F
95%
Overall NAT. AVG.
6%
Goods & Services NAT. AVG.
313%
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 Greenwood Village Colorado National
Cost of living195111100
Goods & Services106104100
Groceries105101100
Health care99100100
Housing413134100
Transportation104105100
Utilities8591100

An Overview of Cost of Living in Greenwood Village, CO

Knowing the cost of living in Greenwood Village 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 Greenwood Village stands at 195, marking it 95% higher than the national average.

If affordability is among your top priorities when searching for a new place to live, this area may not be the ideal fit, as the cost of living in Greenwood Village is among the most expensive in the United States. Just a minority of areas exhibit a cost of living at least 20% higher than the national average, and unfortunately, Greenwood Village falls into this category, which may not align with your goal of finding a budget-friendly living environment.

When it comes to the cost of living in Greenwood Village, 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 312.6% more expensive compared to your average city. That means you'll be shelling out more for homes, rents, mortgage rates and insurance.

Is Greenwood Village Affordable?

Is Greenwood Village 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 Greenwood Village, for instance, where the median home price falls 408.5% higher than the national average, and monthly rent rates are 88.8% higher than usual. Additionally, median income levels contribute to the equation, with Greenwood Village flaunting a median household income of $127,500, 130.5% higher than the national norm.

What Factors can Influence the Cost of Living in Greenwood Village?

Taxes: Locations with elevated tax rates, encompassing both sales and income taxes, can be a factor in driving up the cost of living. When you're paying more in taxes for everyday goods and services, it naturally translates into higher expenses. Similarly, a higher income tax rate can also contribute to an overall higher cost of living. In Greenwood Village, the standard sales tax rate starts at 2.9%, and the income tax rates commence at 4.4%.

Healthcare: Healthcare costs and insurance premiums can fluctuate greatly based on the city or state. Access to healthcare facilities, out-of-pocket expenses for doctor\’s visits, dentist costs, medication costs and specialized care costs can all impact the cost of living. In Greenwood Village, the healthcare costs are 1.3% lower than the national average.

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 Greenwood Village, the transportation index stands at 4.2% higher than the national average.

Where is the Data From?

The Greenwood Village cost of living data you see above is sourced from the C2ER cost of living index, providing a practical and accurate means of comparing living expenses in urban areas. Updated quarterly, this index gathers data from over 300 independent researchers, covering more than 60 goods and services, in 6 different categories. These selections are made meticulously to represent a wide range of consumer expenditure categories. The weightings applied to cost differences are based on government survey data that tracks spending patterns among professional and executive households. It's important to note that while the C2ER index excludes data on sales or income tax rates, AreaVibes factors tax rates into the overall cost of living score for each region.

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Cost Of Living Quick Facts

  • The cost of living in Greenwood Village is 76% higher than the Colorado average
  • The cost of living in Greenwood Village is 95% higher than the national average
  • Greenwood Village housing is 313% 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 Greenwood Village

See all the best places to live around Greenwood Village

Compare Greenwood Village, 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$186,818$15,568$4,359$5,605
      Renters$93,705$7,809$2,186$2,811
      The percent of monthly income spent on housing can be a good indicator of the affordability of housing in Greenwood Village, 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 Greenwood Village homeowners, is $186,818. This would allow for a maximum of $4,359 per month to be spent on housing costs. For renters, the median monthly income is $93,705 which would result in a maximum of $2,186 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 Greenwood Village 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 Greenwood Village 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 Greenwood Village 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 Greenwood Village National avg. Difference
      Home Price $939,200.00$184,700.00408.5%
      Avg. Mortgage Payment $3,151.90$2,346.6934.3%
      Apartment Rent $1,792.00$949.0088.8%

      Transportation

      Item Greenwood Village National avg. Difference
      Gasoline $3.67$3.465.9%
      Tire Balancing $60.05$59.920.2%

      Utilities

      Item Greenwood Village 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%
      North Washington, CO663954.5%
      Sheridan, CO6,07211312.9%
      Glendale, CO5,18611413.9%
      Greenwood Village, CO15,10019595.4%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Lemon Hill, CA15,10411111.5%
      Berea, SC15,104919.3%
      Groveland, FL15,1091098.6%
      Glenmont, MD15,11113939.0%
      Hollins, VA15,113982.1%
      Greenwood Village, CO15,10019595.4%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.