F
37%
Overall NAT. AVG.
4%
Goods & Services NAT. AVG.
125%
Housing NAT. AVG.
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Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.
The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
Index Broomfield Colorado National
Cost of living137111100
Goods & Services104104100
Groceries96101100
Health care89100100
Housing225134100
Transportation109105100
Utilities8891100

An Overview of Cost of Living in Broomfield, CO

Understanding the cost of living in Broomfield can help future residents assess whether their current financial situation aligns with the expenses they will encounter. It enables them to plan for potential changes in their budget and lifestyle. The Broomfield cost of living index is 137, which is 37% higher than the national average. The cost of living index is calculated by taking into account multiple categories, which encompass both the cost of everyday expenditures and larger expenses as well.

The cost of living in Broomfield is among the highest in the country, making it a very expensive place to live. Only a small fraction of regions boast a cost of living that is at least 20% higher than the national average, and regrettably, Broomfield falls into this category, which may not be suitable for those seeking an economically favorable living environment.

Housing costs are a major factor in the Broomfield cost of living index, and they often eat up a big chunk of your take-home pay. Unfortunately, in this area, housing expenses for both homeownership and rentals were 124.9% higher than what's typical in an average city. That includes the prices of homes and rents, as well as mortgage rates and insurance.

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

When it comes to knowing a city, its residents are the experts. We conducted a survey with 13 locals to understand their opinions on the cost of living in Broomfield. The results indicated that 38% found it reasonably priced with decreasing prices of goods and services, while 62% viewed it as quite expensive, with increasing prices.

Is Broomfield Affordable?

Is Broomfield 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 Broomfield, the median home price is 144% higher than the national average and monthly rent prices are 80.3% higher than the typical rates. Additionally, the median income levels play a role in affordability, with Broomfield boasting a median household income of $101,206, 82.9% higher than the national average.

What Factors can Influence the Cost of Living in Broomfield?

Groceries: The costs associated with groceries have witnessed substantial increases over the past 2-3 years. In select markets, food prices have escalated by more than 20% during this timeframe, whereas others have seen more restrained upticks. The variances in food expenses can exert a considerable influence on the overall cost of living in a given locale. In Broomfield, the groceries index is 4.1% lower than the national average.

Utilities: As with the prices of anything else, utility costs can exhibit significant variations, contingent on factors like climate, energy source availability, geographic location and state regulations. The expenses associated with electricity, water, heating, and waste disposal can fluctuate, either upward or downward, depending on the particular city or state. In Broomfield, the utilities index registers 11.8% lower than the national average.

Housing: Elevated demand for housing within coveted locales has the propensity to escalate both property values and rental rates, thereby serving as a primary catalyst for an augmented cost of living. Conversely, areas witnessing diminished housing demand, particularly within less desirable environs, often experience an inversely proportional effect, leading to price reductions and subsequently contributing to a more modest cost of living. In Broomfield, the housing index is 124.9% higher than the national average.

Where is the Data From?

The cost of living in Broomfield, presented above is derived from the C2ER cost of living index, offering a practical method for assessing living cost disparities in urban areas. Published quarterly, this index compiles data from more than 300 independent researchers, encompassing over 60 goods and services in 6 categories. The weightings assigned to cost variances are informed by government survey data tracking the expenditure patterns of professional and executive households. It should be noted that the C2ER index does not include data on sales or income tax rates, however, AreaVibes incorporates tax rates into the overall cost of living score for each area.

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Cost Of Living Quick Facts

  • The cost of living in Broomfield is 24% higher than the Colorado average
  • The cost of living in Broomfield is 37% higher than the national average
  • Broomfield housing is 125% higher than the national average
  • Colorado general sales tax is 43% lower than the national average
  • Colorado state income tax is 69% higher than the national average

Most Affordable Places to Live in and Around Broomfield

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Compare Broomfield, CO Cost of Living

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      Salary Calculator

      This is how much you would need to earn in
      Price difference in compared to
      Cost of living index
      Goods & Services index
      Groceries index
      Health care index
      Housing index
      Transportation index
      Utilities index

      Median Income & Debt-To-Income Ratio

      Median Income Per Year Per Month Max Budget (28% DTI) Max Budget (36% DTI)
      Owners$121,702$10,142$2,840$3,651
      Renters$69,065$5,755$1,611$2,072
      The percentage of monthly income spent on housing related expenses can help predict the affordability of housing in Broomfield, CO, as well as what the overall cost of living might be. Generally, a good rule to follow is that the debt-to-income (DTI) level you want to maintain is 28 percent or less of your income on your rent or mortgage payments and not more than 36 percent of income on all expenses and debts. In Broomfield, homeowners have a median income of $121,702. Using that number, a maximum of $2,840 per month should be allocated to housing expenses. For those who are renting instead of owning, the median income is $69,065, which means there is a maximum of $1,611 to be spent on the costs of renting a home or apartment.

      Colorado Sales Tax

      State General Sales Tax With Max Surtax
      Colorado 2.9% 10%

      Colorado Income Tax

      State Income Tax (Low) Income Tax (High)
      Colorado 4.4% 4.4%

      Goods & Services

      Item Broomfield National avg. Difference
      Haircut $25.33$24.264.4%
      Beauty Salon $45.45$45.560.3%
      Toothpaste $4.12$3.7011.4%
      Shampoo $1.19$1.286.8%
      Movie $11.09$12.138.6%
      Bowling $22.22$18.0023.5%

      Groceries

      Item Broomfield National avg. Difference
      Ground Beef $5.56$5.844.8%
      Fried Chicken $1.43$1.578.9%
      Milk $4.89$4.674.7%
      Potatoes $4.62$4.936.4%
      Pizza $11.06$12.098.5%
      Beer $11.34$10.418.9%

      Health Care

      Item Broomfield National avg. Difference
      Optometrist $110.45$125.6812.1%
      Doctor $188.89$135.7839.1%
      Dentist $107.78$113.294.9%
      Ibuprofen $10.80$10.651.4%
      Lipitor $477.35$468.601.9%

      Housing

      Item Broomfield National avg. Difference
      Home Price $450,600.00$184,700.00144.0%
      Avg. Mortgage Payment $2,542.08$2,346.698.3%
      Apartment Rent $1,711.00$949.0080.3%

      Transportation

      Item Broomfield National avg. Difference
      Gasoline $3.58$3.463.4%
      Tire Balancing $73.58$59.9222.8%

      Utilities

      Item Broomfield National avg. Difference
      All Electricity $161.00$193.9917.0%
      Phone $195.56$192.251.7%
      Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

      Nearby cities with low cost of living

      City Population Cost of Living Index National Avg.
      Eldorado Springs, CO3251000.1%
      Leyner, CO01000.1%
      Lakeside, CO68514.8%
      Federal Heights, CO13,537919.4%
      North Washington, CO663954.5%
      Broomfield, CO69,44413737.4%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Grande Prairie, AB69,512n/a 
      Granby, QC69,530n/a 
      Lynwood, CA69,62514140.9%
      Marysville, WA69,62913434.0%
      Greenville, SC69,64811616.1%
      Broomfield, CO69,44413737.4%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.