2,200.
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Conclusion
Colorado provides its residents with numerous advantages, such as its picturesque natural surroundings, a health-conscious lifestyle, and a lively cultural scene. However, residing in Colorado can also come with a higher price tag, especially in the popular tourist areas.
Luckily, there are still budget-friendly options for living in Colorado that offer a reasonable cost of living along with a high standard of living. Pueblo stands out as the most affordable place to live in Colorado, with monthly expenses averaging just $1,885 for a single person.
Other economical places to consider in Colorado include Greeley, Grand Junction, Colorado Springs, and Aurora. If you’re seeking a place to live in Colorado that won’t strain your finances, these options are worth considering.
