F
62%
Overall NAT. AVG.
6%
Goods & Services NAT. AVG.
203%
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 Cherry Creek Colorado National
Cost of living162111100
Goods & Services106104100
Groceries105101100
Health care99100100
Housing303134100
Transportation104105100
Utilities8591100

An Overview of Cost of Living in Cherry Creek, CO

Knowing the cost of living in Cherry Creek allows individuals to create a realistic budget. This helps them understand how their income will cover expenses and whether they need to make financial adjustments. The cost of living in any region can fluctuate due to various factors. To assess the cost of living consistently across different areas, a national average of 100 serves as the basis for the cost of living index. The cost of living in Cherry Creek stands at 162, marking it 62% higher than the national average.

If you value affordability in your search for a new place to live, Cherry Creek may not be the most suitable option, as it stands out as one of the priciest areas in the entire United States. Only a small fraction of regions have a cost of living that is more than 20% higher than the national average, and regrettably, Cherry Creek falls into this category, which may not align with your desire for an affordable place to call home.

When it comes to the cost of living in Cherry Creek, 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 202.8% more expensive compared to your average city. That means you'll be shelling out more for homes, rents, mortgage rates and insurance.

Is Cherry Creek Affordable?

Is Cherry Creek an affordable place to live? It's a good question and one that you might want to ask when considering any new city, as affordability can play a huge role in the decision making process. The cost of living index (which we covered above), as well as housing costs and income levels play a vital role in determining the affordability of an area. The median home price in Cherry Creek is 259.8% higher than the national average, while the average monthly rent prices are 69.9% higher than average. The affordability of any location can also be influenced by median income levels. Cherry Creek has a median household income of $118,886, which is 114.9% higher than the national average.

What Factors can Influence the Cost of Living in Cherry Creek?

Transportation: In cities with limited or no public transportation, residents may find it necessary to own and maintain vehicles, thereby elevating the cost of living. Monthly expenditures include fuel, insurance, routine maintenance and potential lease or financing commitments. In Cherry Creek, the transportation index stands at 4.2% higher than the national average.

Housing: When there's a high demand for housing in trendy places, it can cause property prices and rental rates to soar, leading to a significantly higher cost of living. Conversely, in less desirable locations, where demand is low, prices tend to decrease, resulting in a more budget-friendly cost of living. In Cherry Creek, the housing index is 202.8% higher than the national average.

Utilities: Similar to the prices of any goods or services, utility expenses can fluctuate widely, contingent on variables such as climate, available energy sources, geographical location and state regulations. Costs associated with electricity, water, heating, and waste disposal can differ in magnitude, depending on the specific city or state. In Cherry Creek, the utilities index registers at 15% lower than the national average.

Where is the Data From?

The cost of living in Cherry Creek, 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 Cherry Creek is 46% higher than the Colorado average
  • The cost of living in Cherry Creek is 62% higher than the national average
  • Cherry Creek housing is 203% 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 Cherry Creek

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Compare Cherry Creek, 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$163,100$13,592$3,805$4,893
      Renters$57,351$4,779$1,338$1,721
      The percent of monthly income spent on housing can be a good indicator of the affordability of housing in Cherry Creek, CO, as well as the overall cost of living. As a general rule of thumb, the debt-to-income ratio (DTI) for homeowners or renters should be not more than 28 percent of gross income to be spent on housing related costs and not more than 36 percent of income on all expenses, including debts. The median income for Cherry Creek homeowners, is $163,100. This would allow for a maximum of $3,805 per month to be spent on housing costs. For renters, the median monthly income is $57,351 which would result in a maximum of $1,338 to be spent on rental costs.

      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 Cherry Creek National avg. Difference
      Haircut $26.81$24.2610.5%
      Beauty Salon $50.45$45.5610.7%
      Toothpaste $3.70$3.700.1%
      Shampoo $1.27$1.281.1%
      Movie $14.70$12.1321.1%
      Bowling $21.40$18.0018.9%

      Groceries

      Item Cherry Creek National avg. Difference
      Ground Beef $5.23$5.8410.4%
      Fried Chicken $1.40$1.5711.2%
      Milk $4.74$4.671.4%
      Potatoes $4.30$4.9312.9%
      Pizza $12.87$12.096.5%
      Beer $10.67$10.412.5%

      Health Care

      Item Cherry Creek National avg. Difference
      Optometrist $121.38$125.683.4%
      Doctor $116.64$135.7814.1%
      Dentist $126.27$113.2911.5%
      Ibuprofen $10.88$10.652.1%
      Lipitor $447.94$468.604.4%

      Housing

      Item Cherry Creek National avg. Difference
      Home Price $664,500.00$184,700.00259.8%
      Avg. Mortgage Payment $3,151.90$2,346.6934.3%
      Apartment Rent $1,612.00$949.0069.9%

      Transportation

      Item Cherry Creek National avg. Difference
      Gasoline $3.67$3.465.9%
      Tire Balancing $60.05$59.920.2%

      Utilities

      Item Cherry Creek National avg. Difference
      All Electricity $145.02$193.9925.2%
      Phone $194.36$192.251.1%
      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.
      Glendale CDP, CO781022.3%
      Lakeside, CO68514.8%
      Federal Heights, CO13,537919.4%
      North Washington, CO663954.5%
      Derby, CO9,1561065.9%
      Cherry Creek, CO11,50316262.5%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Schiller Park, IL11,4991099.2%
      Newman, CA11,49811818.5%
      River Edge, NJ11,51015857.8%
      Yeadon, PA11,495973.5%
      Mitchellville, MD11,51114140.9%
      Cherry Creek, CO11,50316262.5%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.