F
50%
Overall NAT. AVG.
4%
Goods & Services NAT. AVG.
168%
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 Gunbarrel Colorado National
Cost of living150111100
Goods & Services104104100
Groceries96101100
Health care89100100
Housing268134100
Transportation109105100
Utilities8891100

An Overview of Cost of Living in Gunbarrel, CO

Getting a feel for the cost of living in Gunbarrel is essential for anyone planning to relocate, as it empowers them to make informed financial decisions, secure a comfortable lifestyle and maintain financial stability in their new environment. The cost of living in Gunbarrel is 150, which is 50% higher than the national average. Relocating individuals may need to adjust their savings and investment strategies based on the cost of living in the new location. It influences decisions about retirement planning, investments and financial goals.

If you're in pursuit of an economical living environment, Gunbarrel 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, Gunbarrel falls within this bracket.

Housing costs are a very significant part of the Gunbarrel cost of living index and generally encompass a large percentage of take-home income. Unfortunately, in this area, the housing costs for both homes and rentals were 168.2% more than the average city. This includes things like home and rent prices, mortgage rates and insurance.

Is Gunbarrel Affordable?

Wondering if Gunbarrel is affordable? It's a question that often comes up when you're thinking about a new city since affordability can really shape your decisions. The cost of living index (covered earlier), housing expenses and income levels all play a part in the affordability equation. In Gunbarrel, for example, the median home price is 208% higher than what folks pay nationally, and monthly rent is 75.2% higher than the usual rates. Plus, income levels matter too, with Gunbarrel boasting a median household income of $87,951, which is 59% higher than the national average.

What Factors can Influence the Cost of Living in Gunbarrel?

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 Gunbarrel, the utilities index registers at 11.8% lower than the national average.

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 Gunbarrel, 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 Gunbarrel, the healthcare costs are 11.1% lower than the national average.

Where is the Data From?

The Gunbarrel cost of living data displayed above is derived from the C2ER cost of living index to provide a useful and reasonably accurate measure of living cost differences in urban areas. Published on a quarterly basis, it compiles data from more than 300 independent researchers, encompassing over 60 goods and services. These items have been meticulously selected to represent various consumer expenditure categories, in 6 categories. Weightings assigned to cost differentials draw from government survey data tracking spending patterns among professional and executive households. While the C2ER index excludes data on sales or income tax rates, AreaVibes incorporates 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 Gunbarrel is 35% higher than the Colorado average
  • The cost of living in Gunbarrel is 50% higher than the national average
  • Gunbarrel housing is 168% 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 Gunbarrel

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Compare Gunbarrel, 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$118,000$9,833$2,753$3,540
      Renters$74,470$6,206$1,738$2,234
      The percent of monthly income spent on housing can be a good indicator of the affordability of housing in Gunbarrel, 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 Gunbarrel homeowners, is $118,000. This would allow for a maximum of $2,753 per month to be spent on housing costs. For renters, the median monthly income is $74,470 which would result in a maximum of $1,738 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 Gunbarrel 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 Gunbarrel 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 Gunbarrel 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 Gunbarrel National avg. Difference
      Home Price $568,900.00$184,700.00208.0%
      Avg. Mortgage Payment $2,542.08$2,346.698.3%
      Apartment Rent $1,663.00$949.0075.2%

      Transportation

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

      Utilities

      Item Gunbarrel 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.
      Crisman, CO511000.1%
      Leyner, CO01000.1%
      Eldorado Springs, CO3251000.1%
      Gold Hill, CO1951000.1%
      Federal Heights, CO13,537919.4%
      Gunbarrel, CO10,49415050.4%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      North Glengarry, ON10,494n/a 
      Timberlane, LA10,498972.6%
      Celina, OH10,498955.1%
      Wyomissing, PA10,49911616.2%
      Helena-West Helena, AR10,4877920.5%
      Gunbarrel, CO10,49415050.4%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.