Cost of Living in Aurora, CO

An Overview of Cost of Living in Aurora, CO

Are you thinking about relocating, but curious about the potential cost of living in Aurora? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Aurora stands at 122, making it 22% higher than the national average. The cost of living directly affects the affordability of one's desired lifestyle. Knowing the cost of housing, transportation, groceries and other essentials in the new area allows people to gauge whether they can maintain their preferred standard of living.

If you're in pursuit of an economical living environment, Aurora may not fit the bill, as it ranks among the most expensive places to reside in the United States. Just a minority of regions exhibit a cost of living that is more than 20% higher than the national average, and, unfortunately, Aurora falls within this bracket.

When it comes to the cost of living in Aurora, housing costs are a real heavyweight, often hogging a significant chunk of your earnings. Sadly, in this area, housing expenses for both buying and renting were 66.4% more expensive compared to your average city. That means you'll be shelling out more for homes, rents, mortgage rates and insurance.

What Do Locals Say About the Cost of Living in Aurora?

Nobody knows their city better than the people who actually live there. So, we asked 23 local residents how they would rate the cost of living in Aurora and this is how they responded. 22% of people said that the cost of living was affordable, with prices decreasing, while 78% of people said that the cost of living was very expensive and prices continue to rise.

Is Aurora Affordable?

Is Aurora affordable? This is a pivotal question, especially when mulling over a move, as affordability carries substantial weight in your decision-making process. Factors such as the cost of living index (discussed earlier), housing expenses and income levels all contribute to a location's affordability. For instance, in Aurora, the median home price is 74.4% higher than the national average and monthly rent prices are 47.6% higher than the typical rates. Additionally, the median income levels play a role in affordability, with Aurora boasting a median household income of $67,723, 22.4% higher than the national average.

What Factors can Influence the Cost of Living in Aurora?

Healthcare: Healthcare expenditures and insurance premium rates can vary significantly, contingent upon the particular city or state. Factors such as the accessibility of healthcare facilities, out-of-pocket expenses for doctor's appointments, dental care charges, prescription medication costs, and expenses related to specialized medical care can all have an impact on the overall cost of living. In Aurora, healthcare costs are 1.3% lower than the national average.

Subsidies: Certain cities or states may institute government subsidies or assistance programs designed to alleviate the financial burdens associated with the cost of living for their residents. These programs encompass a variety of support mechanisms, including Medicare, Medicaid, housing subsidies, low-income home energy assistance programs, school lunch programs, supplemental nutrition assistance programs, student loans, electric vehicle tax credits, affordable care act subsidies and farm subsidies. Areas that provide fewer subsidies may see an uptick in their overall cost of living.

Transportation: In situations where public transportation is limited or nonexistent, local residents may be required to own and maintain their own vehicles, contributing to an elevated cost of living. Monthly expenditures may encompass fuel costs, insurance premiums, routine vehicle upkeep and possibly lease or financing payments. In Aurora, the transportation index is 4.2% higher than the national average.

Where is the Data From?

The cost of living data in Aurora displayed above is sourced from the C2ER cost of living index, which serves as a practical tool for comparing living expenses across urban areas. Published on a quarterly basis, this index aggregates data from over 300 independent researchers, encompassing more than 60 goods and services, in 6 different categories. The weightings assigned to cost differences rely on government survey data that tracks the spending habits of professional and executive households. It's worth noting that the C2ER index excludes data on sales or income tax rates, while AreaVibes integrates tax rates into the overall cost of living evaluation for each region.