How Much Does It Cost to Live in Colorado Springs?

The cost of living in any location encompasses a broad spectrum of expenses that collectively determine the financial demands of residing there. For Colorado Springs, understanding these costs is a primary consideration for individuals and families contemplating a move or managing their current finances within the city. This includes evaluating the expenses associated with daily necessities, services, and discretionary spending. The overall cost of living in Colorado Springs is approximately 2.1% higher than the national average, providing a general benchmark for financial planning. While some categories of expenditure are higher than the national average, others offer potential savings, creating a varied financial landscape for residents.

Housing Expenses

Housing represents the most substantial portion of living expenses for most residents. The Colorado Springs housing market reflects a dynamic environment influenced by various factors, including population growth, economic conditions, and the balance between housing supply and demand. The median home value in Colorado Springs stands at approximately $455,747, with a median listing price of $480,000 as of July 2025. The median sold price for homes was around $483,500.

For those considering renting, the average apartment rent in Colorado Springs is about $1,318 per month. This average encompasses a range of dwelling sizes, with studio apartments averaging around $1,140 per month, one-bedroom apartments at approximately $1,318 per month, and two-bedroom apartments typically costing about $1,612 per month. Specific figures for Q1 2025 show studio apartments at $1,215, one-bedroom at $1,324, and two-bedroom at $1,606. Single-family home rentals also vary, with a median rent around $1,900 per month.

Property taxes further contribute to housing costs for homeowners. In Colorado Springs, the median effective property tax rate is notably lower than the national median, at 0.41% compared to 1.02% nationally. Property taxes are calculated by multiplying the property’s assessed value by the local mill levy. The state’s residential assessment rate is 6.25% as of January 2025, which is applied to the market value to determine the assessed value. The specific mill levy varies based on taxing entities such as school districts, fire districts, and the county.

Factors such as proximity to amenities, desirable areas, and the overall job market growth within Colorado Springs significantly influence both rental and purchase prices. Increased demand driven by a growing population and rising construction costs have reshaped the local real estate market. Additionally, the presence of homeowner association (HOA) fees can impact the total monthly housing expenditure, particularly for condominiums, where higher HOA costs can affect sales.

Food and Groceries

The cost of food in Colorado Springs is approximately 2.5% higher than the national average. A single adult can anticipate spending around $4,165 annually on low-priced groceries. For a family consisting of two working adults and one child, the yearly grocery expenditure is estimated to be around $12,240.

Specific common grocery items also reflect these costs. A gallon of milk typically costs around $3.82 to $4.60, a loaf of fresh white bread is about $3.28 to $4.27, and a dozen eggs can range from $2.91 to $5.50. Chicken fillets are approximately $6.78 per pound, and ground beef costs around $7.15 per pound.

Dining out also adds to the overall food budget. A meal at an inexpensive restaurant generally costs around $20.00 to $20.50 per person. For a mid-range restaurant, a three-course dinner for two people can average between $64.35 and $92.50, excluding drinks and dessert. A combo meal at a fast-food establishment is typically around $10.00.

Transportation Costs

Transportation expenses impact the overall cost of living. For individuals who commute by car, the price of unleaded regular gasoline typically averages around $3.944 per gallon. While monthly gasoline costs vary based on individual driving habits and vehicle fuel efficiency, a common estimate for a typical commuter could involve several tank fill-ups per month.

Public transportation options are available through Mountain Metropolitan Transit. A basic single ride fare is $1.75. For more frequent users, a 31-day unlimited ride pass costs $63, and a 20-ride ticket is available for $32.

Car insurance is another significant transportation expense. The average cost for a car insurance policy in Colorado Springs is approximately $199 per month, or $1,196 for a six-month policy. Annual rates can range from around $815 for liability coverage to $2,109 for full coverage policies. Colorado requires minimum liability coverage of $25,000 per person for bodily injury, $50,000 per accident for bodily injury, and $15,000 for property damage.

Utilities and Services

Utility and service costs form a regular component of household budgets in Colorado Springs. Basic utilities for a 915-square-foot apartment, including electricity, heating, cooling, water, and garbage, average around $273.33 per month. These expenses can fluctuate based on seasonal usage, such as increased heating during colder months or air conditioning during warmer periods.

Internet services are another common monthly expense. An internet plan offering 60 Mbps or more with unlimited data, typically a cable or ADSL connection, costs approximately $70.62 per month. Cell phone plans are also a consideration, although specific average costs were not detailed in the available data, they are part of general communication expenses.

Other services may include various household fees. For instance, some properties, particularly condominiums, may incur homeowner association (HOA) fees which cover shared amenities and maintenance. While specific average HOA fees were not provided, they contribute to the overall housing and service costs for affected residents.

Healthcare and Miscellaneous Expenses

Healthcare costs are an important aspect of financial planning. Healthcare expenses in Colorado Springs are approximately 3.8% lower than the national average. A single adult can expect to pay around $2,782 annually for medical care. For a household with two working adults and two children, the estimated annual healthcare cost is about $7,619. These figures generally encompass health insurance premiums and typical out-of-pocket expenses for basic medical care.

Miscellaneous expenses cover a wide array of personal and discretionary spending. Personal care items, clothing, and entertainment contribute to these costs. For example, a men’s shirt typically costs around $30.58, and women’s slacks are about $32.03. Entertainment options include movie tickets, which can range from $8.75 for a matinee to $11 for an evening film, or an average of $12.04 per month for general movie attendance. Other entertainment activities, such as gym memberships or local attractions, would add to these varying costs.

Sales tax also impacts daily purchases. Colorado has a state sales tax rate of 2.9%. The combined sales tax rate in Colorado Springs is 8.20%, which includes the state rate, an El Paso County tax of 1.23%, a city tax of 3.07%, and a Pikes Peak Rural Transit Authority (PPRTA) tax of 1.00%. Sales tax typically applies to tangible personal property, with exemptions often in place for necessities like groceries purchased for home consumption and residential utilities.