Do Good Salary in Colorado Springs, CO
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Living Wage Calculation for El Paso County, Colorado
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A new study by GOBankingrates.com found that a Colorado Springs resident making the median income of $58,158 would need to add more than $25,000 in earnings to “live comfortably” in the city.
2 In 2016, the statewide median income was $59,000 across all family types, implying that to be middle class, a family must have earned between $38,900 and $118,000 that year.
Most Dangerous Neighborhoods In Colorado Springs , CO Southwest Colorado Springs . Population 9,399. 182 % Old Colorado City. Population 2,130. 176 % West Colorado Springs . Population 13,407. 163 % Southeast Colorado Springs . Population 50,481. East Colorado Springs . Population 49,900. Powers. Population 152,311. Northeast Colorado Springs . Population 48,969. Northgate. Population 3,515.
Colorado Springs , Colorado gets 18 inches of rain, on average, per year. The US average is 38 inches of rain per year. Colorado Springs averages 57 inches of snow per year. The US average is 28 inches of snow per year.
In fact, Colorado Springs is very affordable compared to Denver , Colorado , which has a cost of living of nearly 1.5x the average American city! In Colorado Springs , the median home price is $272,100, while the median home price in Denver is $421,900.
Colorado Springs’s housing expenses are 2% lower than the national average and the utility prices are 26% lower than the national average. Transportation expenses like bus fares and gas prices are 3% lower than the national average. Colorado Springs has grocery prices that are 3% lower than the national average.
The group estimates a family of two adults and two children in Denver County would need to earn a combined $92,426 per year — or $7,702 a month — to live comfortably. Screenshot of Economic Policy Institute’s 2018 family expenses calculator in Denver.
There is a high demand but low inventory in the Colorado Springs real estate market. Housing prices in Colorado Springs are still increasing because of this effect of supply and demand. Due to the huge demand in housing , the Colorado Springs was one of the nation’s top housing markets in 2019— ranking No.
A new report from GOBankingRates.com ranks the 50 most populous cities in the U.S. by how much money would be left from a $100,000 salary after subtracting necessary expenses such as taxes, groceries, rent, utilities, healthcare and driving costs. Denver ranks in the bottom 15, according to the report.
Colorado homes have skyrocketed in value especially in highly sought after areas such as Denver, Boulder, and Colorado Springs . These home values have increased due to a variety of factors from the growing population, lower interest rates, and builders focusing on luxury homes .
According to respondents of a 2019 Modern Wealth Survey from Charles Schwab, once you have $2.3 million in personal net worth, you can call yourself wealthy. On the other hand, people responding to a 2019 survey from the market research website YouGov said you need to earn just $100,000 a year to be rich.
That group of upper class households had a median income of $187,872. In order to be considered ” upper class ,” according to CNBC, a household must earn over double the median household income.
A family earning between $32,048 and $53,413 was considered lower – middle class . For high earners, a three-person family needed an income between $106,827 and $373,894 to be considered upper – middle class , Rose says. Those who earn more than $373,894 are rich.