D-
38%
Overall NAT. AVG.
4%
Goods & Services NAT. AVG.
127%
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 Lafayette Colorado National
Cost of living138111100
Goods & Services104104100
Groceries96101100
Health care89100100
Housing227134100
Transportation109105100
Utilities8891100

An Overview of Cost of Living in Lafayette, CO

Getting a feel for the cost of living in Lafayette 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 Lafayette is 138, which is 38% 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 prioritize affordability when seeking a new place to live, Lafayette may not be your ideal choice, as it ranks among the most expensive locations in the entire United States. A very small amount of areas exhibit a cost of living at least 20% higher than the national average, and unfortunately, Lafayette falls into this category, which may not align with your preferences for a budget-friendly living environment.

When it comes to the cost of living in Lafayette, 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 127% more expensive compared to your average city. That means you'll be shelling out more for homes, rents, mortgage rates and insurance.

Is Lafayette Affordable?

Wondering if Lafayette 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 Lafayette, for example, the median home price is 148.1% higher than what folks pay nationally, and monthly rent is 77.6% higher than the usual rates. Plus, income levels matter too, with Lafayette boasting a median household income of $85,909, which is 55.3% higher than the national average.

What Factors can Influence the Cost of Living in Lafayette?

Healthcare: Healthcare expenditures and insurance premium rates can vary significantly, contingent upon the particular city or state. Factors such as the accessibility of healthcare facilities, out-of-pocket expenses for doctor's appointments, dental care charges, prescription medication costs, and expenses related to specialized medical care can all have an impact on the overall cost of living. In Lafayette, healthcare costs are 11.1% 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 Lafayette, the housing index is 127% higher than the national average.

Groceries: Grocery costs have continued to increase significantly over the last 2-3 years. In some markets the cost of food has gone up by more than 20% in that period. While other markets have managed to see only a moderate uptick. These food costs can have a major impact on the cost of living in any area. In Lafayette, the groceries index is 4.1% lower than the national average.

Where is the Data From?

The Lafayette 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. The index takes into account data from 300 independent researches, covering more than 60 goods and services across 6 different categories, to create an overall index for each area, with 100 being the average. The C2ER index does not include sales or income tax rates in their data, however AreaVibes does include both income and sales tax rates in the overall cost of living score for each area.

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Cost Of Living Quick Facts

  • The cost of living in Lafayette is 24% higher than the Colorado average
  • The cost of living in Lafayette is 38% higher than the national average
  • Lafayette housing is 127% 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 Lafayette

See all the best places to live around Lafayette

Compare Lafayette, CO Cost of Living

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      Salary Calculator

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      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$98,740$8,228$2,304$2,962
      Renters$59,613$4,968$1,391$1,789
      The percentage of monthly income spent on housing related expenses can help predict the affordability of housing in Lafayette, 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 Lafayette, homeowners have a median income of $98,740. Using that number, a maximum of $2,304 per month should be allocated to housing expenses. For those who are renting instead of owning, the median income is $59,613, which means there is a maximum of $1,391 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 Lafayette 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 Lafayette 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 Lafayette 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 Lafayette National avg. Difference
      Home Price $458,300.00$184,700.00148.1%
      Avg. Mortgage Payment $2,542.08$2,346.698.3%
      Apartment Rent $1,685.00$949.0077.6%

      Transportation

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

      Utilities

      Item Lafayette 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%
      Lakeside, CO68514.8%
      Federal Heights, CO13,537919.4%
      Lafayette, CO27,95213838.0%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Jeffersontown, KY27,9331000.4%
      Magog, QC27,928n/a 
      Oakdale, MN27,9251054.6%
      Drexel Hill, PA27,9251033.4%
      Winchester, VA27,91211313.0%
      Lafayette, CO27,95213838.0%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.