F
49%
Overall NAT. AVG.
4%
Goods & Services NAT. AVG.
162%
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 Erie Colorado National
Cost of living149111100
Goods & Services104104100
Groceries96101100
Health care89100100
Housing262134100
Transportation109105100
Utilities8891100

An Overview of Cost of Living in Erie, CO

The cost of living in Erie affects the quality of life one can afford in this new location. It allows people to assess whether they can maintain their preferred lifestyle, including housing, leisure activities and dining options. Your total monthly expenditures can varry depending on the area, as well as many other factors. The cost of living in Erie is 149, which is 49% higher than the national average. Knowledge of the cost of living can help individuals make informed decisions about retirement savings, investments, and financial goals.

The cost of living in Erie 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, Erie 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 Erie 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 162.1% higher than what's typical in an average city. That includes the prices of homes and rents, as well as mortgage rates and insurance.

Is Erie Affordable?

Is Erie affordable? It's a key consideration when pondering a move, as affordability often shapes your choices. The cost of living index (we discussed it earlier), coupled with housing costs and income levels, serves as the cornerstone for determining a location's affordability. Take Erie, for instance, where the median home price falls 178.3% higher than the national average, and monthly rent rates are 124.2% higher than usual. Additionally, median income levels contribute to the equation, with Erie flaunting a median household income of $124,480, 125% higher than the national norm.

What Factors can Influence the Cost of Living in Erie?

Utilities: Much like any other costs, utility expenses can exhibit considerable variations, influenced by factors such as climate, available energy sources, geographic location and state regulations. The costs associated with electricity, water, heating, and waste disposal can vary significantly depending on the city or state in question. In Erie, the utilities index stands at 11.8% lower than the national average.

Taxes: Regions that impose higher taxes, including sales and income taxes, can contribute to an increased cost of living. Higher taxes for everyday necessities such as clothing, utilities and food inevitably leads to higher expenditures. Additionally, a higher income tax rate can also play a role in elevating the overall cost of living. In Erie, the prevailing sales tax rate starts at 2.9%, and income tax rates kick off at 4.4%.

Groceries: Over the past 2-3 years, grocery expenses have experienced substantial upward trends. In certain markets, food prices have surged by over 20% during this period, while others have witnessed more modest increases. These fluctuations in food costs can wield significant influence over the overall cost of living in a given region. In Erie, the groceries index is 4.1% lower than the national average.

Where is the Data From?

The cost of living in Erie, 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 Erie is 34% higher than the Colorado average
  • The cost of living in Erie is 49% higher than the national average
  • Erie housing is 162% 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 Erie

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Compare Erie, 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$138,346$11,529$3,228$4,151
      Renters$73,424$6,119$1,713$2,203
      The affordability of the housing market in Erie, CO as well as the overall cost of living can be predicted by what percent of the monthly income is spent on housing related costs. This is konwn as the debt-to-income ratio (DTI). The overall rule of thumb is that no more than 28% of your gross income should be spent on the overall costs related to housing and no more than 36% of gross income on all expenses and debts. Among Erie homeowners, the median income is $138,346. This indicates that a monthly maximum of $3,228 should be spent by homeowners on all housing related costs. Renters have a median income of $73,424. This indicates that renters would have a maximum of $1,713 for their rent related monthly 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 Erie 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 Erie 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 Erie 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 Erie National avg. Difference
      Home Price $514,000.00$184,700.00178.3%
      Avg. Mortgage Payment $2,542.08$2,346.698.3%
      Apartment Rent $2,128.00$949.00124.2%

      Transportation

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

      Utilities

      Item Erie 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.
      Leyner, CO01000.1%
      Eldorado Springs, CO3251000.1%
      Federal Heights, CO13,537919.4%
      Derby, CO9,1561065.9%
      Welby, CO15,37211110.6%
      Erie, CO27,15714948.5%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Shaker Heights, OH27,1481044.4%
      Glen Cove, NY27,17215453.9%
      Plum, PA27,137982.3%
      Dodge City, KS27,1868713.0%
      Maywood, CA27,12714040.4%
      Erie, CO27,15714948.5%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.